IDFC First Bank has made changes to the upper limit of savings account interest rates. This private bank has reduced the savings account interest rate at the beginning of 2026. The bank has announced that this change has been effective from January 9.
Until now, IDFC First Bank's savings account interest rate has been 7 percent. Now it has been reduced to 6.50 percent. This means the interest rate has been cut by 50 basis points or 0.50 percent.
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In a recently issued circular, IDFC First Bank has announced that savings account interest rates will now be calculated on a progressive basis. This means that the amount of money in your savings account will be broken down into slabs for interest calculation. This interest money will be paid every month.
For example, deposits up to 1 lakh rupees will earn interest at an annual rate of 3 percent. Deposits from 1 lakh rupees to 10 lakh rupees will earn interest at a rate of 5 percent.
For amounts above 10 lakh rupees up to 10 crore rupees, interest will be paid at a rate of 6.5 percent. For deposits from above 10 crore rupees up to 25 crore rupees, interest will be paid at a rate of 6 percent.
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For deposits from above 25 crore rupees up to 100 crore rupees, interest will be paid at a rate of 5 percent. If the deposit amount exceeds 100 crore rupees, interest will be earned at a rate of 4 percent.
Along with the savings account interest rate, IDFC First Bank has introduced a new credit card in the new year. This bank's new credit card could be extremely useful for those who frequently travel abroad.
