IDFC First Bank Hikes Savings Account Interest Rate; You Can Earn Interest Up To 6.25%
IDFC First Bank altered the interest rates on savings accounts by up to 6.25%. Find here the interest rates for savings accounts
In India, IDFC First Bank is a well-known institution in the private sector. The bank also offers special savings accounts in India for youths and senior citizens. In addition, the interest rates on the bank’s savings accounts are unrivalled.
Recently, IDFC First bank has increased the interest rates on its savings accounts. According to the bank's official website, the modified interest rates will become effective for domestic, NRO, and NRE savings bank accounts on October 10, 2022. Since the changes, the bank has started to offer holders of savings accounts interest rates up to 6.25%. This additional income will undoubtedly present its customers with a wide range of opportunities. From going shopping to treating your loved ones to a nice lunch, you may now earn and accomplish more as one of our customers. Additionally, you receive this interest on any applicable progressive balances inside each interest rate slab. That implies that you make money every day.
So, let's examine the various interest rates that the bank charges owners of savings accounts in more detail.
List Of IDFC First Bank Savings Account Interest Rates
Currently, the bank pays 4% interest on daily savings account balances up to Rs 10 lakhs.
On balances that are more than 10 lakhs and up to 50 crores in savings accounts, the bank charges a maximum interest rate of 6.25%. This 6.25% is the greatest interest rate that the bank offers on the daily balance of a savings account.
Savings bank deposits worth more than 50 crore rupees and up to 100 crore rupees will now earn an interest rate of 5.00%.
Deposits beyond Rs. 100 crore and up to Rs. 200 crores would earn an interest rate of 4.50%.
However, IDFC First Bank is now paying 3.50% interest on savings account balances over 200 crore rupees.
For better understanding, take a look at the table below:
Source: IDFC First Bank Website
Examples Of How The Interest Rates Are Calculated
1. If your account balance with IDFC First bank is Rs. 25,000, you will be charged 4% interest on the full amount.
2. If your account balance with IDFC First bank is Rs. 5 lacs, you would be charged 4% interest on that entire amount.
3. If your account balance with the bank is Rs. 5.3 crores, you would be charged interest at 4% on the first Rs. 10 lakhs and 6.25% on the remaining Rs. 5.2 crores.
4. If your account balance with IDFC First bank is Rs. 1.10 crores, you will be responsible for paying 4% on Rs. 10 lakhs and further 6.25% on Rs. 1 crore in interest.
Note: Please be aware that interest rates can fluctuate from time to time.
Disclaimer: The interest rates mentioned in this article are recorded at the time of writing and are subject to change. BQ Prime does not endorse any of the interest rates mentioned above. Please invest at your own discretion.