The beginning of May 2025 is proving to be special for investors. On the very first day of the month, from May 1, two major banks – Shivalik Small Finance Bank and IDFC First Bank – have made major changes in the interest rates of their savings account and fixed deposits. These revised rates will have a direct impact on those customers who want to keep their savings safe with better returns.
Shivalik Small Finance Bank increased the interest rates of savings account
Now Shivalik Bank is giving interest ranging from 2.50% to 8.20% on savings account to its customers. The new rates have come into effect from May 1, 2025. The bank has fixed different interest rates based on the deposit amount of the customers.
What is the interest rate on which amount:
- Up to ₹1 lakh: 2.50%
- ₹1 lakh to ₹5 lakh: 3.25%
- ₹5 lakh to ₹10 lakh: 3.50%
- ₹10 lakh to ₹25 lakh: 4.00%
- ₹25 lakh to ₹50 lakh: 6.00%
- ₹50 lakh to ₹5 crore: 7.00%
- ₹5 crore to ₹7 crore: 7.25%
- ₹7 crore to ₹10 crore: 7.50%
- ₹10 crore to ₹20 crore: 7.95%
- More than ₹20 crore: 8.20%
This interest rate is considered to be quite attractive compared to many other banks in the country.
IDFC First Bank also changed the savings interest rate
IDFC First Bank has also revised the interest rates of savings account. Now the bank is paying interest from 3% to 7.25%. These new rates have also come into effect from May 1, 2025.
Know how much interest will be available on which slab:
- Up to ₹ 5 lakh: 3%
- ₹ 5 lakh to ₹ 10 lakh: 5%
- ₹ 10 lakh to ₹ 25 crore: 7.25%
- ₹ 25 crore to ₹ 50 crore: 6.50%
- ₹ 50 crore to ₹ 100 crore: 6.00%
What is beneficial for investors?
After these changes, Shivalik Small Finance Bank has emerged as a better option for those who have a large amount in savings to earn more interest. At the same time, IDFC First Bank is also giving good returns on high deposits due to its stability and reliable services.
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