Savings bank account holders at IDFC First Bank can now look forward to a higher interest rate of 6 percent, up from 5 percent earlier. Interest will be calculated daily on the outstanding balance in the account, and paid monthly. Interest will be calculated on progressive basis in each interest rate slab as applicable.
IDFC First Bank has hiked the interest rate on savings accounts. Customers can now earn up to 6 percent interest, up from 5 percent on their savings accounts. As per Reserve Bank of India guidelines, interest will be calculated every day on the balance in the account. Interest on savings bank accounts will be paid monthly. Interest will be calculated on progressive basis in each interest rate slab as applicable.
Recommended ArticlesView All
Delhi fails to get a mayor for third time — What's the issue and what happens next
Feb 6, 2023 IST4 Min(s) Read
India opposes Hindustan Zinc's buyout of Vedanta's global zinc assets: Exclusive
Feb 6, 2023 IST2 Min(s) Read
Vodafone-Idea Saga — Three parents but none to love
Feb 6, 2023 IST6 Min(s) Read
World Cancer Day 2023: Early detection is crucial for reducing the global burden
Feb 4, 2023 IST5 Min(s) Read
As per the revision, IDFC First Bank will now provide 4 percent interest on savings account balances of less than Rs 1 lakh, 4.50 percent on balances of up to Rs 10 lakh, and 5 percent on balances of more than Rs 10 lakh but less than Rs 25 lakh. Savings account customers will receive a maximum interest rate of 6 percent on balances of more than Rs 25 lakh but less than Rs 1 crore with effect from April 1, 2022.
How does progressive balance work?