Kotak vs IDFC First Savings Account — Which is Better in 2026?
Kotak savings account interest rate is 3.50% vs IDFC First at 6.00%. IDFC First pays ₹2,500 more per year on a ₹1L balance. However, consider fee waivers and digital features before choosing.
Last updated: April 6, 2026
Kotak
3.50%
Savings interest p.a.
IDFC First
6.00%
Savings interest p.a.
✓ Better dealKotak vs IDFC First Savings Account — Detailed Comparison
| Feature | Kotak | IDFC First |
|---|---|---|
| Savings Rate | 3.50% | ✓6.00% |
| Processing Fee | 811 — zero balance | Zero balance (FIRST Smart) |
| Eligibility | Any Indian resident (811 — fully digital) | Any Indian resident (fully digital) |
Savings Rate
Kotak
3.50%
IDFC First
6.00%
Processing Fee
Kotak
811 — zero balance
IDFC First
Zero balance (FIRST Smart)
Eligibility
Kotak
Any Indian resident (811 — fully digital)
IDFC First
Any Indian resident (fully digital)
Verdict
IDFC First pays a higher savings account interest rate (6.00%) vs Kotak (3.50%). Small finance banks and neo-banks often pay 6-7%, but larger banks offer better branch networks and fewer service charges. Choose IDFC First if you prioritise return on idle cash; choose Kotak if you need a full-service relationship bank.
Frequently Asked Questions
Which savings account gives more interest — Kotak or IDFC First?+
IDFC First currently offers a higher savings rate (6.00%). Kotak pays 3.50% and IDFC First pays 6.00%. On a ₹1L balance, the difference is ₹2,500 per year.
What are the minimum balance requirements for Kotak vs IDFC First savings account?+
Kotak: Any Indian resident (811 — fully digital). IDFC First: Any Indian resident (fully digital). Failure to maintain minimum balance results in a penalty deducted from your account.
Can I open a savings account in Kotak or IDFC First online?+
Both Kotak and IDFC First offer video KYC-based digital account opening. IDFC First, Kotak, and Yes Bank are fully app-based. SBI and PNB may require a branch visit for full KYC accounts.
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Disclaimer: Interest rates shown are indicative as of April 2026 and subject to change without notice. Actual rates depend on your credit score, income, and bank policy. This is for informational purposes only and does not constitute financial advice. Always verify rates with the bank before applying.