IDFC Interest Rates: IDFC First Bank revises savings account interest rates: check to earn 6% of the amount you need to invest

IDFC First Bank has revised interest rates on its savings accounts, effective May 1, 2022. Interest on savings accounts will be calculated on a phased basis for IDFC First Bank customers.

According to the bank’s website, for savings account balances up to Rs 10 lakh, the interest rate that can be earned is 4%. Those with savings account balance between Rs 10 lakh and Rs 5 crore can earn 6%. Previously, people with a savings account balance of Rs 25 lakh to Rs 1 crore could earn 6%.

How savings account interest rates are calculated

According to bank IDFC First, “interest will be calculated on the progressive balances of each interest rate band, as applicable.

For example:

1. If your account balance with us is Rs. 25,000, the interest payable to you will be 4% on all Rupees. 25,000.

2. If your account balance with us is Rs. 5 lacs, interest payable to you will be 4% on Rs. 5 lacs

3. If your account balance with us is Rs. 1.10 crore, the interest payable to you will be 4% on Rs. 10 lacs and 6% on Rs. 1 crore.

4. If your account balance with us is Rs. 5.3 crores, the interest payable to you will be 4% on Rs. 10 lacs, 6% on Rs. 4.90 crores and 5% on Rs. 30 lakes.

Please note that interest rates are subject to periodic change.