IDFC FIRST Bank revises savings account interest rates; these accountholders to earn 7%

IDFC FIRST Bank has revised savings account interest rates. The new rates came into effect on January 1, 2024, according to the bank's official website.

Savings account interest rate

IDFC FIRST Bank offers a savings account interest rate between 3% to 7% on different balances. Savings account interest will be calculated on a progressive basis, according to the table in the rate slabs mentioned below.

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On Balances (in ₹)	Rate of Interest (% p.a.)
<=1 Lac	3.00%
> 1lac <= 5lac	4.00%
> 5 Lac <= 50Cr	7.00%
> 50 Cr <= 100 Cr	5.00%
> 100 Cr <= 200 Cr	4.50%
>200 Cr	3.50%

Here is how interest rate is calculated
1. In case your account balance with us is Rs. 25,000, the interest payable to you will be 3% on the entire Rs. 25,000.
2. In case your account balance with us is Rs. 4 lacs, the interest payable to you will be 3% on Rs. 1 lac, 4% on Rs. 3 lacs.
3. In case your account balance with us is Rs. 50 lacs, the interest payable to you will be 3% on 1 lakh, 4% on Rs. 4 lacs and 7% on Rs. 45 lacs.
4. In case your account balance with us is Rs. 4.3 crores, the interest payable to you will be 3% on 1 lakh, 4% on Rs. 4 lacs and 7% on Rs. 4.25 crores.

IDFC Bank FD interest rates
IDFC Bank offers interest rates between 3% to 7.75% for general citizens on tenure from 7 days to 10 years. For senior citizens, the bank offers 3.50% to 8.25%. These rates are effective from November 2, 2023.

Tenure	FD rates for Non-Senior Citizens	FD rates for Senior Citizens
7 – 14 days	3.00%	3.50%
15 – 29 days	3.00%	3.50%
30 – 45 days	3.00%	3.50%
46 – 90 days	4.50%	5.00%
91 – 180 days	4.50%	5.00%
181 days – less than 1 year	5.75%	6.25%
1 year	6.50%	7.00%
1 year 1 day – 548 days	7.50%	8.00%
549 days- 2 years	7.75%	8.25%
2 years 1 day – 3 years	7.25%	7.75%
3 years 1 day – 5 years	7.00%	7.50%
5 years- 1 day – 10 years	7.00%	7.50%

Source: Bank website