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Savings Account
How to choose a Savings Account that suits you
Key Takeaways
Choosing the right savings account involves considering several factors such as the minimum balance requirement, interest rates, ease of access, fees and charges, and service quality.
- IDFC FIRST Bank offers a variety of savings accounts tailored to different needs, including accounts for minors, senior citizens, and NRIs.
- Evaluating these factors can help you select an account that best suits your financial and lifestyle needs.
A savings account is an essential bank account for most individuals. Everyone, no matter their quality of life, their source of income, or their residential status, should open a savings bank account. There are different types of savings accounts, and it’s important to choose the one that’s right for your financial needs.
The best bank for savings accounts will come with multiple options to keep money you don’t intend to spend right away. Knowing how different savings accounts compare can make it easier to select the right place to store your money.
Different types of savings accounts
IDFC FIRST Bank offers 9 types of accounts to keep your money safe:
- Savings Account
- Corporate Salary Account
- NRI Savings Account
- Minor Savings Account
- Senior Citizen’s Savings Account
- Pratham-Savings Account
- Vishesh Savings Account
- Health FIRST Savings Account
- Women Savings account- FIRST Power
IDFC FIRST Bank Savings Account
This basic account from IDFC FIRST Bank offers the opportunity to get more for your savings.
- Higher daily Purchase limit of ₹6 L and Higher daily ATM Cash withdrawal limit of ₹2 Lakhs
- Unlimited free ATM Transactions anywhere in India
- Free Air accident insurance cover of ₹1Cr & Free Personal accident insurance cover of ₹35 Lakhs
- The account involves minimal charges. Any Indian citizen residing in the country can Open bank account online. Having a regular source of income would help as the account comes with a minimum average monthly balance of ₹25,000.
IDFC FIRST Bank Corporate Salary Account
This account has been designed to ensure that you make the most of your Salary account.
- Up to 7.00% interest per annum
- Zero balance account
- Lounge access
You can make free transactions at ATMs of any bank in any location, for any number of times. No charges are levied for any fund transfers made through IMPS, RTGS and NEFT. This savings account can be easily opened with safe online banking app.
Perfect for: Corporate employees
IDFC FIRST Bank NRI Savings Account
Individuals settled abroad can enjoy up to 6.50% interest rates on their funds in India. To help manage this account, customers get a dedicated relationship manager. Accountholders can benefit from superior exchange rates. They can access the account anytime, anyplace, via Net Banking or the Mobile app.
Perfect for: NRIs
IDFC FIRST Bank Minor’s Savings Account
This account lets you save for your child so that your funds flourish with time.
- Interest rate of up to 6.50%
- Sweep-out facility
- No monthly balance requirement
- Comes with a Personal Accident Death Cover of ₹30 lakh and a Child Education Cover of ₹5 lakh for added financial security
The applicant’s guardian must already have a savings account with IDFC FIRST Bank before applying.
Perfect for: Children below the age of 18
IDFC FIRST Bank Senior Citizen's Savings Account
This account is ideal for a senior citizen’s golden years.
- Free Doorstep Banking
- Preferential rates on fixed and recurring deposits
- Priority treatment at branches
Senior citizens can also enjoy preferential treatment at the bank.
Perfect for: Individuals aged 60 and above
IDFC FIRST Bank Pratham–Savings Account
It is a zero-balance account and is available in select locations.
- Interest rate of up to 6.50%
- No hidden charges on this account
Customers can operate their account via multiple banking channels.
You can make quick transactions at any MicroATM. Customers can also earn interest on their account balance, a great way to save more for their future.
Perfect for: Individuals who depend on remittances or who do not have a steady source of income
IDFC FIRST Bank Vishesh Savings Account
This account comes with a RuPay Platinum debit card which gives quick access to funds. This account option is available in rural branches only.
- Daily Cash Withdrawal limit of ₹50,000 and POS Limit of ₹1 lac
- Free personal accident insurance cover of ₹2 lacs
For this account, only an average monthly balance of ₹5,000 must be maintained.
Perfect for: Micro-enterprise owners in rural locations
IDFC FIRST Bank FIRST Power Savings Account
This savings account has been tailored specially towards women. It offers complimentary benefits and rewards to the accountholder.
- Interest rate of up to 6.50%
Perfect for: Women above the age of 18
You now have an overview of the different types of accounts and what could be the best fit for you. To know more about these savings accounts, you can check out their details on our website.
Ensure that you consider all features before deciding. Click here to know more about the different savings account offered by IDFC First Bank and their benefits.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision..
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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