Savings bank accounts with IDFC FIRST Bank now receive a maximum interest rate of 6.75 per cent following the latest revision. The rate hike will be effective from February 15, 2023.
Many banks have raised their loan and fixed deposit interest rates after the Reserve Bank of India (RBI) hiked the repo rate by 25 bps to 6.50 per cent at its monetary policy committee (MPC) meeting on February 8, 2023; however, only a few banks have raised the savings deposit rates.
Now, the IndusInd Bank has joined others to increase the interest rates on fixed deposits (FDs). Regular depositors can now earn up to 7.5 per cent interest for deposits below Rs two crores.
IDFC FIRST Bank Savings Account Interest Rates
The IDFC FIRST Bank offers a progressive balance system of computing interest, compounded and credited monthly. For example, a savings bank account balance of up to Rs 10 lakhs will now earn an interest rate of 4 per cent per annum. Savings accounts at IDFC First Bank with a balance of more than 10 lac to 1 crore will earn 6.25 per cent interest annually. The rate is 6.75 per cent on account balances of more than Rs one crore up to Rs 50 crore.
So, if your account balance is Rs 1.20 crore, interest payable will be 4 per cent for Rs 10 lakh, 6.25 per cent between Rs 10 lakh and Rs one crore, and 6.75 per cent for above Rs one crore.
Savings bank accounts with balances between Rs 50 crore and Rs 100 crore will now get interest at 5.00 per cent, while accounts with balances between Rs 100 crore and Rs 200 crore will get an interest of 4.50 per cent.
New FD Interest Rates At IndusInd Bank
IndusInd Bank has hiked interest rates on fixed deposits for some categories with balances under Rs 2 crore. Regular depositors can now earn up to 7.5 per cent interest, and seniors can earn up to 8.25 per cent. Deposits maturing between 91 days and 120 days will earn interest at a rate of 4.75 per cent, and those maturing between 121 days and 180 days will earn interest at a rate of 5.00 per cent.
The bank is offering the highest interest rate of 7.50 per cent on fixed deposits maturing between two years and 39 months. Above three years to 61 months, the interest is 7.25 per cent, and above 61 months, it will be 7 per cent.
FDs maturing between 12 and 18 months will now earn 7 per cent interest, and FDs maturing between 18 months and two years will now earn 7.25 per cent interest.
For senior citizens, the interest rate is 8.25 per cent, up 0.75 per cent from the rates for general depositors for deposits below Rs 5 crore with a tenure between two years and 39 months. For all other tenures, a premium of 0.50 percent is paid to seniors over and above the rates for general deposits.
Banks generally offer better earnings to senior citizens for fixed deposits. According to bankbazaar data, HDFC Bank offers 3.00 per cent to 7.00 per cent to general deposits. If you are a senior citizen, you can earn 3.50 per cent interest to 7.75 per cent depending on the tenure of the deposit.
At Kotak Mahindra Bank interest rates for general deposits ranges from 2.75 per cent to 7.10 per cent, whereas senior citizens may earn an interest of 3.25 per cent to 7.60 per cent.
ICICI Bank offers an interest of 3.00 per cent to 7.90 per cent for general deposits and 3.50 per cent to 7.50 per cent for elderlies.