savings account: IDFC First Bank revises savings account interest rate: Earn up to 6% interest rate on this amount
According to IDFC First Bank’s website, “As per the guidelines of the Reserve Bank of India, interest on Savings Bank accounts will be calculated on the daily end of day balances at the interest rate specified by IDFC FIRST Bank The interest payment frequency on the Caisse d’Epargne account will be monthly from July 1, 2021. Interest will be calculated on the progressive balances of each interest rate band, if applicable.
According to IDFC First Bank, those with a savings account balance between Rs 25 lakh and Rs 1 crore can earn 6% from April 1, 2022.
IDFC previous interest rate on savings account
How is interest calculated
Interest is calculated on a 365-day basis for fixed deposits that fall in a non-leap (financial) year and on a 366-day basis for fixed deposits that fall in a leap (financial) year, according to the website. form the bank.
How does the progressive base work?
Here is an overview of how the interest rate will be calculated according to IDFC First Bank.
1.If you have a balance of Rs. 25,000 in your account, you will be charged 4% interest on the total amount.
2. If your account balance is Rs. 5 lacs, you would be charged 4% interest on Rs. 1 lac and 4.5% on Rs. 4 lacs.
3. If your account balance is Rs. 1.10 crore, you would be charged 4% interest on Rs. 1 lac, 4.5% on Rs. 9 lac and 5% interest on Rs. 1 crore .
4. If your account balance is Rs. 5.3 crores, you would be charged 4% interest on Rs. 1 lac, 4.5% interest on Rs. 9 lac and 5% interest on Rs. 5.2 crore.