IDFC FIRST Bank
Maximising returns on your savings is a smart financial move, especially for balances below â¹50 lakh. IDFC FIRST Bank has become a top choice with competitive interest rates and customer-centric features. This article dives into IDFC FIRST Bank's Savings Account offerings and compares its rates with Kotak Mahindra Bank, State Bank of India (SBI), HDFC Bank, Axis Bank, and ICICI Bank. Read on to know more.
A savings account lets you store money securely while earning interest on your balance. Banks calculate interest daily based on your closing balance and credit it either monthly or quarterly, depending on their policy.
For balances below â¹50 lakh, interest rates differ across banks, and the frequency of crediting affects how quickly your money grows. The Reserve Bank of India ensures daily interest calculations for transparency and consistency. Choosing a bank with a high interest rate and frequent crediting can significantly boost your savings over time.
IDFC FIRST Bank offers some of the best savings account interest rates in India. Based on the latest rates effective June 17, 2025, the Bank provides 3% per annum for balances up to â¹5 lakh. For balances between â¹5 lakh and â¹10 crore, the rate jumps to 7%, â¹10 crore - â¹25 crore it is 6.5% and for balances between â¹25 crore and â¹50 crore, it's 6%.
The applicable rates are 3% for up to â¹5 lakh and 7% for amounts between â¹5 lakh and â¹50 lakh. IDFC FIRST Bank also credits interest monthly, which allows your savings to compound faster than with quarterly credits. With zero charges on all services like NEFT, RTGS, and ATM withdrawals, plus a seamless digital banking platform, it's a strong option for modern savers.
Here are key reasons why you should choose IDFC First Bank to open savings account online:
The table below compares savings account interest rates for balances below â¹50 lakh across IDFC FIRST Bank, Kotak Mahindra Bank, SBI, HDFC Bank, Axis Bank, and ICICI Bank, using the data provided, effective as of April and May 2025.
|
Bank |
Interest Rate (Below â¹50 Lakh) |
|
IDFC FIRST Bank |
3% (up to â¹5 lakh), 7% (â¹5 lakh - â¹50 lakh) |
|
Kotak Mahindra Bank |
2.75% |
|
State Bank of India |
2.50% |
|
HDFC Bank |
2.50% |
|
Axis Bank |
2.50% |
|
ICICI Bank |
2.50% |
IDFC FIRST Bank clearly stands out with its 7% interest rate for amounts between â¹5 lakh and â¹10 crore monthly interest credits, and no charges on all services. In comparison, Kotak Mahindra Bank, SBI, HDFC Bank, Axis Bank, and ICICI Bank offer a lower rate of 2.50 - 2.75%, making them less appealing for those aiming to maximise returns.
IDFC FIRST Bank's combination of high interest rates, monthly interest payouts, and digital convenience makes it an excellent choice for savers. Be sure to check the latest rates on official bank websites, as they can change due to RBI policies or market conditions.
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