Currently, the interest rates at the Indian banks are at record low level. In the light of this and following suit, IDFC First Bank has also decided to reduce the interest rate.
IDFC First Bank Slashes Interest Rates
From the 6% interest rates on savings accounts, IDFC First Bank has decided to slash it to 4-5%. The interest rates have been reduced for the bank accounts with an account balance between Rs 1 lakh to Rs 2 crore.
From May 1, the new rates will be effective said the bank on its official website. An interest rate of 4% is being offered by the IDFC First Bank for bank accounts with a balance between Rs 2 crore to Rs 10 crore.
An interest rate of 4.5% is being offered by the bank to the customers on bank balance between Rs 1-10 lakh, and for the accounts with balances up to Rs 2 crore, a 5% interest rate will be given. As compared to the public banks, IDFC is among one of the private banks in the country which are offering higher interest rates
Other Banks Providing High Interest Rates On Savings Account
RBL and Bandhan Bank, are the banks other than IDFC, which offer highest interest rates on saving account. However in 2021, slashing interest rates from 7% to 6% has been a significant and drastic reduction.
On the flipside, impressive interest rates are being offered by the small finance banks with Utkarsh Small Finance Bank offering its customers an interest rates of 5-10% and a 6.5% interest rate with RBL if one has Digital Savings Account.
In comparison to other PSBs which provide a mere 3.5% interest rates to the customers with a daily balance of over Rs 50 crore, Bandhan Bank is providing 7.15%.
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