IDFC First cuts savings rates by up to 200 bps

IDFC First Bank has cut interest rates and tweaked slabs for savings accounts by up to 200 basis points for certain categories, marking one of the sharpest reductions by a private lender in recent months, according to a revised rate card effective 9 January.

- Subhana Shaikh

Under the revised structure, balances of ₹1 lakh to ₹10 lakh will earn 5% interest as against the 7% that the bank earlier offered for the slab of ₹5 lakh to ₹5 crore. This effectively represents a 200-bps cut in interest rate for the popular slab, which had earlier helped the bank attra