IDFC First Bank Hikes Savings Rates to 6.5% from Jan 9; Progressive Structure Explained
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Moneycontrol•08-01-2026, 12:57
IDFC First Bank Hikes Savings Rates to 6.5% from Jan 9; Progressive Structure Explained
- •IDFC First Bank revises savings account interest rates effective January 9, 2026.
- •New rates feature a progressive structure, not a flat rate on the entire balance.
- •Balances between Rs 10 lakh and Rs 10 crore will earn the highest rate of 6.5%.
- •Interest is calculated daily on end-of-day balance and credited monthly, as per RBI guidelines.
- •For surplus funds, liquid mutual funds are suggested as a better alternative to idle savings accounts.
Why It Matters: IDFC First Bank offers up to 6.5% on savings, but progressive rates favor higher balances.
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