Interest Rate - IDFC First Bank Running A Scam

[vchouksey80]

I opened wealth account with IDFC First Bank recently with IF of 12lac

As per their mobile app, my average monthly balance was 10.72lac,

They credited interest of Rs 3735, and as per their different slabs as per screenshot expected interest should be Rs 4851.67

The difference is Rs 1117, they took 2 days already, but not given any interest breakup or any calculation so far,

 

[NABNAB is verified member.]

Give more details like When exactly the fund reached your account, i.e., Date. Were any transactions done after that? What exact month are you calculating?

 

[Dreamer]

I feel the same. Please keep us posted

 

[vchouksey80]

Don't go by the AMB shown in the IDFC app.
For example, if someone's balance till 29th April is 10L, and they deposit 40L on 30th, then at the end of May 1st, the AMB will be shown as 50L by the IDFC app. That does not mean that for entire April your everyday average balance was 50L.
You would need to calculate the interest based on each day's end-of-day balance.

I'm not going that way, actually my balance never fall below 10lac even as of today also it's 10.41 lac, so ideally if we keep 10lac as reference point then also the interest calculation is not valid

 

[vchouksey80]

Give more details like When exactly the fund reached your account, i.e., Date. Were any transactions done after that? What exact month are you calculating?

I didn't understand your question, what exactly you want, as per my understanding I have given all information which needed to understand the issue

 

[Half Human]

Here is the solution.

From May 1, 2025, they have changed their SA interest rate.

According to this 10.72 lakh would yield 3768.3 rupees, close to what you have recieved.

However here is the irony, you are entitled to the interest, as per the slab rates available for April, 2025.

The bank automatically calculated the wrong interest.

You have a strong case.

1st write to your BM/visit and raise a complaint, after proving the disparity.

If no resolution, approach nodal officer via mail at nodaldesk@idfcfirstbank.com

3rd step - RBIO.

But mostly, you will get the excess money credited by the complaint at the level of NO.

Hope this helps, and if it did, may mark this as solution.

Peace out ✌️♥️

 

[vchouksey80]

Here is the solution.

From May 1, 2025, they have changed their SA interest rate.

According to this 10.72 lakh would yield 3768.3 rupees, close to what you have recieved.

However here is the irony, you are entitled to the interest, as per the slab rates available for April, 2025.

The bank automatically calculated the wrong interest.

You have a strong case.

1st write to your BM/visit and raise a complaint, after proving the disparity.

If no resolution, approach nodal officer via mail at nodaldesk@idfcfirstbank.com

3rd step - RBIO.

But mostly, you will get the excess money credited by the complaint at the level of NO.

Hope this helps, and if it did, may mark this as solution.

Peace out ✌️♥️

If that's the case then it's a fraud right, there must be an audit at entire customer base level, it's me who found for my case imagine how many people in country are not cross validating it , bank is breaching trust,

 

[vchouksey80]

Here is the solution.

From May 1, 2025, they have changed their SA interest rate.

According to this 10.72 lakh would yield 3768.3 rupees, close to what you have recieved.

However here is the irony, you are entitled to the interest, as per the slab rates available for April, 2025.

The bank automatically calculated the wrong interest.

You have a strong case.

1st write to your BM/visit and raise a complaint, after proving the disparity.

If no resolution, approach nodal officer via mail at nodaldesk@idfcfirstbank.com

3rd step - RBIO.

But mostly, you will get the excess money credited by the complaint at the level of NO.

Hope this helps, and if it did, may mark this as solution.

Peace out ✌️♥️

Just checked and you are right as per new SA, it's almost what I have received, I think banks nowadays are so confident that nothing can be done against them, and they even not fear for malpracticing, updating new TnC and make it effective silently for past month and will deny saying as per policy your claim is not right,

We have experienced it with Kotak Super Account for cashback calculation in January month, now IDFC First Bank

 

[I_shivaprasad9]

I opened wealth account with IDFC First Bank recently with IF of 12lac

As per their mobile app, my average monthly balance was 10.72lac,

They credited interest of Rs 3735, and as per their different slabs as per screenshot expected interest should be Rs 4851.67

The difference is Rs 1117, they took 2 days already, but not given any interest breakup or any calculation so far,

Hey Interest rate were changed earlier too applicable from Feb 2025.
In my observation, they have not credited the reward points but basic things were almost good with them.
Calculate the interest rate as per the below table and also wait for the resolution as it's only two days and banks take atleast 7 working days

 

[EnthuCC]

This post made me want to check if I received correct interest or not.

Is there any way to calculate correct interest amount? I've used saving account several times last month so I'm unaware how to calculate.

 

[KGSIPO]

Is banks itself trying to cheat all customers. If so, there must be jail terms for such management

 

[vchouksey80]

Hey Interest rate were changed earlier too applicable from Feb 2025.
In my observation, they have not credited the reward points but basic things were almost good with them.
Calculate the interest rate as per the below table and also wait for the resolution as it's only two days and banks take atleast 7 working days

No, this is again a big issue if they change to new TnC tomorrow and saying effective from Feb 2025, till 1st of May, the TnC was different, refer screenshot I attached in my first post,
This is even serious now as BM even shared me TnC which I took screenshot from their website

 

[vchouksey80]

This post made me want to check if I received correct interest or not.

Is there any way to calculate correct interest amount? I've used saving account several times last month so I'm unaware how to calculate.

Check your statement day wise, figure out your balance end of the day wise and then sum it up, for my case roughly I never let my account balance to fall below 10lac so I calculated interest assuming 10lac as reference,

 

[vchouksey80]

Is banks itself trying to cheat all customers. If so, there must be jail terms for such management

Yes, that's the problem in our country I feel, they are not taking lessons from other banks malpractice or scams and still all are operating the same way
The Govt itself is indulge in this small small scams and protecting them by giving write-offs
I don't know what's the value of my observation as our tendency is to ignore and let's move forward attitude is actually sucks,
I'm sad, very sad,

 

[hender]

Yes, that's the problem in our country I feel, they are not taking lessons from other banks malpractice or scams and still all are operating the same way
The Govt itself is indulge in this small small scams and protecting them by giving write-offs
I don't know what's the value of my observation as our tendency is to ignore and let's move forward attitude is actually sucks,
I'm sad, very sad,

Don't be sad, many times machine error, few times Human Greed.
You are aware, that's important.👍

 

[honey_jpr]

I've spoken last month to the cusotmer care for the interest credited in my account, they told me that interest is calculated on amount progressively.

Edit: Your case made me re-check my interest on averager MAB

 

[vchouksey80]

I've spoken last month to the cusotmer care for the interest credited in my account, they told me that interest is calculated on amount progressively.

I am also calculating progressively, ask them to share their progressive interest calculation for your case

 

[honey_jpr]

I opened wealth account with IDFC First Bank recently with IF of 12lac

As per their mobile app, my average monthly balance was 10.72lac,

They credited interest of Rs 3735, and as per their different slabs as per screenshot expected interest should be Rs 4851.67

The difference is Rs 1117, they took 2 days already, but not given any interest breakup or any calculation so far,

There is an updated sheet from 1st May:

Best Savings Account Interest Rate 2025 in India | IDFC FIRST Bank

IDFC FIRST Bank offers attractive savings account interest rates to grow your money. Explore our best savings account interest rate upto 7.25% and enjoy secure banking. Check our bank savings interest rates today

www.idfcfirstbank.com

 

[Aniket]

I opened wealth account with IDFC First Bank recently with IF of 12lac

As per their mobile app, my average monthly balance was 10.72lac,

They credited interest of Rs 3735, and as per their different slabs as per screenshot expected interest should be Rs 4851.67

The difference is Rs 1117, they took 2 days already, but not given any interest breakup or any calculation so far,

It's correct, IG.

Bro, calculate again, you're taking the interest rate as per May 2024 instead of Feb 2025. 😂

 

[hender]

Yes, that's the problem in our country I feel, they are not taking lessons from other banks malpractice or scams and still all are operating the same way
The Govt itself is indulge in this small small scams and protecting them by giving write-offs
I don't know what's the value of my observation as our tendency is to ignore and let's move forward attitude is actually sucks,
I'm sad, very sad,

By default nature of this product line, is more beneficial towards Bank side, not on customer side.