IDFC First Bank is offering a maximum interest rate of 6 percent on the savings account. Its customers have started getting its benefits from 1st April.
IDFC First Bank of the private sector has given great relief to its customers. The bank has announced an interest rate of up to 6 percent on savings accounts. Earlier the maximum interest rate was 5 percent.
IDFC customers have started getting this benefit from April 1. According to the guidelines of the Reserve Bank of India (RBI), IDFC Bank will calculate the interest on the balance at the end of every day in the savings account. Interest will be paid on monthly basis.
IDFC First Bank will pay interest at the rate of 4 per cent on savings accounts up to Rs 1 lakh. Similarly, interest at the rate of 4.5 percent will be available on savings account from Rs 1 lakh to Rs 10 lakh.
If the amount in the savings account of a customer is more than Rs 10 lakh but less than Rs 25 lakh, then he will get interest at the rate of 5 percent.
Highest 6 percent rate
If a customer has deposits of more than Rs 25 lakh but less than Rs 1 crore in the savings account of IDFC Bank, then interest will be available at the rate of 6 percent. The bank will pay interest at the rate of 5 per cent on the savings account amounting to more than Rs 1 crore but less than Rs 100 crore.
3.5% interest on deposits above Rs 200 crores
IDFC First Bank will pay interest at the rate of 4.5 per cent to savings account customers with deposits above Rs 100 crores to less than Rs 200 crores.
At the end of the day, interest at the rate of 3.5 percent will be given on deposits of more than Rs 200 crore in the savings account. IDFC Bank has also mentioned this on its official website.
