What's special about us
Zero Charges on 28 Commonly Used Savings Account Services
- About Us
- MD & CEO letter about the bank
- MD & CEO
- Our History
- Letter to Shareholders on the 1st Annual Report after Merger
- Letter to Shareholders on the 2nd Annual Report after Merger
- Letter to Shareholders on the 3rd Annual Report after Merger
- Letter to Shareholders on the 4th Annual Report after Merger
- Board of Directors
- Awards & Accolades
- News Room
- Investors
- Careers
- ESG
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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Savings Account Interest Rate
A high-interest Savings Account can make it easier to achieve financial goals, such as saving for retirement, buying a house, or going on a family vacation. This is because a high interest rate helps your Savings Account grow faster than an ordinary account.Read More
Open an IDFC FIRST Bank Savings Account to maximise the value from your money. Our Savings Account interest rates are among the highest in the industry, allowing you to earn better interest on your savings. Additionally, you benefit from zero-fee banking and monthly interest credits to further accelerate your savings’ growth. Explore a range of Savings Accounts customised for your varied needs and financial requirements.
Invest, save, and spend more with IDFC FIRST Bank's competitive Savings Account interest rates and minimal balance requirements. You can also access your savings on the go with our advanced mobile app and online banking services.
Moreover, since this interest rate is based on progressive balances in the applicable interest rate slab, you earn every day! So don't miss out.Read Less
Savings Account Interest Simulator
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Pitruprasad Dash
“Recently, I opened a new bank account with IDFC FIRST Bank. Firstly, in terms of the process to open a savings account, it is truly hassle-free. Thanks for being ahead in terms of customer satisfaction and banking services, making it easy for new customers like me. I wish IDFC FIRST Bank a great future and looking forward to a long term association.”
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Sougata Das
“I recently opened a Savings Account with IDFC FIRST Bank, and I must tell you that I'm really happy with the features and benefits offered by the savings account. The netbanking services are quite advanced which makes the process easy. Also, IDFC FIRST Bank employees are cordial and helpful, making the overall experience a pleasant one.”
IDFC FIRST Bank's Savings Account Interest rates table
| On Balances (in ₹) | Rate of Interest (% p.a.) |
|---|---|
| <=1 Lac | 3.00% |
| > 1lac <= 5lac | 4.00% |
| > 5 Lac <= 50Cr | 7.00% |
| > 50 Cr <= 100 Cr | 5.00% |
| > 100 Cr <= 200 Cr | 4.50% |
| >200 Cr | 3.50% |
(Effective from 01/01/2024)
Interest will be calculated on progressive balances in each Interest Rate Slab, as applicable
Please note that interest rates are subject to periodic change.
Features of an IDFC FIRST Bank Savings Account
Zero-fee banking
Take advantage of 28 commonly used banking services free of cost (subject to maintenance of the required AMB in the account) with IDFC FIRST Bank Savings Account's zero-fee banking feature, including IMPS, NEFT, RTGS, SMS alerts, debit card issuance, and demand drafts.
Competitive interest rates
Profit from competitive interest rates on your savings account balance each year. Interest earning ensures that your money works hard for you. Witness your savings grow swiftly, enabling you to easily achieve diverse financial goals.
Monthly interest credits
Enjoy a reliable stream of additional income with monthly interest credits on your savings account balance. Your interest is calculated daily, based on your end-of-day balance, and is credited to your account every month.
Free and unlimited ATM withdrawals
Access your savings account funds at any time with free and unlimited ATM withdrawals (subject to maintenance of the required AMB in the account), ensuring full liquidity and control.
Open a savings account online
IDFC FIRST Bank allows you to open a bank account online effortlessly from the comfort of your home. With just a few simple steps, you can open a bank account online with IDFC FIRST Bank anytime, anywhere, and begin enjoying the myriad benefits it has to offer.
Zero-fee banking
Zero-fee banking
Take advantage of 28 commonly used banking services free of cost (subject to maintenance of the required AMB in the account) with IDFC FIRST Bank Savings Account's zero-fee banking feature, including IMPS, NEFT, RTGS, SMS alerts, debit card issuance, and demand drafts.
Competitive interest rates
Competitive interest rates
Profit from competitive interest rates on your savings account balance each year. Interest earning ensures that your money works hard for you. Witness your savings grow swiftly, enabling you to easily achieve diverse financial goals.
Monthly interest credits
Monthly interest credits
Enjoy a reliable stream of additional income with monthly interest credits on your savings account balance. Your interest is calculated daily, based on your end-of-day balance, and is credited to your account every month.
Free and unlimited ATM withdrawals
Free and unlimited ATM withdrawals
Access your savings account funds at any time with free and unlimited ATM withdrawals (subject to maintenance of the required AMB in the account), ensuring full liquidity and control.
Open a savings account online
Open a savings account online
IDFC FIRST Bank allows you to open a bank account online effortlessly from the comfort of your home. With just a few simple steps, you can open a bank account online with IDFC FIRST Bank anytime, anywhere, and begin enjoying the myriad benefits it has to offer.
How to open a savings account?
Open a savings account with IDFC FIRST Bank today - it's quick, easy, and gives you more control over your finances. You can open a bank account online or at a physical bank branch at your convenience. Follow these simple steps to open a Savings Account.
Open a savings account online
Step-1: Click on the "Open an Account" button
Step-2: Fill up the required details in the online form
Step-3: Select the type of account that suits your need
Step-4: Deposit the amount into your account instantly
Step-5: Complete your video KYC to start transacting and get full access to your bank account
Open a savings account offline
Step-1: Locate the nearest IDFC FIRST Bank branch and carry the required KYC documents
Step-2: Contact the bank representative to open a Savings Account
Step-3: The representative will guide you to fill in the physical account opening application form
Step-4: Submit the documents with the application form
You will receive your credentials to access your bank account online once your account is activated and you deposit the required amount.
Savings Account Interest Rate Blogs
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How to use monthly compound interest to reach your financial goals?
Compound interest can grow your savings over time, and if done monthly, the returns are higher. Learn how to calculate compound interest and earn better returns on your Savings Account. Read on to know more.
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High interest and other must-have benefits in a Savings Account
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All you need to know about Savings Account interest rates
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FREQUENTLY ASKED QUESTIONS
How is the Savings Account Interest Rates Calculated?
Interest will be calculated on progressive balances in each Interest Rate Slab, as applicable
For Example:
- In case your account balance with us is Rs. 25,000, the interest payable to you will be 3% on the entire Rs. 25,000.
- In case your account balance with us is Rs. 4 lacs, the interest payable to you will be 3% on Rs. 1 lac, 4% on Rs. 3 lacs.
- In case your account balance with us is Rs. 50 lacs, the interest payable to you will be 3% on 1 lakh, 4% on Rs. 4 lacs and 7% on Rs. 45 lacs.
- In case your account balance with us is Rs. 4.3 crores, the interest payable to you will be 3% on 1 lakh, 4% on Rs. 4 lacs and 7% on Rs. 4.25 crores.
Please note that interest rates are subject to periodic change.
What are the benefits of a savings account?
A savings account offers a range of benefits, including instant access to funds, cash withdrawals, utility bill payments and online fund transfers through UPI, IMPS, NEFT and RTGS. With an IDFC FIRST Bank savings account, you can also earn regular interest as the bank credits interest monthly in your savings account.
Is there a maturity period for Savings Accounts?
No, a savings account has no maturity period or time restrictions. You will earn interest until you keep funds in your account. However, ensure you maintain your account's average monthly balance (AMB).
Why IDFC FIRST Bank is the best for a savings account?
IDFC FIRST Bank offers attractive interest rates on savings accounts. Interest is credited monthly into your account, helping you earn regular income. In addition, you can open an account online with IDFC FIRST Bank instantly via video KYC.
How does the monthly interest credit for the savings account work?
IDFC FIRST Bank credits interest monthly to your savings account, allowing you to earn a regular income. The interest earned is credited to your savings account every month. So, the following month, you earn interest on your balances, including interest on your previous month’s interest, and so on.
How can one choose the best savings bank account?
The best savings account is one that helps you save and earn more. Hence, interest credits and interest rates define a worthy savings bank account. IDFC FIRST Bank offers attractive interest rate on Savings Account and monthly interest credits to help you make the most of your savings account.
What is the frequency of interest payout?
IDFC FIRST Bank provides monthly interest payout on Savings Account, helping you earn regular income.
Is there a time limit for a Savings Account?
No. There is no time limit for savings accounts. Maintain sufficient balance in your account to earn interest.
What is the savings account interest rate?
The savings account interest rate is the money banks pay on the idle funds in your savings account. The interest, paid out quarterly, is calculated on the daily closing balance, and the value varies depending on your bank. IDFC FIRST Bank account holders receive higher savings account interest rates, with interest credited monthly for enhanced savings.
How often is the interest rate on a savings account calculated?
As per Reserve Bank of India guidelines, the interest in a savings account is calculated on the daily closing balance. Accordingly, interest is calculated daily and credited monthly or quarterly by the bank.
How do I find the best savings account interest rate?
With a little research, you can find the best savings account interest rates. You can find out what interest rate your preferred bank offers by visiting its official website. IDFC FIRST Bank offers one of the highest savings account interest rates as well as monthly interest credit.
What savings account services can I access via net banking?
Most banks strive to offer maximum banking services online. You can access your bank account, transfer money, pay bills, monitor transactions, and bank statements via net banking. An IDFC FIRST Bank account holder can enjoy the following services:
- Open a bank account
- Transfer money through IMPS, NEFT, RTGS, and UPI
- Pay utility and credit card bills,
- Monitor your account activities
- Invest in mutual funds and other investments
Additionally, you can apply for loans and credit products, per your requirement, via net banking and the mobile app.
Is savings account interest taxable?
Savings account interest up to ₹10,000 or ₹50,000 earned during a financial year is eligible for deduction under 80TTA & 80TTB (In case of senior citizen only) of Income Tax Act 1961 respectively. However, interest earned over ₹10,000/₹50,000 per financial year is subject to taxation according to the applicable tax slab and rate.”
What factors affect the savings account interest rate?
The savings account interest rate is influenced by a few factors such as:
- Prevailing repo rates set by the Reserve Bank of India (RBI)
- Economic conditions such as inflation rates and overall market performance
- The bank's internal policies and competitive positioning in the market
When is interest credited to a savings account?
IDFC FIRST Bank credits interest to savings accounts monthly based on the account's end-of-day balance. As a result, you can benefit from your savings more frequently while ensuring your funds continue to grow.
