IDFC First Bank has revised the interest rates on its savings accounts, which will be effective from May 1, 2022. Interest on savings accounts will be calculated in a progressive manner for IDFC First Bank customers.
According to the bank website, for savings account balances up to Rs 10 lakh the interest rate that can be earned is 4 percent. Those with savings account balances between Rs 10 lakh and Rs 5 crore can earn 6 percent. Earlier people with a savings account balance of Rs 25 lakh to Rs 1 crore would be able to earn 6 percent.
How is the Savings Account Interest Rates Calculated
According to IDFC First bank, “Interest will be calculated on progressive balances in each Interest Rate Slab, as applicable.
For Example:
1. In case your account balance with us is Rs. 25,000, the interest payable to you will be 4% on the entire Rs. 25,000.
2. In case your account balance with us is Rs. 5 lacs, the interest payable to you will be 4% on Rs. 5 lacs
3. In case your account balance with us is Rs. 1.10 crores, the interest payable to you will be 4% on Rs. 10 lacs and 6% on Rs. 1 crore.
4. In case 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 lacs.
Please note that interest rates are subject to periodic change.”
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