Savings Account Interest Rates (Updated May 2025)

IDFC FIRST Bank provides monthly interest payout on Savings Account, helping you earn regular income.

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.

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.

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.

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.”

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.

Banks often offer higher interest rates (0.25% to 0.75%) on Fixed Deposits for senior citizens, though additional benefits on Savings Accounts may not be available universally. Senior citizens can also claim a tax deduction of up to ₹50,000 under Section 80TTB, enhancing their financial benefits.

To ensure that you maximise your savings account interest earnings, choose a bank with competitive interest rates. Additionally, ensure that the account credits the interest more frequently and offers superior features, such as an auto-sweep facility for surplus funds.

For example, IDFC FIRST Bank offers among the highest Savings Account interest rates in India which is credited monthly to your account. This helps you grow your savings faster through frequent compounding.

Remember, the higher the amount and longer you keep your money in your savings account, the more will be the interest income you earn. 

Banks update the latest interest rates on their official websites. It is recommended to regularly check your bank's website for any updates regarding interest rates.

IDFC FIRST Bank does not offer special interest rates exclusively for students or minors. But don’t worry, we offer competitive interest rates for all savings account holders, with rates varying based on the balance maintained in the account.

Savings account interest rates at IDFC FIRST Bank are standardised and published on IDFC FIRST Bank’s official website. These rates are applied uniformly to all customers based on their account balances.

IDFC FIRST Bank calculates interest on the end-of-day balance of your savings account. There is no specific minimum balance required to earn interest. However, maintaining higher balances can qualify you for higher interest rates as per the bank's tiered structure. Note that not maintaining the minimum balance in savings account leads to a penalty based on the bank policy and it may affect the overall returns from your account. 

IDFC FIRST Bank offers zero-fee banking on all variants of its savings accounts. This means there are no charges for services such as IMPS, NEFT, RTGS, SMS alerts, debit card issuance, demand drafts, interest certificates, and ATM transactions. This approach ensures transparency and helps customers save on banking fees.

Yes, IDFC FIRST Bank allows customers to set up automatic payments and standing instructions from their savings accounts. This feature facilitates timely bill payments, fund transfers, and other recurring transactions, ensuring convenience and avoiding missed payments.

IDFC FIRST Bank does not limit the number of withdrawals from its savings account. Since interest rates are applied to different balance ranges in a savings account, if the balance falls below a specific range, it may reduce the applicable interest rate.

IDFC FIRST Bank offers specialised savings accounts tailored for specific customer groups, such as minors, senior citizens, women and NRIs. While these accounts provide unique features and benefits, the interest rates are consistent across all savings accounts, with up to 7.00% per annum basis the account balance.

At IDFC FIRST Bank, joint savings accounts earn interest in the same manner as singly-owned accounts. The interest rates are applied based on the account balance, regardless of whether the account is singly or jointly held.

IDFC FIRST Bank provides detailed information on their official website, including interest rate slabs, calculators, and features of their savings accounts. Customers can utilise these resources to understand how interest is calculated and explore ways to maximise their earnings.

IDFC FIRST Bank typically communicates changes in interest rates through official channel, such as their website. It's advisable for customers to ensure their contact information is up-to-date and to regularly check the bank's official website for the latest updates.