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Enjoy Higher Interest Earnings up to 6.50% p.a.

  • one Get competitive interest rates
  • two Avail Monthly Interest Credits
  • three Zero fees on 30+ Savings Account services
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Recognised among the World's Best Banks 2025 by
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₹10K ₹5Cr

Set your balance to ₹10L or more to unlock 6.50% interest p.a.!

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₹63,248

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Savings Account Interest Rates (March 2026)

Latest IDFC FIRST Bank's Savings account Interest Rate

Enjoy attractive interest rates across various account balances:

Interest Rates on Savings Account Bank Deposits applicable w.e.f. 9th January 2026.

Savings Account Balance (Rupees) Rate of Interest (% p.a., Progressive)
Up to ₹1 lac 3.00%
Above ₹1 lac up to ₹10 lacs 5.00%
Above ₹10 lacs up to ₹10 crores 6.50%
Above ₹10 crores up to ₹25 crores 6.00%
Above ₹25 crores up to ₹100 crores 5.00%
Above ₹100 crores 4.00%

Interest will be calculated on progressive balances in each Interest Rate Slab, as applicable
Please note that interest rates are subject to periodic change.

 

A high-interest Savings Account can make it easier to achieve financial goals, such as saving for retirement, buying a house, or going on a family vacation. This is because a high interest rate helps your Savings Account grow faster than an ordinary account. Open savings account an with IDFC FIRST Bank Savings Account to maximise the value from your money. Our Savings Account interest rates are among the highest in the industry, allowing you to earn better interest on your savings. Additionally, you benefit from zero-fee banking and monthly interest credits to further accelerate your savings’ growth. Explore a range of Savings Accounts customised for your varied needs and financial requirements.

Invest, save, and spend more with IDFC FIRST Bank's competitive Savings Account interest rates and minimal balance requirements. You can also access your savings on the go with our advanced mobile app and online banking services.  Moreover, since this interest rate is based on progressive balances in the applicable interest rate slab, you earn every day! So don't miss out.

How to Calculate Savings Account Interest Rate

    Here is the formula that banks generally follow for calculating the savings account interest rate:

    Monthly interest = Daily Closing Balance x (Number of days) x Interest / (Days in the year)

    Let’s understand this with an example. For instance, the closing balance in your bank account is ₹5 lakh, with an annual interest rate of 5%. Thus:

    Monthly interest = 5,00,000 x 30 x (5/100) / 365 = ₹2,055

    As per the latest RBI rules, savings account interest rates are calculated daily based on your closing account balance. However, the interest that you earn on your savings account is credited to your account on a quarterly or half-yearly basis, depending upon the type of savings account and the bank’s policies. However, in the interest of customers, the RBI has recommended that banks credit the interest amount to customers’ Savings Accounts on a quarterly basis.

    IDFC FIRST Bank goes a step further to offer monthly interest credits i.e. the interest on your Savings Account is credited on a monthly basis.

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TDS on Savings Account Interest

    There is no TDS on the interest that you earn through your savings account. However, the interest earned on your savings account is considered as ‘Income from Other Sources’ and is taxable, based on your total earnings. Thus, it is important to declare the interest earned through your savings account while filing income tax returns. Individuals can claim a deduction of up to ₹10,000 under Section 80TTA for interest earned through Savings Account. For senior citizens, this deduction limit is extended up to ₹50,000, under Section 80TTB.


    On the other hand, TDS does apply to interest earned through fixed deposits (FDs) or recurring deposits (RDs) once the interest earned exceeds ₹40,000 in a financial year (₹50,000 for senior citizens).

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Advantages of using IDFC FIRST Bank services

Boost Your Savings with Competitive Interest Rates

All the features of an IDFC FIRST Bank Savings Account make it easy to meet your savings goals. With a high interest rate up to 6.50% p.a., monthly interest credits, and zero charges on all Savings Account services, you save in every way when banking with us. What’s more, the revolutionary mobile banking app helps analyse and plan your finances with tools like expense tracking, cashflow analysis, and more.

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Enjoy Exclusive Discounts and Cashbacks

Enjoy several discounts and cashback offers on your savings account debit card. From instant discounts and deals on various restaurants and brands, save big each time you spend. IDFC FIRST Bank also has one of the most rewarding loyalty program in place for you. As a FIRST Rewards member, earn points on everyday purchases and redeem them with ease on our portal through various exciting options.

Seamless Digital Banking at Your Fingertips

Not only can you open a bank account online with IDFC FIRST Bank, but also bank with ease 24x7 using our intuitive Internet  banking platform and mobile banking app. Seamlessly manage your savings account, initiate bank transfers, check balances, and more with our cutting-edge digital solutions. You can track spends, earn rewards, and invest in mutual funds all in just a few clicks. So, with both savings and investing, your savings bank account has got you covered. You can also make use of the cash flow analysis feature that can help you budget and plan financially in a more effective manner.

24/7 Customer Support Whenever You Need It

Enjoy 24x7 customer support for all your savings account banking needs and have your queries addressed with efficiency and care. Whether you want to get your queries solved on a phone call or on WhatsApp, receive quick assistance and have a smooth banking experience.

IDFC FIRST Bank Savings Account – A Truly Class Apart Experience

IDFC FIRST Bank has been recognized as a 'Class Apart' by a pathbreaking study conducted by Moneylife Foundation and IIT Bombay for fairness in our Savings Account service charges. This pioneering study titled 'Benchmarking Reasonableness of Service Charges by Banks in India' ranked IDFC FIRST Bank in the 'A category' for its unmatched Zero Fee Banking promise.


Disclaimer: With IDFC FIRST Bank Savings Accounts, enjoy Zero Charges on all Savings Account services. These services are being offered free in good faith, and in case of misuse of services, the Bank reserves the right to levy charges. Forex mark-up fee will be applicable on International ATM/POS/Debit card transactions. T&Cs are subject to periodic changes. All rights reserved.

Savings Account Interest Rate FAQs

What is the Savings Account interest rate at IDFC FIRST Bank?

At IDFC FIRST Bank, you can earn up to 6.50% interest per annum on your Savings Account. A higher interest rate helps your money grow faster without any lock-in period, which means your funds are accessible at all times. Instead of letting inflation reduce the value of your savings, your money keeps working for you daily.

What is the frequency of interest payout?

With IDFC FIRST Bank Savings Accounts, you benefit from monthly interest payouts. This enables faster growth compared to quarterly payouts. Monthly interest credits also offer better visibility of earnings and help in planning short-term financial goals. You don’t have to wait for long cycles; your savings start working for you every month, enhancing overall returns over time.

When is interest credited to a Savings Account?

Interest on the IDFC FIRST Bank Savings Account is credited every month. Once the interest gets credited, it forms part of the principal for the next cycle. This approach helps the balance grow faster through the power of compounding. Each month's credited interest earns further interest in the following months and generates better overall returns over time.

How does the monthly interest credit for the Savings Account work?

Monthly interest credit means the interest earned on a Savings Account is calculated daily but added to the account every month. This monthly payout offers quicker access to earned interest, which can be used, reinvested, or saved. It is highly helpful for managing short-term needs or building funds faster as the interest amount begins to earn its own interest from the very next day, accelerating your savings growth.

How often is the interest rate on a Savings Account calculated?

The interest on an IDFC FIRST Bank Savings Account is calculated daily based on the closing balance at the end of each day. After calculating daily, the total interest amount gets credited to your account once every month. This daily calculation method enables every rupee in the account to contribute to earning interest regularly.

Is Savings Account interest taxable?

The interest you earn from a Savings Account is treated as taxable income. If you are under 60, up to ₹10,000 of that interest in a year can be claimed as a deduction under Section 80TTA. For senior citizens, this limit goes up to ₹50,000 under Section 80TTB. Any interest above these limits gets added to your total income and is taxed as per your applicable slab rate.

How do I find the best Savings Account interest rate?

To find the best Savings Account interest rate, you should always check the banks' official websites directly. This approach helps avoid confusion caused by outdated or incorrect information from third-party sources. Also, compare the rates offered and analyse the terms linked to balance requirements or special conditions. 

You can consider IDFC FIRST Bank Savings Accounts to enjoy interest rates of up to 6.50% per annum and maximise your savings.  

Do senior citizens get higher interest rates on Savings Accounts?

Senior citizens earn tiered interest rates based on the funds available in their savings account. Opening a senior citizen savings account with IDFC FIRST Bank can get you an interest rate of up to 6.50% per annum, which is one of highest in the industry.

The Bank offers tiered interest rates on all its savings account variants including the Senior Citizen Savings Account. This means that the interest rates are based on the funds available in the bank account, and not on the type of savings account.

How can I ensure I maximise my Savings Account interest earnings?

To maximise interest earnings, maintain a higher daily balance and choose a Savings Account that offers competitive rates. Opt for accounts that credit interest monthly so that the benefits of regular growth add up faster. IDFC FIRST Bank offers all these benefits and more to help you get the most out of your savings.

Will I be notified if my Savings Account interest rate changes?

Banks usually publish interest rate changes on their official websites rather than notifying each customer directly. Checking the website from time to time is a simple way to remain updated. When you depend on official sources, it helps you avoid any confusion or missed updates. 

Do banks offer special interest rates for students/minors?

Banks usually don’t have special rates in place just for younger account holders like students or minors. However, IDFC FIRST Bank Savings Accounts offer one of the highest interest rates in the industry.

Hence, every account holder, no matter their age, benefits from superior returns. Besides high interest rates, a Minor Savings Account by IDFC FIRST Bank enables young savers to benefit from monthly interest credits, unlimited free ATM transactions, rewarding debit cards, and much more.

Can I negotiate for a higher interest rate with my bank?

Savings Account interest rates at IDFC FIRST Bank are standardised and apply uniformly to all account holders. These rates are determined based on internal policies and market conditions. This means individual negotiation is not possible. You can check the updated rates on the official website.

Are there any fees associated with maintaining a Savings Account?

With IDFC FIRST Bank, you enjoy zero-fee banking across all variants of savings accounts. However, charges for non-maintenance of average monthly balance are applicable on the savings account. A 6% of the AMB shortfall or ₹500, whichever is lower is levied if the average monthly balance falls below the AMB amount. 

There are no charges for essential services like IMPS, NEFT, RTGS transactions, SMS alerts, Debit Card issuance, ATM withdrawals, Demand Drafts, or interest certificates. You can carry out your regular banking activities without stressing over hidden costs. This transparency helps you save money, makes everyday banking simpler, and gives better value for maintaining a Savings Account. 

Can I link my Savings Account to other accounts for automatic transfers?

IDFC FIRST Bank Savings Accounts can be linked to other accounts to set up automatic transfers. This makes it simple to manage recurring payments and investments or even transfer money into your savings without needing to do it manually each time.

Is there a limit to the number of withdrawals I can make from my Savings Account without affecting my interest rate?

IDFC FIRST Bank does not place any limit on the number of withdrawals from Savings Accounts. But you should know that interest rates are linked to specific balance ranges. If too many withdrawals cause the balance to fall below a certain range, the applicable interest rate may change. It is a good idea to track your balance regularly to make the most of your savings.

Are there special Savings Account options with higher interest rates for specific customer groups?

At IDFC FIRST Bank, you can find specialised Savings Account options designed for different customer groups, including minors, senior citizens, women, and Non-Resident Indians (NRIs). These accounts come with exclusive features and added benefits to suit specific needs.

However, the interest rates remain standardised across all Savings Account types, going up to 6.50% per annum, depending on the balance maintained. This approach helps every customer enjoy strong returns while getting account features that match their personal financial goals and lifestyle.

Do Joint Savings Accounts earn interest differently from individual accounts?

IDFC FIRST Bank applies the same interest rate structure to joint as well as individual Savings Accounts. The interest is calculated daily based on the account balance and credited monthly, no matter the number of account holders. What matters is the balance maintained, not whether the account is individual or joint.

How does the bank support customers in understanding and maximising their Savings Account interest?

IDFC FIRST Bank helps you make informed decisions by offering clear, detailed information on the official website. You can easily obtain information on interest rate slabs, account features, and balance requirements. The website includes a Savings Account Interest Calculator, which enables you to estimate potential earnings based on your balance. By offering updated data, IDFC FIRST Bank helps all account holders plan better and track how their hard-earned money grows.

How does the bank notify customers of changes in interest rates?

IDFC FIRST Bank usually shares updates about Savings Account interest rates on the official website and also displays these rates at their branches. You can visit the official portal or your nearest branch to know the latest interest rates. 

How to open a bank account online?

It is quick and easy to open a Savings Account online with IDFC FIRST Bank. Just visit the official website and fill out the online application form. Choose your Savings Account variant, complete the video KYC, and your account will be activated quickly. At IDFC FIRST Bank, you will get a welcome kit, which will have all the information needed to operate your bank account.

How does Savings Account interest rate work?

Savings Account interest rates mostly follow a slab-based structure. Different parts of your deposited balance earn interest at different rates. For instance, one slab may offer a certain rate up to a limit and anything above that earns a different rate. At IDFC FIRST Bank, you, as a Savings Account holder, can earn up to 6.50% per annum, depending on the balance maintained. Interest is calculated daily on the closing balance and credited every month.

What is the minimum balance required in a Savings Account?

IDFC FIRST Bank offers Savings Account variants with ₹25,000 and ₹10,000 Average Monthly Balance (AMB) requirements. The account types provide useful benefits, including high interest rates, monthly interest credits, unlimited ATM withdrawals, and zero-fee banking on essential services.

What are the factors affecting the Savings Account interest rate?

Many factors influence the interest rate on a Savings Account. These include changes in the Reserve Bank of India's policy rates, inflation trends, and the overall liquidity in the banking system. Banks also consider their internal cost of funds and business strategy when finalising rates. 

Even though you can’t control these factors, it helps to remain updated and compare rates across banks. A thoughtfully chosen Savings Account, like one from IDFC FIRST Bank, can offer more value and better returns on your savings over time.

Are Savings Account interest rates fixed or variable?

Savings Account interest rates tend to vary from time to time depending on the internal policies of the bank and market conditions. 

With IDFC FIRST Bank Savings Accounts, you can enjoy attractive interest rates and monthly interest credits. It is recommended to check the latest rates on the official IDFC FIRST Bank website to get an update on the current offerings.

What are the tax implications of Savings Account interest?

The interest component that you earn on your Savings Account balance is taxable under the head "Income from Other Sources". As per Section 80TTA, individuals below 60 years of age can claim a deduction of up to ₹10,000 every year on Savings Account interest. For senior citizens, Section 80TTB permits a higher deduction of ₹50,000.

How do Savings Account rates compare to Fixed Deposits or other investment options?

The interest rate offered by IDFC FIRST Bank Savings Account is up to 6.50% p.a. This interest rate is one of the highest and close to the rates of Fixed Deposits (FD) provided by most financial institutions. This makes it an excellent option for those who want high returns with easy access to their funds. 

Unlike Fixed Deposits or Mutual Funds, an IDFC FIRST Bank Savings Account keeps your money fully accessible, with no lock-in period, while still earning competitive interest, which is ideal for short-term needs and financial flexibility.

Are there any conditions to earn higher interest rates?

The interest rate on an IDFC FIRST Bank Savings Account is progressive and is based on the balance maintained. As of 17th June 2025, balances of over ₹5 lakh and up to ₹10 crore earn an interest rate of 6.50% p.a., which is close to the Fixed Deposit rates offered by many financial institutions. Visit the bank’s website for the latest interest slabs.

How often do banks revise Savings Account interest rates?

Banks typically revise their Savings Account rates on a periodic basis. This revision is primarily based on two parameters i.e., market conditions and internal policies. Such changes are not fixed and may differ from time to time. 

Note that IDFC FIRST Bank updates its rates transparently and publishes them on the official website. Hence, to know about the updated rates make sure to check the website regularly.

Are Digital Savings Accounts offering better rates?

No, the interest rate remains the same regardless of how you open your IDFC FIRST Bank Savings Account, whether through the mobile app, website, or by visiting a branch. You can earn up to 6.50% p.a. either way.

The digital process simply offers more convenience, while the interest benefits stay consistent. So, you enjoy both the ease of access and one of the best interest rates in the industry.

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Savings Account Interest Rate Blogs

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A high-interest savings account that works harder? Here’s the secret

A high-interest savings account helps you beat inflation and grow your money faster, making it a smarter choice for financial planning. Compare rates, fees, and features to choose the highest-interest savings account and maximise your savings potential. The IDFC FIRST Bank Corporate Salary Account stands out with its high-interest savings account benefits, zero balance requirements, and exclusive perks.

Team FinFIRST04 Mar 2025 • 3 mins read

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