Recently, IDFC First Bank has recently taken a big decision to credit the interest rate every month in the savings account. The rules of the bank have come into effect from July 1. A large number of people will benefit through this decision. According to the rules of the Reserve Bank, banks pay interest every quarter, but if they want, the bank can remit the interest every month also. Apart from FD, in many other schemes, banks have already been paying interest month after month. But no such decision has been taken so far regarding the savings account.
What did the bank say on this decision
Amit Kumar Kumar, Head Retail Liability, IDFC First Bank says, “The bank is always on the lookout for innovative solutions that benefit the customers. Credit of interest every month means that now the savings account holder will be able to avail interest on interest every month. Also, customers will be able to withdraw money when they need it.
Raj Khosla, Founder, MyMoneyMantra.com says, “If we look at the savings account interest rate, it is an average of 3%. In this case IDFC First Bank will pay 0.0074% additional interest. This benefit may not be much, but it will be beneficial.
How much interest is getting on how much money
IDFC First Bank is offering interest ranging from 3% to 5% on savings account. If there is 1 lakh rupees in the account, then 3% interest will be available. At the same time, 4% interest will be available on deposits of 1 lakh to 10 lakh rupees. If the amount in the account is more than 10 lakh and less than Rs 2 crore, 5% interest will be given.
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