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CONFIRMED - IDFC First bank Savings account interest rate reduced to 6%

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As was rumoured, IDFC First bank has officially reduced its savings bank interest rate to 6% from 7% earlier,  for account balance upto 1Cr.

https://www.idfcfirstbank.com/banking-products/accounts/savings-account.html

https://cdn0.desidime.com/attachments/photos/662787/medium/Screenshot_20210201-001043_Samsung_Internet.jpg?1612118660
So, at least this party’s over for now.




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Deal Cadet Deal Cadet
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Party over ☹️

Pro Entertainer Pro Entertainer
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https://cdn0.desidime.com/attachments/photos/662797/medium/images_-_2021-02-01T003402.368.jpeg?1612119852

Deal Subedar Deal Subedar
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Waah Modi Ji Waah …

Deal Cadet Deal Cadet
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Time to go for rbl bank now 😂😂

Deal Subedar Deal Subedar
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7% interest on savings account is not sustainable business. It’s obviously a scheme to get more publicity and deposits. One must have little patience to keep shifting money from bank to bank for higher interest.

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ULYSSES wrote:

7% interest on savings account is not sustainable business. It’s obviously a scheme to get more publicity and deposits. One must have little patience to keep shifting money from bank to bank for higher interest.

next best bank for >6%+ rate?

Deal Subedar Deal Subedar
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There is some confusion on this, Over the weekend, i read a news article which reported, they increased the savings a/c interest rates to 7 %.

Deal Subedar Deal Subedar
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ULYSSES wrote:

7% interest on savings account is not sustainable business. It’s obviously a scheme to get more publicity and deposits. One must have little patience to keep shifting money from bank to bank for higher interest.

Now Equitas Small bank is best for Savings Account interest https://cdn0.desidime.com/attachments/photos/662829/medium/IMG_20210201_084652.jpg?1612149432

Deal Subedar Deal Subedar
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Rate of interest in Utkarsh Bank
Upto 1 lakh- 5%
1 lakh to 25 lakhs – 6%
Above 25 Lakhs -7.25%

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abhishekkjain wrote:

https://www.livemint.com/industry/banking/idfc-...

What’s with RBL? I see 4.75 as interest rate – https://drws17a9qx558.cloudfront.net/document/S...

RBL bank offers 6.75% on balances between ₹10 lakh and ₹3 crore, 6% on balances from ₹1 lakh to ₹10 lakh and 4.75% on balances up to ₹1 lakh

Deal Cadet Deal Cadet
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ManojSingla wrote:

Now Equitas Small bank is best for Savings Account interest https://cdn0.desidime.com/attachments/photos/662829/medium/IMG_20210201_084652.jpg?1612149432

Equitas is OK, but it’s not widely present. It has few branches. Opening an account online gives you access to a limited account where only 2 L max can be kept. To convert to a full KYC account, one needs to submit KYC docs at the nearest branch, which may be difficult since it’s not present in many cities.

Deal Subedar Deal Subedar
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<= ₹ 1 Cr 6.00%
> ₹ 1 Cr <= ₹ 5 Cr 5.00%
> ₹ 5 Cr <= ₹ 10 Cr 4.00%
> ₹ 10 Cr 3.50%

Deal Subedar Deal Subedar
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caks2006407 wrote:

RBL bank offers 6.75% on balances between ₹10 lakh and ₹3 crore, 6% on balances from ₹1 lakh to ₹10 lakh and 4.75% on balances up to ₹1 lakh

Koi aur bank hai jo apne jaise balance valo ko theek thaak rate de?

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ManojSingla wrote:

Now Equitas Small bank is best for Savings Account interest https://cdn0.desidime.com/attachments/photos/662829/medium/IMG_20210201_084652.jpg?1612149432

How much is MAB? That elite word should mean atleast 50k-1lac.

Deal Cadet Deal Cadet
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billubakra wrote:

How much is MAB? That elite word should mean atleast 50k-1lac.

Initial funding and Savings AMB is 5L.

Critic Critic
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billubakra wrote:

Koi aur bank hai jo apne jaise balance valo ko theek thaak rate de?

Just stick with idfc, don’t rely too much on savings acc interest income nowadays.

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caks2006407 wrote:

RBL bank offers 6.75% on balances between ₹10 lakh and ₹3 crore, 6% on balances from ₹1 lakh to ₹10 lakh and 4.75% on balances up to ₹1 lakh

People are dumb to keep more than 5 lakh in these banks.

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abhishekkjain wrote:

People are dumb to keep more than 5 lakh in these banks.

Then I am also dumb smile
Eqitas customer for last 4-5 yrs

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billubakra wrote:

How much is MAB? That elite word should mean atleast 50k-1lac.

Go with normal savings account which is Zero Bal like SBI
@DimeDime

Critic Critic
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caks2006407 wrote:

Go with normal savings account which is Zero Bal like SBI
@DimeDime

All non-elite acc have 3.5% till 1 lakh & 7% above 1 lakh which I am assuming incrementally, right?

Deal Cadet Deal Cadet
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guest_999 wrote:

Just stick with idfc, don’t rely too much on savings acc interest income nowadays.

yes. even 6% is good .

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guest_999 wrote:

All non-elite acc have 3.5% till 1 lakh & 7% above 1 lakh which I am assuming incrementally, right?

slabs and interest rates are same for all SB, in elite other benefits like locker discount, debit card offers etc

Critic Critic
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caks2006407 wrote:

slabs and interest rates are same for all SB, in elite other benefits like locker discount, debit card offers etc

So for first 1 lakh 3.5% interest rate which means for 2 lakh you get 3500+7000 which is 10500 while in idfc you get 12000 so a difference of 1500.

Deal Cadet Deal Cadet
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caks2006407 wrote:

Go with normal savings account which is Zero Bal like SBI
@DimeDime

Already have 5 accounts, all mine, in SBI.

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guest_999 wrote:

So for first 1 lakh 3.5% interest rate which means for 2 lakh you get 3500+7000 which is 10500 while in idfc you get 12000 so a difference of 1500.

@caks2006407
Is that the case?

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DimeDime wrote:

@caks2006407
Is that the case?

Yes, useful for those who have balances more than 4lacs
For 4 lacs: Equitas=Rs3500+3x7000=Rs24500
IDFC=Rs4x6000=Rs24000 so equitas better here
Keeping good amount in IDFC has many other benefits like Credit card, etc

Deal Cadet Deal Cadet
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caks2006407 wrote:

Then I am also dumb smile
Eqitas customer for last 4-5 yrs

More than 5 lakh in this bank? flushed

Missing