Business

oi-Vipul Das

|

Interest rates on savings accounts are usually determined daily based on your account balance or average amount. This interest is credited monthly, annually or quarterly depending on the bank and the interest rate may not be credited if the minimum balance limit is not met by the account holder. In order to get monthly interest credit on your account, IDFC Bank recently unveiled a new facility for savings account holders.

On all savings bank accounts, the bank officially launched a monthly interest loan. Interest on savings accounts will be credited monthly starting July 1, 2021, according to the bank’s official website. In this regard, the bank also stated on its official website that “Monthly interest credit on your savings account. Monthly compound interest. Did you know that our Bank offers you MONTHLY interest credits compared to the standard of the QUARTERLY Interest Credit Industry? ” The bank listed the following 4 points for the well-being of savings account holders:

  • You earn interest on interest with IDFC FIRST Bank!
  • In other words, your savings with IDFC FIRSTBank are compounded monthly.
  • Over time, this makes a huge difference to your income.
  • What else? You also earn more thanks to our savings account’s high interest rates of 4-5% for balances below Rs. 2 crore, compared to around 3-3.5% at major banks.
  • The best gifts in the industry!

Special features of IDFC First savings accounts with monthly interest credit facility

Special features Average monthly balance of Rs 10,000 Average monthly balance of Rs 25,000
Personal accident insurance 2,000,000 35,00,000
ATM withdrawal 5 FREE transactions per month Unlimited FREE withdrawals
Daily ATM withdrawal limit 1,000,000 2,000,000
Daily Purchase Limit (POS) 150,000 6,00,000
Air accident insurance NIL 1,00,00,000
Access to the airport lounge NIL Free 2 per term
Liability for lost card 50,000 6,00,000
Purchase protection NIL 1,000,000
Debit card FREE – Classic VISA FREE – VISA Signature
IMPS FREE FREE
Checkbook FREE FREE
Source: IDFC First Bank

IDFC First Bank Savings Account Interest Rate

As of 1.05.2021, IDFC First Bank offers the following interest rates on savings accounts and will be credited on the first day of each month to all savings accounts.

On balances in Rs Interest rate (% pa)
1lake 4.00%
1lake to 10lake 4.50%
10lac to 2Cr 5.00%
2Cr to 10Cr 4.00%
10Cr to 100Cr 3.50%
Over 100 Cr 3.00%
Source: IDFC First Bank


Source link