Saving Account Interest Rate increased: For a few days continuously, government and non-government banks have increased the interest rates of FD. Now IDFC First Bank has increased the interest rates on its savings accounts to 6 percent. Let’s know the details.
Saving Account Interest Rate increased: The FD rates of banks have been increasing continuously for some time now. However, interest rates on savings accounts of banks have been running low for a long time. But in the meantime, IDFC First Bank has increased the interest rates on savings accounts, giving a great gift to its customers.
IDFC First Bank has announced that from April 1, the bank will pay interest at the rate of 6 percent to its customers. However, the bank has fixed interest rates on the basis of different amounts.
It is worth noting that earlier the interest rates on the savings accounts of this bank were 5 percent, which has now been increased to 6 percent. Let us know that the account holders who keep these interest rates from the bank will get this amount.
IDFC First Bank new interest rates
Under this, the bank will get interest at the rate of 4 percent on the savings account up to Rs 1 lakh.
Interest will be available at the rate of 4.50 percent on savings account from 1 lakh to 10 lakh rupees.
At the same time, interest at the rate of 5 percent will be given on the savings account of more than Rs 10 lakh but less than Rs 25 lakh.
Customers will get interest at the rate of 6 per cent if the amount above Rs 25 lakh but less than Rs 1 crore is kept in savings accounts.
After the change, interest at the rate of 5 per cent will be given on savings accounts with an amount of more than Rs 1 crore but less than Rs 100 crore.
Along with this, let us tell you that according to the instructions of the Reserve Bank of India, interest will be calculated on the balance at the end of every day on the savings bank account accounts and it will be passed on on a monthly basis.
These rules of RBI are applicable from July 1, 2021.
Also, know that the interest rate will be decided on the basis of progressive balance.
