Recently, IDFC First Bank recently made the big decision to deposit interest rates every month in a savings account. The bank rules have been in effect since July 1. A large number of people benefit from this decision. According to Reserve Bank rules, banks pay interest every quarter, but if they wish, the bank can also pay interest every month. In most other schemes, except FD, banks are already paying interest after months. But no such decision has yet been made with regard to the savings account.
After the center, it will be the turn of the states, such an increase in the wages of employees in UP
What did the bank say about this decision
Amit Kumar Kumar, Chief Retail Liability at IDFC First Bank, said, “The bank is always looking for innovative solutions that will benefit the customers. Every month interest credit means that the savings account holder is now able to claim interest on each month. Also, customers should be able to withdraw money when needed.
Raj Khosla, founder of MyMoneyMantra.com, says, “If we look at savings account interest rates, it’s an average of 3%. In this case, IDFC First Bank will pay an additional interest of 0.0074%. This benefit may not be much, but it can be beneficial.
SBI customers need to settle this work quickly, otherwise the account will be closed!
How much interest is being paid for
IDFC First Bank is offering 3% to 5% interest on a savings account. If the account is Rs 1 lakh, 3% interest is available. At the same time, 4% interest is available on deposits of Rs 1 lakh to Rs 10 lakh. If the amount in the account is more than Rs 10 lakh and less than Rs 2 crore, 5% interest will be paid.
