IDFC First Bank Slashes Savings Account Rates by Up to 200 Bps

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Personal Finance

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CNBC TV18•08-01-2026, 10:31

IDFC First Bank Slashes Savings Account Rates by Up to 200 Bps

•IDFC First Bank reduced savings account interest rates by up to 200 basis points, effective January 9.
•The revision impacts domestic, NRE, and NRO savings accounts across various balance slabs.
•Balances up to ₹1 lakh remain at 3%, while ₹1 lakh to ₹10 lakh now earn 5%, a significant reduction for mid-sized deposits.
•The peak savings rate is now capped at 6.5% for balances between ₹10 lakh and ₹10 crore, down from previous highs of 7%.
•This move reflects a broader banking trend of recalibrating deposit pricing due to funding costs and liquidity.

Why It Matters: IDFC First Bank's savings account interest rates are down, impacting smaller to mid-sized deposits.

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