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IDFC First Bank has reduced interest rates on savings account deposits across several balance slabs, effective January 9, marking cuts of up to 200 basis points for certain deposit ranges.
The revision applies to domestic, NRE and NRO savings accounts and follows the bank’s earlier rate structure that was effective from December 17, 2025.
Under the revised rates, balances of up to ₹1 lakh remain unchanged at 3% per annum, while deposits above ₹1 lakh and up to ₹10 lakh now earn 5%, compared with higher rates earlier for larger portions of small-ticket balances.
This translates into a reduction of up to 200 basis points for smaller and mid-sized balances, depending on the slab.
For higher balances, the bank has largely retained rates at the upper end. Deposits above ₹10 crore and up to ₹25 crore earn 6%, balances above ₹25 crore and up to ₹100 crore earn 5%, and amounts exceeding ₹100 crore continue to earn 4%, unchanged from the previous structure.
Earlier, balances above ₹5 lakh and up to ₹5 crore earned as much as 7%, while deposits between ₹5 crore and ₹10 crore earned 6.75%. The revised structure lowers returns in these segments, with the peak savings rate now capped at 6.5% for balances above ₹10 lakh and up to ₹10 crore.
IDFC First Bank continues to calculate savings account interest on a progressive basis, meaning different portions of the balance earn interest at different rates. Interest is credited monthly.
The rate revision comes amid broader recalibration of deposit pricing by banks as they balance funding costs and liquidity conditions.
The revision applies to domestic, NRE and NRO savings accounts and follows the bank’s earlier rate structure that was effective from December 17, 2025.
Under the revised rates, balances of up to ₹1 lakh remain unchanged at 3% per annum, while deposits above ₹1 lakh and up to ₹10 lakh now earn 5%, compared with higher rates earlier for larger portions of small-ticket balances.
This translates into a reduction of up to 200 basis points for smaller and mid-sized balances, depending on the slab.
For higher balances, the bank has largely retained rates at the upper end. Deposits above ₹10 crore and up to ₹25 crore earn 6%, balances above ₹25 crore and up to ₹100 crore earn 5%, and amounts exceeding ₹100 crore continue to earn 4%, unchanged from the previous structure.
Earlier, balances above ₹5 lakh and up to ₹5 crore earned as much as 7%, while deposits between ₹5 crore and ₹10 crore earned 6.75%. The revised structure lowers returns in these segments, with the peak savings rate now capped at 6.5% for balances above ₹10 lakh and up to ₹10 crore.
IDFC First Bank continues to calculate savings account interest on a progressive basis, meaning different portions of the balance earn interest at different rates. Interest is credited monthly.
The rate revision comes amid broader recalibration of deposit pricing by banks as they balance funding costs and liquidity conditions.
