IDFC interest rates: IDFC First Bank revises savings account interest rates: Check to earn 6% how much you need to invest


IDFC First Bank has revised the interest rates on its savings accounts, which will be effective from May 1, 2022. 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 that can be earned is 4 percent. Those with savings account balances between Rs 10 lakh and Rs 5 crore can earn 6 percent. Earlier people with a savings account balance of Rs 25 lakh to Rs 1 crore would be able to earn 6 percent.

How is the Savings Account Interest Rates Calculated

According to IDFC First bank, “Interest will be calculated on progressive balances in each Interest Rate Slab, as applicable.

For Example:

1. 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.

2. In case your account balance with us is Rs. 5 lacs, the interest payable to you will be 4% on Rs. 5 lacs

3. In case your account balance with us is Rs. 1.10 crores, the interest payable to you will be 4% on Rs. 10 lacs and 6% on Rs. 1 crore.

4. In case your account balance with us is Rs. 5.3 crores, the interest payable to you will be 4% on Rs. 10 lacs, 6% on Rs. 4.90 crores and 5% on Rs. 30 lacs.

Please note that interest rates are subject to periodic change.”



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