Shivalik Small Finance Bank and IDFC First Bank have made a change. Both banks have revised their interest rates for savings accounts and fixed deposits.
Saving Account Interest Rate: The new month i.e. May has started. From May 1, the first day of this month, many such changes have taken place which will have a direct impact on the pockets of investors. One such change has been made by Shivalik Small Finance Bank and IDFC First Bank. Both the banks have revised their interest rates for savings account and fixed deposit.
What decision did Shivalik Small Finance Bank take
Shivalik Small Finance Bank has revised the interest rate of its savings account. After this revision, the bank is paying interest between 2.50% to 8.20% on savings account. These rates are effective from May 1, 2025.
What is the interest rate on which amount
2.50% interest will be given on up to Rs 1 lakh in savings account, 3.25% interest rate will be given on keeping Rs 1 lakh to Rs 5 lakh. 3.50% interest will be given on Rs 5-10 lakh and 4% interest will be given on Rs 10-25 lakh. 6.00% interest will be given on Rs 25-50 lakh.
Account up to Rs 20 crore
- 50 lakh to Rs 5 crore: 7.00% interest
- 5 crore to Rs 7 crore: 7.25% interest
- 7 crore to Rs 10 crore: 7.50% interest
- 10 crore to Rs 20 crore: 7.95% interest
- 8.20% interest rate will be given on more than Rs 20 crore.
IDFC First Bank Interest Rates
Apart from this, IDFC First Bank has revised its savings account interest rate. After the revision, the bank is offering interest between 3% to 7.25%. These rates are effective from May 1, 2025. Let us tell you that the interest rate is 3% up to Rs 5 lakh, 5% interest rate from Rs 5 lakh to Rs 10 lakh and 7.25% interest rate from Rs 10 lakh to Rs 25 crore. The interest rate is 6.50% from Rs 25 crore to Rs 50 crore and 6% from Rs 50 crore to Rs 100 crore.
DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
