Savings Account Interest Rates (Updated July 2025)

Interest on the IDFC FIRST Bank Savings Account is credited every month. Once the interest gets credited, it forms part of the principal for the next cycle. This approach helps the balance grow faster through the power of compounding. Each month's credited interest earns further interest in the following months and generates better overall returns over time.

Monthly interest credit means the interest earned on a Savings Account is calculated daily but added to the account every month. This monthly payout offers quicker access to earned interest, which can be used, reinvested, or saved. It is highly helpful for managing short-term needs or building funds faster as the interest amount begins to earn its own interest from the very next day, accelerating your savings growth.

The interest on an IDFC FIRST Bank Savings Account is calculated daily based on the closing balance at the end of each day. After calculating daily, the total interest amount gets credited to your account once every month. This daily calculation method enables every rupee in the account to contribute to earning interest regularly.

The interest you earn from a Savings Account is treated as taxable income. If you are under 60, up to ₹10,000 of that interest in a year can be claimed as a deduction under Section 80TTA. For senior citizens, this limit goes up to ₹50,000 under Section 80TTB. Any interest above these limits gets added to your total income and is taxed as per your applicable slab rate.

To find the best Savings Account interest rate, you should always check the banks' official websites directly. This approach helps avoid confusion caused by outdated or incorrect information from third-party sources. Also, compare the rates offered and analyse the terms linked to balance requirements or special conditions. 

You can consider IDFC FIRST Bank Savings Accounts to enjoy interest rates of up to 7.00% per annum and maximise your savings.  

Senior citizens earn tiered interest rates based on the funds available in their savings account. Opening a senior citizen savings account with IDFC FIRST Bank can get you an interest rate of up to 7% per annum, which is one of highest in the industry.

The Bank offers tiered interest rates on all its savings account variants including the Senior Citizen Savings Account. This means that the interest rates are based on the funds available in the bank account, and not on the type of savings account.

To maximise interest earnings, maintain a higher daily balance and choose a Savings Account that offers competitive rates. Opt for accounts that credit interest monthly so that the benefits of regular growth add up faster. IDFC FIRST Bank offers all these benefits and more to help you get the most out of your savings.

Banks usually publish interest rate changes on their official websites rather than notifying each customer directly. Checking the website from time to time is a simple way to remain updated. When you depend on official sources, it helps you avoid any confusion or missed updates. 

Banks usually don’t have special rates in place just for younger account holders like students or minors. However, IDFC FIRST Bank Savings Accounts offer one of the highest interest rates in the industry.

Hence, every account holder, no matter their age, benefits from superior returns. Besides high interest rates, a Minor Savings Account by IDFC FIRST Bank enables young savers to benefit from monthly interest credits, unlimited free ATM transactions, rewarding debit cards, and much more.

Savings Account interest rates at IDFC FIRST Bank are standardised and apply uniformly to all account holders. These rates are determined based on internal policies and market conditions. This means individual negotiation is not possible. You can check the updated rates on the official website.

With IDFC FIRST Bank, you enjoy zero-fee banking across all variants of savings accounts. However, charges for non-maintenance of average monthly balance are applicable on the savings account. A 6% of the AMB shortfall or ₹500, whichever is lower is levied if the average monthly balance falls below the AMB amount. 

There are no charges for essential services like IMPS, NEFT, RTGS transactions, SMS alerts, Debit Card issuance, ATM withdrawals, Demand Drafts, or interest certificates. You can carry out your regular banking activities without stressing over hidden costs. This transparency helps you save money, makes everyday banking simpler, and gives better value for maintaining a Savings Account. 

IDFC FIRST Bank Savings Accounts can be linked to other accounts to set up automatic transfers. This makes it simple to manage recurring payments and investments or even transfer money into your savings without needing to do it manually each time.

IDFC FIRST Bank does not place any limit on the number of withdrawals from Savings Accounts. But you should know that interest rates are linked to specific balance ranges. If too many withdrawals cause the balance to fall below a certain range, the applicable interest rate may change. It is a good idea to track your balance regularly to make the most of your savings.

At IDFC FIRST Bank, you can find specialised Savings Account options designed for different customer groups, including minors, senior citizens, women, and Non-Resident Indians (NRIs). These accounts come with exclusive features and added benefits to suit specific needs.

However, the interest rates remain standardised across all Savings Account types, going up to 7.00% per annum, depending on the balance maintained. This approach helps every customer enjoy strong returns while getting account features that match their personal financial goals and lifestyle.

IDFC FIRST Bank applies the same interest rate structure to joint as well as individual Savings Accounts. The interest is calculated daily based on the account balance and credited monthly, no matter the number of account holders. What matters is the balance maintained, not whether the account is individual or joint.

IDFC FIRST Bank helps you make informed decisions by offering clear, detailed information on the official website. You can easily obtain information on interest rate slabs, account features, and balance requirements. The website includes a Savings Account Interest Calculator, which enables you to estimate potential earnings based on your balance. By offering updated data, IDFC FIRST Bank helps all account holders plan better and track how their hard-earned money grows.

IDFC FIRST Bank usually shares updates about Savings Account interest rates on the official website and also displays these rates at their branches. You can visit the official portal or your nearest branch to know the latest interest rates. 

It is quick and easy to open a Savings Account online with IDFC FIRST Bank. Just visit the official website and fill out the online application form. Choose your Savings Account variant, complete the video KYC, and your account will be activated quickly. At IDFC FIRST Bank, you will get a welcome kit, which will have all the information needed to operate your bank account.

Savings Account interest rates mostly follow a slab-based structure. Different parts of your deposited balance earn interest at different rates. For instance, one slab may offer a certain rate up to a limit and anything above that earns a different rate. At IDFC FIRST Bank, you, as a Savings Account holder, can earn up to 7.00% per annum, depending on the balance maintained. Interest is calculated daily on the closing balance and credited every month.

IDFC FIRST Bank offers Savings Account variants with ₹25,000 and ₹10,000 Average Monthly Balance (AMB) requirements. The account types provide useful benefits, including high interest rates, monthly interest credits, unlimited ATM withdrawals, and zero-fee banking on essential services. Click here to explore the varied features.

Many factors influence the interest rate on a Savings Account. These include changes in the Reserve Bank of India's policy rates, inflation trends, and the overall liquidity in the banking system. Banks also consider their internal cost of funds and business strategy when finalising rates. 

Even though you can’t control these factors, it helps to remain updated and compare rates across banks. A thoughtfully chosen Savings Account, like one from IDFC FIRST Bank, can offer more value and better returns on your savings over time.

Savings Account interest rates tend to vary from time to time depending on the internal policies of the bank and market conditions. 

With IDFC FIRST Bank Savings Accounts, you can enjoy attractive interest rates and monthly interest credits. It is recommended to check the latest rates on the official IDFC FIRST Bank website to get an update on the current offerings.

The interest component that you earn on your Savings Account balance is taxable under the head "Income from Other Sources". As per Section 80TTA, individuals below 60 years of age can claim a deduction of up to ₹10,000 every year on Savings Account interest. For senior citizens, Section 80TTB permits a higher deduction of ₹50,000.

The interest rate offered by IDFC FIRST Bank Savings Account is up to 7.00% p.a. This interest rate is one of the highest and close to the rates of Fixed Deposits (FD) provided by most financial institutions. This makes it an excellent option for those who want high returns with easy access to their funds. 

Unlike Fixed Deposits or Mutual Funds, an IDFC FIRST Bank Savings Account keeps your money fully accessible, with no lock-in period, while still earning competitive interest, which is ideal for short-term needs and financial flexibility.

The interest rate on an IDFC FIRST Bank Savings Account is progressive and is based on the balance maintained. As of 17^th June 2025, balances of over ₹5 lakh and up to ₹10 crore earn an interest rate of 7.00% p.a., which is close to the Fixed Deposit rates offered by many financial institutions. Visit the bank’s website for the latest interest slabs.

Banks typically revise their Savings Account rates on a periodic basis. This revision is primarily based on two parameters i.e., market conditions and internal policies. Such changes are not fixed and may differ from time to time. 

Note that IDFC FIRST Bank updates its rates transparently and publishes them on the official website. Hence, to know about the updated rates make sure to check the website regularly.

No, the interest rate remains the same regardless of how you open your IDFC FIRST Bank Savings Account—whether through the mobile app, website, or by visiting a branch. You can earn up to 7.00% p.a. either way.

The digital process simply offers more convenience, while the interest benefits stay consistent. So, you enjoy both the ease of access and one of the best interest rates in the industry.