IDFC FIRST Bank Savings Account

IDFC First Bank savings account offers a variety of savings accounts to consumers in order to meet their banking needs. The bank also offers savings accounts tailored to senior adults, women, and minors, as well as accounts with premium features and advantages and others with basic characteristics.

Enlisted below are the features, IDFC first bank savings account interest rate, charges, and more information in detail.

Details about IDFC First Bank Savings Account Interest Rate

Following are the IDFC interest rate on saving account-

Balances

IDFC Bank Savings Account Interest Rate

Less than Rs. 10 lakhs

4.00%

Rs. 10 lakhs - Rs. 50 crores

6.25%

Rs. 50 crores - Rs. 100 crores

5.00%

Rs. 100 crores - Rs. 200 crores

4.50%

More than Rs. 200 crores

3.50%

The IDFC Bank interest rates on saving accounts change with time and the balances in the account.

Features of the IDFC First Bank Savings Account

  • ATM transactions are limitless and free at any bank in India.
  • Every quarter, the account user will receive complimentary domestic airport lounge access.
  • The daily POS limit is Rs. 6,00,000, and the daily ATM withdrawal limit is Rs. 2,00,000.

Eligibility to Apply

To be eligible to create a savings account with IDFC FIRST Bank, applicants must meet the following criteria-

  1. Should be an Indian national.
  2. Foreign nationals who live in India and meet GOI requirements.
  3. You must be a resident of India.

IDFC Savings Account Opening Procedure

  • Offline:You can visit the nearest branch of the IDFC First Bank with relevant documents and open the account.
  • Online: You can log in to the mobile banking application of IDFC First Bank and open an account.

Required Documents to Open a Savings Account

The following documents are required to open a savings account with IDFC First Bank-

  • You must have a passport-sized photograph, one form of identification, and proof of address. Your Aadhaar card, passport, and driving license verify your identity as well as your address.

  • Aadhaar Card - The Government of India requires Aadhaar cards as proof of address (UIDAI – Unique Identification Authority of India). If you do not yet have an Aadhaar card, please furnish us with your Aadhaar Enrolment Number.

  • PAN Card - A PAN card is needed at the time of account opening.

Charges of the IDFC First Bank Savings Account

Monthly Balance Non-Maintenance

Rs. 50 – Rs. 400

International ATM Charges

Forex markup 2% of the transaction

Types of IDFC First Bank Savings Accounts

Following are the various types of Savings Accounts offered at IDFC First Bank along with respective features-

1) IDFC Bank Savings Account

IDFC First Bank offers two types of ordinary savings accounts, depending on the type of debit card supplied with the account.

  • Make a deposit of Rs. 10,000 to open the account.
  • Transfers of funds are completely free.
  • Lifetime free Visa Classic Debit Card
  • Every month, you get five free ATM transactions at IDFC Bank ATMs and five free ATM transactions at non-IDFC Bank locations.
  • Banking support is available 24/7.

2) Salary Booster Account

This is a salary account with a maximum overdraft limit of Rs. 3 lakhs. This overdraft option can be used for any purpose, such as meeting an emergency expense or managing your monthly cash flow.

  • There is no need for a security or collateral to start the account.
  • Pay interest only on the OD you use and for the length of time, you use it.
  • Overdraft interest rates are low.
  • A salary booster facility is available based on a one-month salary credit.

3) Corporate Salary Account

This is a salary account reserved solely for employed professionals.

  • There are no minimum balance requirements.
  • There are no fees for fund transfers via RTGS, IMPS, or NEFT.
  • Free high-end Visa Signature or Platinum debit card.
  • With a fixed deposit in your account, you can earn up to 8.25%.
  • A universal debit card connects all of your accounts to a single card.

4) Minors Savings Account

It is designed particularly for children under the age of 18. This savings bank account helps children learn the fundamentals of money management.

  • From a young age, your child will be instilled with the habit of saving regularly.
  • It can be started by a parent for a minor kid if the parent has a savings account.
  • For amounts less than Rs. 1 lakh, the interest rate is calculated daily and is 6.00%.

5) Pratham Savings Account

It's a zero-balance savings account designed to assist people in lower-income brackets.

  • Earn interest on your known account balance.
  • Banking channels include branches, ATMs, and micro ATMs.
  • All mini ATMs provide quick banking transactions.
  • Receive government payments and incentives by opening a Zero Balance Savings account at an IDFC Bank location near you.

6) Senior Citizen Savings Account

As the name suggests, this is an IDFC First Bank savings account designed specifically for senior persons.

  • Eligibility- 60 years or older.
  • Interest rates on fixed and recurring deposits are rising.
  • At the bank, you will be given preferential treatment.
  • In the case of a joint operation, the primary account holder must be a senior citizen.

7) Shakthi Savings Account

It's a savings account with a low minimum balance that can help you meet all of your banking needs.

  • Rs. 100 is the average monthly balance.
  • Debit card with an Rs. 2 lakh online fraud insurance policy and a Rs. 1 lakh personal accident insurance policy.
  • Eligibility- This account is open to residents and HUFs (Hindu Undivided Families).

8) Param Savings Account

It's a savings account with a minimal minimum balance and a free debit and ATM card (annual charges applicable).

  • The minimum average quarterly balance required is Rs. 1000.
  • Debit card with an Rs. 2 lakh online fraud insurance policy and a Rs. 1 lakh personal accident insurance policy.

9) Vishesh's Savings Account

This is another savings account with a minimum balance and a free debit-cum-ATM card (annual charges applicable).

  • The minimum average quarterly balance required is Rs. 5000.
  • Vishesh Platinum debit card comes with an Rs. 2 lakh online fraud insurance policy and a Rs. 2 lakh personal accident insurance policy.

10) Health First Savings Account

This account is a two-in-one solution that combines the benefits of a savings bank account with the advantages of a super top up health insurance plan.

  • It covers health insurance costs above Rs.2 lakhs but not exceeding Rs.12 lakhs.
  • The annual premium for health insurance coverage begins at Rs.3,750.
  • The policy is good for one year and also additionally needs to be renewed every year.
  • There is no need for a pre-policy medical examination.
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