IDFC First Bank has brought a New Year Gift for Savings Account Customers. With effect from January 1, 2021 Savings Account customers will earn 7% interest on balances up to Rs 1 lakh. This is 100 bps gain for customers as minimum ceiling for 7% yield was capped at 1 Lakh earlier. Thus, all customers can enjoy best returns on their Savings Account Balance.
Amid present low rate regime, where most leading public and private sector banks are offering 3% to 4% interest, IDFC Bank’s Saving Account is much beneficial for customers.
The bank has further changed other interest slabs, as under:
| Saving Account Balance | Rate of Interest (% p.a.) |
|
Up to Rs 1 Crore |
7 |
|
Above Rs 1 Crore to Rs 5 Crore |
5 |
|
Above Rs 5 Crore to Rs 10 Crore |
4 |
|
Above 10 Crore |
3.5 |
*Interest is calculated on progressive balance in each slab.
IDFC First Bank was originated after merger of Capital First and IDFC Bank in December 2018. It is a scheduled commercial bank with a market cap of around Rs 22,500 crore and has a robust network of 260 branches. The bank is listed on the stock exchanges that year.
The post IDFC First Bank Hikes Saving Bank Account Interest Rate to 7% appeared first on .
This post first appeared on Latest Blog Posts Of Mymoneymantra, please read the originial post: here
