Investment
oi-Vipul Das
IDFC First Bank, a private sector lender, has increased the interest rate on savings accounts. Customers can now earn up to 6% (previously 5%) interest on their savings accounts from April 1, 2022. According to Reserve Bank of India guidelines, interest on bank accounts of savings will be determined daily at the end of the day. balances at the interest rate established by IDFC FIRST Bank, and interest will be paid on a monthly basis.
IDFC First Bank New Savings Account Interest Rates
Following the adjustment, the bank will now offer an interest rate of 4.00% on savings account balances below Rs 1 lac, and an interest rate of 4.50% on account balances savings higher than Rs 1 lac but lower than Rs 10 lac. IDFC First Bank is now offering an interest rate of 5.00% on savings account balances above Rs 10 lakh but below Rs 25 lakh. Savings account customers will now receive a maximum interest rate of 6% on balances over Rs 25 lakh to less than Rs 1 crore.
The interest rate on daily end-of-day balances above Rs 1 crore but below Rs 100 crore will now be 5.00%. The interest rate on daily end-of-day balances of more than Rs 100 crore to less than Rs 200 crore will now be 4.50%, and on daily end-of-day balances of more than Rs 200 crore, it will will be 4.50%. . IDFC First Bank will grant an interest rate of 3.50%. These rates will come into effect on April 1, 2022. “Earn up to 6% interest rate on the savings account starting April 1, 2022,” the bank said on its official website.
| Balance (rupees) | Interest rate (% pa) (Progressive) |
|---|---|
| Less than or equal to 1Lake | 4.00% |
| More than 1 lac less than or equal to 10 lac | 4.50% |
| More than 10lac less than or equal to 25lac | 5.00% |
| More than 25lac less than or equal to 1Cr | 6.00% |
| More than 1Cr less than or equal to 100Cr | 5.00% |
| More than 100 Cr less than or equal to 200 Cr | 4.50% |
| More than 200 Cr | 3.50% |
| Source: Bank’s website (In force since 01/04/2022) |
IDFC First Bank Old Savings Account Interest Rates
| Balance (rupees) | Interest rate (% pa) (Progressive) |
|---|---|
| Less than or equal to 1Lake | 4.00% |
| More than 1 lac less than or equal to 10 lac | 4.50% |
| More than 10lac less than or equal to 100Cr | 5.00% |
| More than 100Cr less than or equal to 200Cr | 4.50% |
| More than 200 Cr | 3.50% |
| Source: Bank’s website (In force since 02/18/2022) |
