IDFC FIRST Bank revises savings account interest rates: Check new rates Customers of IDFC First Bank will receive progressive interest calculations on their savings accounts
IDFC FIRST Bank has revised interest rates on its savings accounts, with effect from March 9, 2023. 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 offered is 4 percent. For those with savings account balances between Rs 10 lakh to Rs.50 crore, the interest rate will be 6.75 per cent.
Also read: How savings account interest rate is calculated
For balances above Rs50 crore to Rs 100 crore the savings account will fetch an interest rate of 5 percent. While for balance Rs 100 crore to Rs 200 crore will earn 4.50 percent. For a balance of Rs 200 crore and above the interest rate it offers is 3.50%.
On Balances (in ₹)Rate of Interest (% p.a.)4.00%> 10Lac 6.75%> 50Cr 5.00%>100 Cr 4.50%> 200 Cr3.50%
How is the Savings Account Interest Rates Calculated?
Interest will be calculated on progressive balances in each Interest Rate Slab, as applicable
For Example:
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.In case your account balance with us is Rs. 5 lakh, the interest payable to you will be 4% on the entire amount of Rs. 5 lakh.In case your account balance with us is Rs. 1.10 crore, the interest payable to you will be 4% on Rs. 10 lakh and 6.75% on Rs. 1 crore.In case your account balance with us is Rs. 5.3 crore, the interest payable to you will be 4% on Rs. 10 lakh and 6.75% on Rs. 5.2 crore.No, there are no deadlines or maturities associated with savings accounts. As long as there are funds in your account, you will receive interest. But make sure you keep the average monthly balance in your account (AMB).
IDFC FIRST Bank fixed deposit rates
IDFC FIRST Bank offers highest interest rate of 7.75% to non senior citizens and 8.25% to senior citizens on tenure of 549 days to 3 years.
TenureFD rates for Non-Senior CitizensFD rates for Senior Citizens7 – 14 days3.50%4.00%15 – 29 days3.50%4.00%30 – 45 days4.00%4.50%46 – 90 days4.50%5.00%91 – 180 days5.00%5.50%181 days – 366 days6.75%7.25%367 days – 18 months (367 days to 548 days) 7.25%7.75%18 months - 1 day - 3years (549 days to 3 years) 7.75%8.25%3 years – 1 day- 5 years7.00%7.50%5 years- 1 day – 10 years 7.00%7.50%
Note that according to the bank website, “No penalty for senior citizens on an early withdrawal.”
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This story originally appeared on: India Times - Author:Faqs of Insurances
