IDFC First Bank is giving up to 5 percent interest on its savings account.
Interest is being given up to 4-5 percent if the amount is less than 2 crores in the account. Rest of the banks are giving 3-3.5 percent interest on the same amount. Along with this, compound interest will be available on the interest received every month.
Interest is paid by the bank on the amount deposited by the customer in the savings or savings account. Interest is added on a daily basis, but it is deposited in your account quarterly i.e. 3 months or half-yearly i.e. 6 months. There is a special instruction from the Reserve Bank regarding when to deposit interest in the savings account from the banks. Earlier the interest money was added every 6 months, but later after the intervention of the Reserve Bank, the rule of adding interest every quarter was implemented. In the midst of all this, there is also a bank that is giving interest to its customers on the savings account every month. The name of this bank is IDFC First Bank IDFC First bank.
The interest received on the savings account every month is called Monthly Interest Payout. As the name suggests, the monthly amount (payout or interest) received on your deposits is the interest that you get every month instead of quarterly. This is a kind of credit amount, which you can easily get information about in the bank statement. The amount of interest can be clearly seen in your bank statement every month.
FD facility on savings account
Till now this facility (Monthly Interest Credits on your Savings Account) is generally available on fixed deposit accounts. Every month you get a fixed interest money added to the FD account. Now in the same way, if a customer opens a savings account with IDFC First IDFC First Bank, then he will get interest every month. The amount of interest received on the deposited money will depend on the deposited capital and the interest rate set by the bank.
The name of the Reserve Bank is that every day interest will be calculated according to the deposited capital. But its money is credited in the savings account quarterly or half-yearly. In 2016, the Reserve Bank changed this rule and directed that banks will have to credit interest money every quarter. This rule has been going on since then.
There is a special rule for adding interest on the deposited capital. Suppose you have deposited Rs 1 lakh in savings account. Your bank credits interest to your account every quarter i.e. 90 days. The bank has fixed 3% interest rate for this. If you calculate the quarterly interest, it will be around 739.72 paise.
How much interest does IDFC pay?
If the same interest is calculated in IDFC First, then in other banks it is available on 90 days but here it is being given in 30 days. The rest of the bank is giving up to 3 percent and IDFC First Bank is giving interest up to 4-5 percent (Monthly Interest Credits on your Savings Account). If you calculate according to 4 percent, then interest will be around Rs 328 in a month, which will be available on your 1 lakh rupees in just 30 days. Where the rest of the banks are giving Rs 739 in 90 days, then IDFC Bank is giving Rs 328 in a month.
Benefits of life insurance
IDFC First Bank is giving up to 5 percent interest on its savings account. Interest is being given up to 4-5 percent if the amount is less than 2 crores in the account. Rest of the banks are giving 3-3.5 percent interest on the same amount. Along with this, compound interest will be available on the interest received every month if the customer does not withdraw that money. If the customer maintains a balance of Rs 10,000 in his savings account, then accident insurance of Rs 2 lakh is given. If this average monthly balance is Rs 25,000, then an insurance of 35 lakhs is given.
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