IDFC First Bank Slashes Savings Account Interest by 200 Bps: Check New Rates Now!

• IDFC First Bank has reduced interest rates on savings account deposits by up to 200 basis points, effective January 9.
• The highest savings rate is now capped at 6.5% for balances above Rs 10 lakh and up to Rs 10 crore.
• Deposits above Rs 1 lakh and up to Rs 10 lakh will now earn 5%, a reduction for smaller depositors.
• Rates for balances up to Rs 1 lakh remain unchanged at 3%, and higher balances (above Rs 10 crore) are largely unaffected.
• Savings account interest is calculated daily, credited monthly by IDFC First Bank, and is taxable under 'Income from Other Sources'.

Why It Matters: IDFC First Bank has significantly cut savings account interest rates, especially for small and mid-sized balances.