Savings Bank Account: How much interest your bank pays on a savings account, you have rarely checked it, because it is so low that you do not even know, most of the big banks of the country have 3-4% interest on their savings account. But, IDFC First Bank is paying double interest from these banks.
New Delhi: IDFC First Bank has increased interest on the amount deposited in Savings Bank Account up to 1 lakh rupees. IDFC First Bank will now pay 1% more interest on this amount. This increase has come into effect from 1 January 2021. Earlier, the bank was paying 6 percent interest on deposits below Rs 1 lakh deposited in the savings account, which has now increased to 7 percent.
7 percent interest on less than 1 lakh
That is, even after depositing up to 1 lakh rupees in the savings account of IDFC First Bank, customers will get 7% interest, while the bank is already paying 7% interest on the amount of more than 1 lakh. However, many banks have adopted a strategy of high interest to attract customers. You should know that if you earn more than Rs 10,000 as interest in a year, then you have to pay tax under section 80 TTA of income tax.
IDFC First Bank gets double interest from other banks
If compared, the interest paid by IDFC First Bank on the savings account is double the interest paid by all the major public and private banks in the country. Government banks like SBI, HDFC, ICICI and PNB pay only 3% to 4% interest on savings account to customers. While IDFC is paying 7% interest on the First Bank Savings Account. Let us tell you that the interest on savings accounts can be changed anytime, there is no lock in period for this.
Deposit up to Rs 5 lakh secured
IDFC First Bank got banking license in 2015 and it was listed on the stock exchange in the same year. Let us tell you that a deposit of Rs 5 lakh in any bank is covered under the Government Deposit Guarantee Scheme. Therefore it is safe to deposit up to 5 lakh rupees in any bank. IDFC First Bank has 260 branches across the country.
