IDFC First Bank changes savings account interest rates, check new rates here
IDFC First Bank is offering 6% interest on savings account balance of Rs 10 lakh to Rs 5 crore.
The interest on these savings bank accounts will be calculated on the daily balance at the rate applicable by the bank. You can open an account in IDFC First Bank through video KYC sitting at home.
IDFC First Bank of the private sector (IDFC First Bank) has savings bank deposit ,Saving Bank Deposits) interest rates have changed. With effect from May 1, 2022, the bank is now giving 4 percent interest rate on savings account balance less than or equal to Rs 1 lakh. The interest rate is 4 percent on balance above Rs 1 lakh and up to Rs 10 lakh. IDFC First Bank is offering 6% interest on savings account balance of Rs 10 lakh to Rs 5 crore, which is the highest rate offered by the bank. The private lender is currently offering 5 per cent interest rate on savings bank deposits of Rs 5 crore to Rs 100 crore.
At the same time, the interest rate on savings bank deposits of Rs 100 crore to Rs 200 crore will be 4.50 percent, while 3.50 percent interest is being given on savings account balance above Rs 200 crore. IDFC Bank is one of the banks that offers 6 per cent interest on savings accounts.
Get many benefits
Account can be opened in IDFC First Bank through video KYC sitting at home. IDFC First Bank offers unique savings account benefits. This includes opening a paperless digital account with video KYC, purchase limit of Rs 6 lakh and ATM withdrawal limit of Rs 2 lakh per day, free and unlimited ATM withdrawal, free personal accident insurance cover of Rs 35 lakh and Rs 1 crore. Free accident insurance cover is included.
Last month also IDFC First Bank changed the interest rates of the savings account. In recent times, many banks have changed the interest rates. From government to private banks, the interest rates of savings accounts and fixed deposits have been increased. State Bank of India (SBI), ICICI Bank, Axis Bank had recently announced an increase in rates.
This government bank has cut interest rates
Public sector Bank of India has cut interest rate on savings account by 0.15 percent on May 1, 2022. At the same time, BOI has also revised the rates of fixed deposits less than Rs 2 crore.
If an account holder has a balance less than Rs 1 lakh in his bank account, then he will now get only 2.75 percent annual interest. If you have more than Rs 1 lakh balance in your bank account, then you will get 2.90 percent interest. Interest rates have been cut by 0.10 percent for bank balance less than Rs 1 lakh. At the same time, there is no change on the balance in the savings account above Rs 10 lakh.
