Interest Rate - IDFC First Bank Running A Scam

[vchouksey80]

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

No buddy, the problem is awareness which is not allowing to digest such incidents,
Had to fight a big battle with Lotak since Feb and won that in April month
I asked PNO about Jan cashback how they will process to all customers, I was shocked to hear that they will only process to those who are reporting, I mean what for those who are not reporting as they committed sin or what?

Sometime people don't want to fight for themselves even if they are eligible, they think Rs 500, or Rs 1000 is not much worth to put efforts and this way indirectly boosting their confidence to practice malafide stuff on day to day basis,

 

[vchouksey80]

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

Bro I'm talking about April month interest, and they updated sheet yesterday, see my screenshot I took on May 1st, see the second screenshot which was shared by BM today

 

[honey_jpr]

Bro I'm talking about April month interest, and they updated sheet yesterday, see my screenshot I took on May 1st, see the second screenshot which was shared by BM today

Okay, You remember your MAB on Apr-30?

If your MAB is 15,76,500, then your interest calculated according to new slab is:
First 5,00,000 : 1250 : 3%
Next 5L-10L i.e. 5,00,000 : 2083 : 5%
Next 5,76,500 : 3483 : 7.25%
Total Interest is 1250 + 2083 + 3483 = Rs.6816

 

[NABNAB is verified member.]

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

I mean, share the day-wise balance for the month to recheck.

 

[Half Human]

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.

Take account statement.

Write the closing balance on all dates from April 1 to April 30, seperately.

Take their average.

You got the MAB

Calculate the simple interest as per the above mentioned table, with equation

I = PTR/100

P is the MAB
T is 1/12
R- rate as per the slab.

Match with your interest recieved.

My case - no issue, recieved correct payment. ✌️♥️

 

[Aniket]

Bas rona hai padh bhi liya karye thoda sa 🤣

 

[vchouksey80]

Take account statement.

Write the closing balance on all dates from April 1 to April 30, seperately.

Take their average.

You got the MAB

Calculate the simple interest as per the above mentioned table, with equation

I = PTR/100

P is the MAB
T is 1/12
R- rate as per the slab.

Match with your interest recieved.

My case - no issue, recieved correct payment. ✌️♥️

As per which slabs bruh, actually it's noticed that they changed interest slabs yesterday

 

[vchouksey80]

Okay, You remember your MAB on Apr-30?

If your MAB is 15,76,500, then your interest calculated according to new slab is:
First 5,00,000 : 1250 : 3%
Next 5L-10L i.e. 5,00,000 : 2083 : 5%
Next 5,76,500 : 3483 : 7.25%
Total Interest is 1250 + 2083 + 3483 = Rs.6816

Dhanya ho Prabhu, jese hume toh yeh pata hi nhi tha 🙏
Btw I did same calculation and found discrepancy

 

[vchouksey80]

I mean, share the day-wise balance for the month to recheck.

Not needed day wise, just to say again entire month the balance never fall down below 10lac so do the calculation for it and refer first post you will get it why I'm complaining

 

[Half Human]

As per which slabs bruh, actually it's noticed that they changed interest slabs yesterday

That is not applicable for last month.

Only applicable from interest applicable from May 1.

Rules are always to be applied prospectively, giving the customer a chance to agree with the new rule, or opt out. A famous (infamous actually) example is the monthly monthly new slab/tariff by Fi money. This is the RBI rule.

Rates cannot be retrospectively applied, without giving the customer a chance Eto opt out of the rules. This is against RBI rule.

They did that, and it is either an unintentional mistake, or an intentional crime.

Approach BM, then NO and then RBIO.

N.B.: don't ask me the link to that rule. I don't have it. But it is the rule.

Our job is to state them that this is the rule. If we have to prove to them such a rule applies, take that in writing from them, that they are unaware of such a rule, and you have a new case. Double RBIO paisa 💲💲

 

[Half Human]

This is a simple mistake/scam, which can easily be defended, I believe.

All of those who are affected should appeal, and shall mostly get whatever is rightfully their due. ✌️♥️

 

[honey_jpr]

Not needed day wise, just to say again entire month the balance never fall down below 10lac so do the calculation for it and refer first post you will get it why I'm complaining

What's your account opening date?

 

[vchouksey80]

That is not applicable for last month.

Only applicable from interest applicable from May 1.

Rules are always to be applied prospectively, giving the customer a chance to agree with the new rule, or opt out. A famous (infamous actually) example is the monthly monthly new slab/tariff by Fi money. This is the RBI rule.

Rates cannot be retrospectively applied, without giving the customer a chance Eto opt out of the rules. This is against RBI rule.

They did that, and it is either an unintentional mistake, or an intentional crime.

Approach BM, then NO and then RBIO.

N.B.: don't ask me the link to that rule. I don't have it. But it is the rule.

Our job is to state them that this is the rule. If we have to prove to them such a rule applies, take that in writing from them, that they are unaware of such a rule, and you have a new case. Double RBIO paisa 💲💲

Exactly my point bruh, however in the new TnC, they said the slabs are effective from Feb 2025,
It's a misleading again, how can they go back 3 months in past,
They should write, effective from May 1st,
You can also check it in my previous comments or on web

 

[vchouksey80]

What's your account opening date?

1st April 2025

 

[Aniket]

This is a simple mistake/scam, which can easily be defended, I believe.

All of those who are affected should appeal, and shall mostly get whatever is rightfully their due. ✌️♥️

Are bro tab se dekh raha hoon 🤣
Basically his case is non maintainable.
Bank is not at fault rather the OP's & yours calculation are incorrect.

Just because BM uninformed/ incompetent hai uska matalab sarein hai kya?

OP is taking interest rate of May 2024 instead of previous once which was applicable for April, i.e of Feb 2025. According to which, interest is correct.

Upto that bal same interest rate is even taken in lastest updated version, which is effective from May 1, 2025.

 

[Aniket]

Exactly my point bruh, however in the new TnC, they said the slabs are effective from Feb 2025,
It's a misleading again, how can they go back 3 months in past,
They should write, effective from May 1st,
You can also check it in my previous comments or on web

Bro, keep yourself updated.

May 2024 ka interest rate le rahe hain aap..

Aap ka bal ke liye Feb 2025 mein jo amendment aaya tha uss anusar se hoga

May 1, 2025 ke liye jo aaya hai usme bhi aapka bal jitna hai utna tak same rate hai (Feb 25 wala)...

 

[vchouksey80]

Are bro tab se dekh raha hoon 🤣
Basically his case is non maintainable.
Bank is not at fault rather the OP's calculation is incorrect.

Just because BM uninformed/ incompetent hai uska matalab sarein hai kya?

OP is taking interest rate of May 2024 instead of previous once which was applicable for April, i.e of Feb 2025. According to which, interest is correct.

Upto that bal same interest rate is even taken in lastest updated version, which is effective from May 1, 2025.

Arey bhai, ab kuch galat bolunga toh bura lag jayega,
May 1st ko screenshot lia Bank ki website se, jisme jo slabs likhe the woh May 24 se revise nhi kiye the and same mujhe BM ne bhi bheja,

Now aaj yadi firse check kare, toh new TnC update ho gaya joki tum barbaar refer kar rahe ho,

Ab new TnC me pdf me yadi likh dun ki effective from Feb 25, toh isko kese accept karoge???

Changes aap public ko May 2nd ko batao or effective bolo 3 mahine pahle ka,

Ab isme yadi aapko sahi lagta hai toh aap mahan ho, mera common sense yeh digest nhi karta, kyunki April 1st to April 30 tak old TnC thi, toh mera case wohi hai

 

[Quantum]

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

@vchouksey80 Did you check the interest rate slabs in the screenshot attached with this post?
This was in effect from 20 Feb 2025.

You won't find any difference between the one effective from 01 May and this one till 25 crs.

 

[vchouksey80]

Bro, keep yourself updated.

May 2024 ka interest rate le rahe hain aap..

Aap ka bal ke liye Feb 2025 mein jo amendment aaya tha uss anusar se hoga

May 1, 2025 ke liye jo aaya hai usme bhi aapka bal jitna hai utna tak same rate hai (Feb 25 wala)...

Bhai yadi Feb 25 me change kia toh fir website aaj May 2nd ko kyon update kar rahe

 

[vchouksey80]

Yes, it's correct as per this, but TnC changed today bro, till yesterday there was different TnC, open screenshot in my original post

@vchouksey80 Did you check the interest rate slabs in the screenshot attached with this post?
This was in effect from 20 Feb 2025.

You won't find any difference between the one effective from 01 May and this one till 25 crs.