IDFC First Bank, a private sector lender, has changed interest rates on savings accounts. The bank announced this on June 1, 2022 and customers would now enjoy a maximum interest rate of 6% on their savings accounts following the change.
IDFC First Bank Savings Account Interest Rates
The interest rate applicable to savings account balances up to ₹10 lakh is equivalent to 4.00% per annum. The bank would grant its savings account holders a maximum interest rate of 6% on balances above ₹10 lakh and up ₹10 crores. IDFC First Bank now pays 5% interest on savings account balances over ₹10 crore to ₹100 crore, and an interest rate of 4.50% on savings bank deposits of more than ₹100 crore less than ₹200 crore. The interest rate on savings account balances greater than ₹200 crore would be 3.50%. Interest on savings bank accounts will be determined on a progressive basis and interest will be paid on a monthly basis.
The bank also raised interest rates on term deposits from 7 days to 2 years on May 23, 2022. Following this change, the bank now grants an interest rate of 3.50% to 6.00% on deposits maturing in 7 days to 10 years. to the general public. IDFC First Bank now offers a maximum rate of 6.25% on 3-year 1-day to 5-year deposits, while the interest rate on tax savings deposits of up to ₹1.5 lakh is now 6.25%. Senior citizens will be entitled to an additional premium of 0.50% above the normal rate, which will not apply to fixed NRE or NRO deposits.