The new month of May has started, and from the first date of this month, 1st May, many changes have happened that have a direct impact on the pockets of investors. One such important change has been made by Shivalik Small Finance Bank and IDFC First Bank. Both banks have revised the interest rates on their savings account and deposits. You need to know what impact these changes will have on your savings.
Big decision of Shivalik Small Finance Bank
Shivalik Small Finance Bank has revised the interest rate of its savings account. After this revision, the bank is giving interest ranging from 2.50% to 8.20% on savings account. These rates have become effective from May 1, 2025. Different interest rates will be applicable on different deposit amounts, which will enable investors to get better returns on their savings.
How much interest will be given on which amount
In savings account, 2.50% interest will be given on keeping up to one lakh rupees. At the same time, 3.25% interest rate will be given on keeping from one lakh rupees to 5 lakh rupees. 3.50% interest will be given on 5 lakh to 10 lakh rupees and 4% interest will be given on 10 lakh to 25 lakh rupees. 6.00% interest will be given on deposits of 25 lakh to 50 lakh rupees.
Interest rates on deposits up to Rs 20 crore
50 lakh to 5 crores: 7.00% interest
5 crore to 7 crores: 7.25% interest
7 crore to 10 crores: 7.50% interest
10 crore to 20 crores: 7.95% interest
An 8.20% interest rate will be given on deposits of more than Rs 20 crore.
This change provides an excellent opportunity for investors to earn more profit on their savings.
Attractive return of up to 7.25% on a savings account
Apart from this, IDFC First Bank has also revised its savings account interest rates. After the new revision, the finance bank is also offering interest ranging between from 3% to 7.25%. These rates have also become effective from May 1, 2025. IDFC First Bank is offering different interest rates on different deposit amounts so that customers can get maximum benefit according to their savings.
Let us tell you that the interest rate on deposits up to ₹ 5 lakh is 3%. 5% interest will be given on deposits from ₹ 5 lakh to ₹ 10 lakh. At the same time, the highest interest of 7.25% will be given on deposits from ₹ 10 lakh to ₹ 25 crore. The interest rate on deposits from ₹ 25 crore to ₹ 50 crore will be 6.50% and on deposits from ₹ 50 crore to ₹ 100 crore it will be 6%. This change will help investors get a fair return on their savings.