Private sector lender IDFC First Bank has lowered its savings account rates and introduced new slabs for small and medium balance categories, effective January 9, 2025, as per its website. The interest slabs and rates for higher balance accounts remain unchanged. Despite the revision, the bank continues to offer one of the highest savings account interest rates in the industry among mid-sized banks.
India's lack of financial inclusion is well known but that slightly more than 50 per cent of the population just has a simple savings bank account is distressing.
IDFC First Bank reported a Rs 590 crore fraud involving its employees and others in accounts held by the Haryana government. The bank has informed regulators and filed a police complaint, initiating internal reviews and forensic audits.
Sebi is working with other regulators to expand the CAS framework.
The quantum of fraud detected by the bank is more than the 503 crore net profit it reported for the October-December quarter of 2025-2026.
The State Consumer Disputes Redressal Commission has directed Bank of India to compensate a senior citizen for losses incurred due to unauthorized ATM transactions, citing deficiency in service and failure to adhere to security protocols.
'The government's decision to keep interest rates unchanged on small savings schemes will certainly constrain banks' ability to cut deposit rates further.'
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A 64-year-old man from Thane was allegedly defrauded of 1.56 crore by cybercriminals using a 'digital arrest' scam, involving forged documents and constant surveillance.
rediffGURU T S Khurana answers readers' personal income tax queries
'There is a challenge in repositioning yourself, maybe reinventing yourself.'
A Kerala MLA, K Shantakumari, was targeted by a cyber fraud gang impersonating Anti-Terrorism Squad officers, who claimed she was linked to a bomb blast case. She reported the incident to the cyber cell after uncovering their deception.
The Supreme Court has sought responses from the Centre, the CBI and others on a plea filed by a 78-year-old retired banker who was duped of Rs 23 crore after allegedly being put under "digital arrest" for nearly a month.
Union Minister Giriraj Singh has accused West Bengal Chief Minister Mamata Banerjee of appeasing Muslims and protecting infiltrators, while the BJP promises to bring 'Ram Rajya' to the state if elected.
'In the last one year, we have added more than Rs 1.7 trillion, and we are on track.'
ICICI Bank has cut its savings account deposit interest rate by 0.25 per cent, according to the lender's website. The second largest private sector bank's move comes days after larger rival HDFC Bank announced similar move amid a spate of cuts in deposit offerings following RBI's two back-to-back rate decreases.
A Kerala MLA, K Shantakumari, was targeted by cyber fraudsters claiming a connection to a bomb blast case and using her identity. The MLA reported the incident to the cyber cell after her son identified inconsistencies in the video call.
Three or four accounts are enough for one family. Having more increases paperwork and can be misused as well.
State-owned banks have received guidance from the government to close Jan Dhan accounts whose beneficiaries are unwilling to keep them active, amid rising instances of such accounts being misused by fraudsters as mule accounts to defraud people, people aware of the development said.
As deposit growth lags credit expansion, Indian banks face shrinking low-cost Casa inflows, rising funding costs, and structural shifts driven by UPI, e-Kuber, and digital savings trends, points out Tamal Bandyopadhyay.
'Credit growth in India remains in double digits, even though corporate borrowing is subdued.' 'Corporate credit is weak because companies are cash-rich and cautious amid global uncertainty.'
Young earners with high incomes and few responsibilities can save more than 30 per cent, while those with low salaries and high expenses may save less.
Only bona fide victims would be compensated by banks within five days of receiving the complaint.
Cyber threats aren't always invisible -- sometimes they're right beside you.
Addressing an event after launching the service, Shah said the rival ride-hailing platforms have reduced commission and are offering many other incentives, including free rides to customers, seeing the success of Bharat Taxi during the pilot operation.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
The banking sector could see better loan growth in the third quarter of financial year 2026 (Q3FY26) with improved net interest margins (NIMs), though the full impact of latest rate cuts will be largely felt in the fourth quarter. There may be lower slippage in unsecured loans and microfinance institutions (MFIs) along with steady recovery trends, which should lower credit cost.
With domestic markets turning choppy, investors are increasingly scouting for opportunities overseas to diversify portfolios and hedge against a weakening rupee.
Banking sector has witnessed healthy growth in advances in the third quarter of financial year 2026 (Q3FY26) against the same period last year, as the full impact of goods and service tax (GST) rate cuts drove growth. Most of the lenders saw their credit growth outpace the deposit growth in the quarter.
For every 100 rupees, households invested Rs 45.2 in mutual funds and equities in 2024-2025.
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How about some facility that would give you the best of both worlds, the liquidity of a savings account and the interest rate of a fixed deposit? Auto-sweep facility does exactly this.
RBI had earlier permitted minors to open fixed and savings deposit bank account with mothers as guardian.
This has affected all political activity of the party, Maken said at a press conference.
One should avoid keeping excessive funds in one's savings account.
The chairman of maritime company Safesea Group has described the attack on the US-owned crude oil tanker Safesea Vishnu, which resulted in the death of an Indian crew member, as "deliberate and calculated". He emphasised the need for governments to ensure the safety of commercial shipping lanes and seafarers.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
'Among corporates, about 60% of income is now reported under the new tax regime.'
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Beginning November 1, 2025, bank customers can name up to four nominees for their accounts and lockers.
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