According to the bank’s website, saving account Balance up to Rs 10 lakh Rate of interest What can be earned is 4 percent. The interest rate on savings account balance between Rs 10 lakh and Rs 25 lakh will be 6 percent.
For balances from Rs 25 crore to more than Rs 100 crore, the savings account will attract an interest rate of 5 per cent. Whereas from 100 crores to less than 200 crores there will be an earning of 4.50 percent. For more than 2 crores, it offers an interest rate of 3.50 per cent.
How IDFC First Savings Account Interest Rates is calculated
According to the IDFC First Bank website, interest will be calculated on the progressive balance as applicable in each interest rate slab.
For example:
1. If the balance in your account with us is Rs. 25,000, the interest payable to you will be 4% on the entire Rs. 25,000.
2. If the balance in your account with us is Rs. 5 lakh, the interest payable to you will be 4% on Rs. 5 lakhs.
3. If the balance in your account with us is Rs. 1.10 crores, the interest payable to you will be 4% on Rs. 10 lakh, 6% on Rs. 1 crore.
4. If the balance in your account with us is Rs. 5.3 crores, the interest payable to you will be 4% on Rs. 10 lakh, 6% on Rs. 5.2 crores.
Please note that interest rates are subject to change from time to time.