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Friday, 8 January 2021

7% interest on savings account! You will get the benefit of opening an account in this bank

Private bank IDFC First Bank has shocked people by offering 7 per cent interest even if the savings account is worth less than Rs 1 lakh. Not only that, this decision has also given competition to other banks.



More interest will be earned on the savings account
IDFC is giving first back interest
Other banks offer 2 to 3 percent interest


Advantage only advantage

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Baba Ramdev got angry and said, “If you do this, I will release PM Modi today.”
This rule will be followed from January 1, 2021. Earlier, the bank used to pay 6 per cent interest on less than Rs 1 lakh. Importantly, other banks offer 3 to 4 percent interest on savings accounts.


This interest can be credited up to one crore. The bank then pays 5 per cent interest on deposits up to Rs 5 crore and 3.50 per cent interest on Rs 5 to 10 crore.


Low interest in another bank
Importantly, the interest rate on deposits in the country’s largest Indian state bank is only 2.70 per cent. Similarly private banks HDFC and ICICI offer 3 to 3.5 per cent interest.


Benefit the customers
Probably due to high interest rates, IDFC First Bank’s customer base grew by a whopping 41 per cent in December 2020 to Rs 77,289 crore. As on December 31, 2019, the bank’s customer deposits stood at Rs 54,631 crore.



In December 2020, IDFC First Bank’s credit disbursement increased marginally by 0.7 per cent. Which increased to Rs 1,10,499 crore. In December 2019, the bank’s loan account increased to Rs 1,09,698 crore.

Similarly, the bank’s retail-funded assets rose to Rs 66,635 crore in December. It was up 24.1 per cent from December.

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