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. 1 crore, the interest rate will be 6.25 per cent.
For balances above Rs 1 crore to Rs 50 crore the savings account will fetch an interest rate of 6.75 per cent. While for balance Rs 50 crore to Rs 100 crore will earn 5 per cent. For a balance of Rs 100 crore to Rs 200 crore, the interest rate it offers is 4.50 percent. For above 200 crore, the interest rate it offers is 3.50 percent.
| IDFC FIRST savings account interest rates | |
| On Balances (in Rs) | Rate of Interest (% p.a.) |
| 4.00% | |
| > 10Lac | 6.25% |
| > 1 Cr | 6.75% |
| > 50Cr | 5.00% |
| >100 Cr | 4.50% |
| > 200 Cr | 3.50% |
How is the Savings Account Interest Rates Calculated?
According to the IDFC FIRST Bank website, 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 will be 4% on the entire Rs 25,000.
2. In case your account balance with us is Rs 5 lakh, the interest payable will be 4% on the entire amount of Rs 5 lakh.
3. In case your account balance with us is Rs 1.10 crore, the interest payable will be 4% on Rs 10 lakh, 6.25% on Rs. 90 lakh, and 6.75% on 10 lakh.
4. In case your account balance with us is Rs 5.3 crore, the interest payable will be 4% on Rs 10 lakh, 6.25% on Rs. Rs 90 lacs, and 6.75% on Rs 4.3 crore.
Please note that interest rates are subject to periodic change.
