IDFC First Bank hikes interest rates on fixed deposits, savings accounts; latest rates here

IDFC First Bank has raised its interest rates on fixed deposits and savings accounts. It will now give a maximum interest rate of 6.25 percent on savings accounts, while a maximum interest rate of 7.25 percent will be offered on fixed deposits. According to the bank’s official website, the new rates came into effect from 10 October 2022. IDFC First Bank is currently giving an interest rate of 4 percent on savings account balances of up to Rs 10 lakh, and a maximum of 6.25 percent interest rate on savings account balances of more than Rs 10 lakh and up to Rs 50 lakh. Savings bank deposits above Rs 50 lakh and up to Rs 100 crore will now get 5 percent interest, while deposits of above Rs 100 crore and up to Rs 200 crore will earn 4.5 percent interest rate. The bank is currently giving 3.5 percent interest on savings account balances of above Rs 200 crore. IDFC First Bank will continue to give 3.5 percent interest on fixed deposits maturing in 7-29 days, and 4 percent rate of interest on fixed deposits maturing in 30-90 days. Fixed deposits maturing in 91-180 days will earn a 4.5 percent interest while deposits maturing in 181-64 days will get 5.75 percent. The bank will offer an interest rate of 6.25 percent on deposits maturing in 365-500 days. For deposits maturing in 501-749 days, the bank has hiked the interest rate by 25 basis points to 6.75 percent. Fixed deposits maturing in 750 days will now get 7.25 percent interest rather than 6.9 percent, meaning an increase of 35 basis points. Deposits maturing in 751 days to 5 years will continue to get 6.5 percent interest. The bank will continue to give a 6 percent interest rate on deposits maturing in 5 years 1 day, to 10 years, and a 6.5 percent rate of interest on tax-saving deposits maturing in 5 years. Senior citizens will get 0.5 percent higher than the standard rate, but it will not be available for NRO Fixed Deposits. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.