From 1 January, IDFC First Bank has increased the interest rate on savings account balances up to ₹1 lakh to 7%. The interest rate was 6% earlier. The rate compares favorably with the 3-4% on offer in major private sector banks.
IDFC First Bank is a scheduled commercial bank with a market cap of around ₹22,500 crore and a network of around 260 branches. It received a banking license in 2015 and listed on the stock exchanges that year. Savings account balances above ₹1 lakh will continue to earn 7%, as before