Up To 7.25% On Savings Accounts & 7.90% On FDs: This Bank Hikes Interest Rates

The interest rates on savings accounts and fixed deposits under Rs 2 Cr have been hiked by IDFC First Bank. Customers may now earn up to 7.25% interest on savings bank deposits and up to 7.90% on fixed deposits (FDs). The bank's official website states that the higher interest rates are effective as of May 15, 2024.

IDFC First Bank Savings Account Interest Rates

Effective from 15th May, the bank is giving an interest rate of 3.00% on savings account balances up to Rs. 1 lakh, while IDFC First Bank is offering an interest rate of 3.50% on balances between Rs. 1 lakh and Rs. 3 lakh. Interest rates of 4.00% and 7.00% are offered from IDFC First Bank for savings account balances ranging from Rs 3 lakh to Rs 5 lakh and Rs 5 lakh to Rs 10 lac, respectively. Interest rates on IDFC Savings accounts have been adjusted to 7.25% for balances between Rs 10 lakh and Rs 5 cr, and 7.00% for balances between Rs 5 cr and Rs 50 cr.

The bank offers an interest rate of 5.00% on savings account balances between Rs 50 cr and Rs 100 cr, and 4.50% on balance slabs between Rs 100 cr and Rs 200 cr. A 3.50% interest rate is now being paid by IDFC First Bank on savings account balances above Rs 200 Cr.

IDFC First Bank FD Rates

As of 15th May, the bank is paying an interest rate of 3.00% on domestic term deposits of less than Rs 2 Cr maturing in 7 - 45 days and 4.50% on those maturing in 46 to 180 days.

The bank offers an interest rate of 5.75% on deposits maturing in 181 days or less than a year, while IDFC First Bank offers an interest rate of 6.50% on deposits maturing in a year. With a deposit duration of one year and one day to 499 days, IDFC First Bank is giving an interest rate of 7.50%; with a 500-day tenure, it is 7.90%. The interest rate on deposits maturing in 501 days to 548 days is 7.50%, while the interest rate on deposits that mature between 549 days to 2 years is 7.75%.

IDFC First Bank fixed deposits maturing in 2 years 1 day - 3 years will now pay an interest rate of 7.25% and those maturing in 3 years 1 day 10 years will now pay 7% interest.

For the fourth quarter that ended in March 2024, IDFC FIRST Bank recorded a 10 per cent drop in net profit, coming in at Rs 724 crore as opposed to Rs 803 crore during the same period the previous year. According to a regulatory filing by IDFC FIRST Bank, total income climbed to Rs 9,861 crore from Rs 7,822 crore in the same quarter of FY23. From Rs 6,424 crore in the same quarter last year to Rs 8,219 crore during the period under review, interest income surged. According to the report, Net Interest Income (NII) went up 24% from Rs 3,597 crore in Q4 FY23 to Rs 4,469 crore in Q4 FY24.