IDFC drastically lowers bank savings account interest rates, new interest rates apply from today

The impact of the corona epidemic is also visible in the banking sector. IDFC Bank has cut interest rates on its savings accounts. The bank is now offering 4 to 5 percent interest rates on its savings accounts. Before May 1, it was 6% in savings accounts. IDFC Bank’s new rates are being implemented from today. The bank shares this information on its website.

IDFC Bank will offer 4 per cent interest on savings accounts of Rs 2 crore to Rs 10 crore from May 1. 10 lakh to 2 crore accounts will get 5 per cent interest rate. Savings accounts up to Rs 10 lakhs have an interest rate of 4.5%.

Gold Prices Review: Marriage season gold price between Rs 1015 and silver Rs 1352

Rs Interest rate
10 lakh to Rs 4.5%
More than 10 and less than 2 crores 5%
2 crores to 10 crores 4%

IDFC Bank has cut its savings account interest rates for the second time in the last four months. In February, the bank slashed interest rates on savings accounts from 7 percent to 6 percent. The bank’s current and savings account ratio has increased.

IDFC Bank has raised Rs 3000 crore through eligible corporate placements this month. IDFC is the first bank to increase its loan book by 10.9 per cent, according to a 2021 financial estimate, higher than industrial growth.

Banks will be closed for 12 days in May, check out the full list of holidays