Synopsis IDFC FIRST Bank has modified the interest rates on its savings accounts. Customers of IDFC First Bank will receive progressive interest calculations on their savings accounts. Getty Images IDFC FIRST Bank has revised interest rates on its savings accounts, with effect from March 9, 2023. Interest on savings accounts will be calculated in a progressive manner for IDFC First Bank customers. According to the bank website, for savings account balances up to Rs. 10 lakh the interest rate offered is 4 percent. For those with savings account balances between Rs 10 lakh to Rs. 50 crore, the interest rate will be 6. 75 per cent. Also read: How savings account interest rate is calculated For balances above Rs50 crore to Rs 100 crore the savings account will fetch an interest rate of 5 percent. While for balance Rs 100 crore to Rs 200 crore will earn 4. 50 percent. For a balance of Rs 200 crore and above the interest rate it offers is 3. 50%. On Balances (in ₹) Rate of Interest (% p. a. ) <= 10Lac 4. 00%>10Lac <=50 Cr 6. 75% > 50Cr <= 100 Cr 5. 00%>100 Cr <= 200 Cr 4. 50%>200 Cr 3. 50% How is the Savings Account Interest Rates Calculated? Interest will be calculated on progressive balances in each Interest Rate Slab, as applicable For Example: In case your account balance with us is Rs. 25,000, the interest payable to you will be 4% on the entire Rs. 25,000. In case your account balance with us is Rs. 5 lakh, the interest payable to you will be 4% on the entire amount of Rs. 5 lakh. In case your account balance with us is Rs. 1. 10 crore, the interest payable to you will be 4% on Rs. 10 lakh and 6. 75% on Rs. 1 crore. In case your account balance with us is Rs. 5. 3 crore, the interest payable to you will be 4% on Rs. 10 lakh and 6. 75% on Rs. 5. 2 crore. No, there are no deadlines or maturities associated with savings accounts. As long as there are funds in your account, you will receive interest. But make sure you keep the average monthly balance in your account (AMB). IDFC FIRST Bank fixed deposit rates IDFC FIRST Bank offers highest interest rate of 7. 75% to non senior citizens and 8. 25% to senior citizens on tenure of 549 days to 3 years. Tenure FD rates for Non-Senior Citizens FD rates for Senior Citizens 7 – 14 days 3. 50% 4. 00% 15 – 29 days 3. 50% 4. 00% 30 – 45 days 4. 00% 4. 50% 46 – 90 days 4. 50% 5. 00% 91 – 180 days 5. 00% 5. 50% 181 days – 366 days 6. 75% 7. 25% 367 days – 18 months (367 days to 548 days) 7. 25% 7. 75% 18 months - 1 day - 3years (549 days to 3 years) 7. 75% 8. 25% 3 years – 1 day- 5 years 7. 00% 7. 50% 5 years- 1 day – 10 years 7. 00% 7. 50% Note that according to the bank website, “No penalty for senior citizens on an early withdrawal. ” Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Saturday, 11 Mar, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Economy Brands & Companies More Jan Industrial Output up 5. 2% on Mfg Boost Industrial production rose 5. 2% in January, picking up pace from 4. 7% in the preceding month, as better-than-expected manufacturing provided a boost. Jittery D-Street Indices Slide 1% India’s equity indices slid over 1% on Friday, tracking overnight losses on Wall Street after the crisis in Silicon Valley Bank, an American lender that services startups, raised concerns over the health of the US financial system. US Govt Shuts SVB; FDIC named Receiver As news came in on Friday evening of the US government taking over Silicon Valley Bank (SVB), it rattled Indian investors and founders running SaaS companies with accounts at the lender. Read More News on idfc first bank interest rates savings account interest rates Idfc First Bank savings account interest rates IDFC FIRST Bank savings account interest rates interest rates hikes idfc first bank (Your legal guide on estate planning, inheritance, will and more. ) Download The Economic Times News App to get Daily Market Updates & Live Business News. . . . more less ETPrime stories of the day Policy and regulations A Baltic nation’s fight with China could be a chance for India to build the chops on chips 7 mins read Jobs Inside Flipkart’s downsizing drive: layoffs, meagre pay hikes, more PIPs 7 mins read Under the lens Pump and dump: How two YouTube videos wiped off crores from the pockets of thousands of investors 15 mins read Subscribe to ETPrime.