IDFC First Bank Revises Savings Account Interest Rates: What You Need to Know
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News18•09-01-2026, 22:42
IDFC First Bank Revises Savings Account Interest Rates: What You Need to Know
- •IDFC First Bank announced revised interest rates for savings accounts, effective January 9, 2026.
- •The bank maintains a progressive interest rate structure, with different rates for various balance slabs.
- •Balances up to Rs. 1 lakh will earn 3% interest, Rs. 1 lakh to Rs. 10 lakhs will earn 5%, and Rs. 10 lakhs to Rs. 10 crores will earn up to 6.5%.
- •Interest is calculated based on the daily closing balance and credited monthly, adhering to RBI guidelines.
- •Experts suggest liquid mutual funds as a better alternative for additional funds not needed immediately, offering better returns than large savings account balances.
Why It Matters: IDFC First Bank revises savings account interest rates, favoring higher balances with a progressive structure.
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