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IDFC First Bank hikes interest rate on savings balances upto Rs 1 crore to 7%

The bank's customer deposits rose 41 per cent to Rs 77,289 crore during the third quarter ended December 2020, as compared with Rs 54,631 crore on December 31, 2019

twitter-logoBusinessToday.In | January 8, 2021 | Updated 12:03 IST
IDFC First Bank hikes interest rate on savings balances upto Rs 1 crore to 7%
IDFC First Bank's credit growth rose marginally by 0.7 per cent to Rs 1,10,499 crore during the third quarter ended December 2020

IDFC First Bank has raised the interest rate on savings account balances up to Rs 1 crore to 7 per cent, effective from January 1, 2021. The lender was previously offering an interest rate of 6 per cent, which was much higher compared with average 3-4 per cent given by major private sector banks.

The bank's customer deposits rose 41 per cent to Rs 77,289 crore during the third quarter ended December 2020, as compared with Rs 54,631 crore on December 31, 2019. During the quarter, the bank's CASA (current account savings account) ratio rose to around 44.6 per cent, compared with 20.9 per cent as of December 31, 2019.

IDFC First Bank's credit growth rose marginally by 0.7 per cent to Rs 1,10,499 crore during the third quarter ended December 2020.  

The private sector lender had an outstanding loan of Rs 1,09,698 crore as of December 31, 2019, and on a quarterly basis, the loan growth was 3 per cent from Rs 1,06,828 crore as on September 30, 2020, IDFC First Bank said in a regulatory filing on Wednesday.  

Retail funded assets increased to Rs 66,635 crore at the end of the third quarter of the current financial year, from Rs 53,685 crore as on December 31, 2019, an increase of 24.1 per cent, it said.

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