In a piece of delightful news for IDFC bank account holders, the bank has hiked interest rates on savings account up to ₹1 Lakh. The bank has capped the interest rate at 7% on saving accounts up to ₹1 Lakh, which was 6% earlier.
The IDFC Bank has over 260 branches across the country and a market cap of around ₹22,500 crores. The bank, in business since 2015, is also listed on the stock exchange.
The good thing about the bank is the fact that the deposits and savings account balances aggregating up to ₹5 lakh are covered under the government’s deposit guarantee insurance scheme. Thus ensuring your savings are secure even if the bank fails.
Also, to note is the fact that the interest on the saving account, as mentioned above, is not locked in and can be changed by the bank at will.
Moreover, if you are looking for an over 7% interest rate on Fixed Deposit, then there are some banks offering that too. Banks including Jana Small Finance Bank, Utkarsh Small Finance Bank and Suryoday Small Finance Bank. For more details, you can check our story on the same.