IDFC First Bank has revised interest rates on its savings accounts, with effect from July 20, 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 25 lakh, the interest rate will be 6 percent.
For balances above Rs 25 crore to 100 crore the savings account will fetch an interest rate of 5 percent. While, Rs 100 Cr to less than 200 Cr will earn 4.50 percent. For above 2 crore, the interest rate it offers is 3.50 percent.
How IDFC First savings account interest rates are calculated
According to the IDFC First Bank website, 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, 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. 5.2 crore.
Please note that interest rates are subject to periodic change.
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