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Home / Money / Personal Finance /  IDFC First Bank revises interest rates on savings account: Check new rates here
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The interest rates on savings bank accounts have been modified by private sector lender IDFC First Bank. The bank's official website states that the new savings account rates are effective as of July 20, 2022. In accordance with the revised, IDFC First Bank is now providing its savings account customers with a maximum interest rate of 6 per cent.

IDFC First Bank Savings Account Rates

The bank is now giving a 4 per cent interest rate on savings account balances up to 10 lac, while IDFC First Bank is now offering a maximum interest rate of 6 per cent on savings bank deposits of 10 lac to 25 Cr. On balances more than 25 crore to 100 crore, savings account holders will now receive interest at a rate of 5.00 per cent; on balances higher than 100 crore to 200 crore, they will now receive interest at a rate of 4.50 per cent. On a savings bank account balance of more than 200 crore, IDFC First Bank will now pay an interest rate of 3.50 per cent. 

“Interest payable on Savings account will be calculated on a progressive basis, as per the table in the rate slabs described below," IDFC First Bank has stated on its website. According to the relevant interest rate slab, IDFC First Bank will calculate interest on progressive balances.

IDFC First Bank Savings Account Rates
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IDFC First Bank Savings Account Rates (idfcfirstbank.com)

On its website, IDFC First Bank highlighted the following key points regarding interest rates payable on a progressive basis.

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, 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. 5.2 crore.

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