IDFC First Bank to soon cut FD, savings accounts rates

IDFC FIRST BANK will cut interest rates on fixed deposits (FD) in the next few days, with a cut in savings account rates to follow.

- SACHIN KUMAR

IDFC FIRST BANK will cut interest rates on fixed deposits (FD) in the next few days, with a cut in savings account rates to follow. Speaking to analysts, MD & CEO V Vaidyanathan said the revision of deposit rates is aimed at aligning those with larger banks. The bank is expected to cut FD rates by over 50 bps. Despite the planned reduction in deposit rates, IDFC First remains confident about its growth prospects, with the private lender targeting loan growth of 20% and deposit growth of 22-23% in the current financial year.