IDFC First Bank Hikes Saving Bank Account Interest Rate to 7%

IDFC First Bank Hikes Saving Bank Account Interest Rate to 7%

IDFC First Bank has brought a New Year Gift for Savings Account Customers. With effect from January 1, 2021 Now IDFC Savings Account customers will earn 7% interest on balances up to Rs 1 lakh instead of 6% earlier. This is 100 bps gain for customers as minimum ceiling for 7% yield was capped at 1 Lakh earlier. Thus, all customers up to 1 Crore saving account balance can enjoy best returns with IDFC First Bank.

Amid present low rate regime, where most leading public and private sector banks are offering 3% to 4% interest, IDFC Bank’s Saving Account is much beneficial for customers.

The bank has further changed other interest slabs, as under:

Saving Account Balance Rate of Interest (% p.a.)

Up to Rs 1 Crore

7

Above Rs 1 Crore to Rs 5 Crore

5

Above Rs 5 Crore to Rs 10 Crore

4

Above 10 Crore

3.5

*Interest is calculated on progressive balance in each slab.

IDFC First Bank was originated after merger of Capital First and IDFC Bank  in December 2018. It is a scheduled commercial bank with a market cap of around Rs 22,500 crore and has a robust network of 260 branches. The bank is listed on the stock exchanges that year.

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