IDFC FIRST Bank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
IDFC FIRST Bank pays 7% on an easy access savings account, so it suits people who want reserve money to earn a competitive return while staying reachable. The rate is variable, which means the bank sets it, and that trade-off is the one to weigh.
Key facts
- Best for
- A competitive return on savings you may want at short notice.
- Headline rate
- 7%↗
- Rate type
- Variable↗
- Account kind
- Easy access↗
- Official website
- idfcfirstbank.com
Facts checked September 26, 2026, 2 sources
Apps and profiles
- Get the app
- App Store
Pros and cons
Pros
- Interest of 7%, against a site median of 3% and an upper quartile of 4.15%.
- Easy access, easy access, which keeps savings reachable at short notice.
- It out-earns PayPal Colombia, 3.3%, for anyone weighing a savings balance against a wallet.
Cons
- The rate is variable, so the bank can revise the advertised 7% during the life of the balance.
- On headline rate the account ranks 56 of 473 brands tracked, while Plazo ES quotes 24.19% on its own offer.
- Credit products in the set quote higher headline figures, with Plazo ES at 24.19% and AXI Card Tarjeta y Credito at 21.59%, so those numbers describe card offers.
Who it suits
- People keeping an emergency or short notice reserve who still want a competitive return.
- Savers comfortable with a rate the bank sets, since the rate is variable.
- Readers checking what a plain savings account pays, at 7% against a site median of 3%.
Who should look elsewhere
- Anyone chasing the highest headline figure in the set: Plazo ES shows 24.19% and AXI Card Tarjeta y Credito 21.59%, both credit products.
- Savers who want a return fixed for a term, since the rate is variable and the account is easy access.
- People whose main comparison is a wallet balance: PayPal Colombia quotes 3.3%, so the gap to 7% is worth weighing first.
Rates and card terms
The account advertises a headline rate of 7%, and the rate is variable. That structure means the bank sets the return and can revise it, so the advertised figure applies while the current rate stands. A variable rate suits savers who stay relaxed about small moves, and suits less well those who want to fix a return in advance.
How IDFC FIRST Bank compares
Where IDFC FIRST Bank is available
- Available
- India
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What rate does IDFC FIRST Bank pay on its savings account?+
The advertised rate is 7%. The median across the site is 3%, so this rate sits above the middle of the market, and above the upper quartile too, at 4.15%. The bank sets the figure, and it applies while the account is open.
Is the interest rate fixed or variable?+
It is variable. The bank can revise the advertised 7% as conditions change, so savers who want a return fixed today should weigh a term product instead. Easy access, easy access, adds flexibility on access rather than on price.
What sort of account is this?+
It is an easy access account, easy access, which suits a reserve or an emergency fund that may be needed at short notice. The trade-off is the price of that access: the 7% rate is variable, so the bank holds the level and can move it.
How does the rate rank against other savings accounts?+
On headline rate the account ranks 56 of 473 brands tracked. The savings ranking it sits in covers 1,441 accounts, where the median headline rate is 3.08% and the upper quartile is 4.5%.
How does it compare with the other options here?+
Its 7% sits above PayPal Colombia at 3.3%. Plazo ES shows 24.19% and AXI Card Tarjeta y Credito 21.59%, though both are card products, so those figures are not a like for like comparison with a savings balance.
Who is this account for?+
It suits people who hold a reserve they may need at short notice and still want interest. The account is easy access, easy access, and pays 7%. It suits less well anyone who wants a return fixed for a term, because the rate is variable and the bank sets it.
Sources
- idfcfirstbank.com/personal-banking/accounts/savings-account checked September 26, 2026
Backs: Account kind
“Savings Account - Open Bank Account Online in 5 Minutes | IDFC FIRST Bank”
- idfcfirstbank.com/personal-banking/accounts/savings-accou... checked September 26, 2026
Backs: Headline rate, Rate type
“Earn up to 7% interest on your Savings Account”
Compiled from 2 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Term, Minimum deposit, Deposit protection.