Interest Rate- Good news for bank customers. The new month i.e. May has started. From the first day of this month, May 1, many such changes have happened 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 its savings account interest rate. After this revision, the bank is offering 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
In savings account, you will get 2.50% interest on up to one lakh rupees, 3.25% interest rate on keeping from one lakh to 5 lakh rupees. 3.50% interest will be given on up to 5-10 lakh rupees and 4% interest will be given on up to 10-25 lakh rupees. 6.00% interest will be given on up to 25-50 lakh rupees.
Account up to 20 crores
Rs 50 lakh to Rs 5 crore: 7.00% interest
Rs 5 crore to Rs 7 crore: 7.25% interest
Rs 7 crore to Rs 10 crore: 7.50% interest
Rs 10 crore to Rs 20 crore: 7.95% interest
For amounts above Rs 20 crore, the interest rate will be 8.20%.
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.