IDFC First Bank has once again revised interest rates on savings bank accounts. In a bid to attract customers for savings accounts with higher interest rates, the bank announced a hike in saving bank rates on Thursday. The bank is now offering a maximum interest rate of 6.75 per cent on savings accounts. The interest rates are applicable to domestic, NRE, and NRO savings deposits. The bank has stated that interest on savings accounts would be determined on a progressive basis.
Latest IDFC First Bank Savings Account Interest Rates
Customers can avail interest rate of 4 per cent on savings account for balances up to Rs10 Lac, while IDFC First Bank offers a maximum interest rate of 6.75 per cent on savings account balances over Rs10 lakh but below Rs50 crore.
For savings accounts with balances of more than RS50 crore but less than RS100 crore, the interest rate stands at 5 per cent, and for accounts with balances of more than RS100 crore but less than Rs200 crore, the bank is presently offering a 4.50 per cent interest rate. The current interest rate offered by IDFC First Bank on savings account balances of more than Rs200 crore is 3.50 per cent, according to the bank website.
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The website also mentioned the examples below to describe how interest on savings accounts will be calculated on a progressive basis. In case your account balance is Rs. 25,000, the interest payable to you will be 4 per cent on the entire Rs. 25,000, it said.
Savings bank account interest is determined on daily end-of-day balances in accordance with Reserve Bank of India guidelines. The interest on savings bank accounts is paid out on a monthly basis and the appropriate interest rate slab’s progressive balances will be utilized by IDFC First Bank to determine interest.
IDFC First Bank offers free and unlimited ATM transactions among other advantages of having a savings account. To create a savings account online with IDFC FIRST Bank, a minimum of Rs25,000 or Rs10,000 is required based on the account type. IDFC FIRST Bank offers one of the highest interest rates in the industry, up to 6.75 per cent for savings account customers.