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Savings Account
Why Monthly Interest on Savings Accounts Is a Game Changer for Savers
Key Takeaways
Interest on savings account balance is calculated on a daily basis: Accumulated interest = (Daily Balance) * (Number of days) * (Interest) / (No. of days in the year), credited monthly, quarterly or half-yearly.
- A monthly interest payout is a credit amount you get at the end of every month on your savings.
- With IDFC FIRST Bank Savings Account, you can get monthly interest on a savings account at competitive rates, so you can benefit from monthly compounding.
- Besides, IDFC FIRST Bank Savings Account gives a set of attractive benefits depending on the account you choose.
Each month brings with it a variety of expenses; some expected, others out of the blue. At times, bills and the EMIs in a month can become a burden on an individual’s savings. In such a scenario, a monthly interest payout is a feature that can help individuals with their savings. IDFC FIRST Bank offers a monthly interest payout for savings accounts, which offer customers a host of benefits besides the monthly returns.
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What is monthly interest payout?
Monthly interest payout is a credit amount you get at the end of every month on your savings. With this feature, you get an assured interest every month after opening a savings account with IDFC FIRST Bank. The amount will depend upon your account balance and the interest rate that you are offered.
How do interest payouts on Savings Account work?
According to RBI guidelines, the interest that banks give on your savings account is calculated on a per day basis. This interest gets accumulated and is credited to your account on a quarterly or a half-yearly basis, depending on the type of account you have, and the set of guidelines followed by your bank. In 2016 RBI updated the guidelines to crediting quarterly interest on savings accounts, replacing the earlier rule of half-yearly credit.
The formula used to calculate this interest is:
Accumulated interest = (Daily Balance) * (Number of days) * (Interest) / (No. of days in the year)
Your money shouldn’t sit idle. With monthly interest credits and premium banking benefits, IDFC FIRST Bank ensures your savings don’t just rest, they grow.
What are IDFC FIRST Bank’s Savings Account offerings?
If you opt for opening a savings account with IDFC FIRST Bank, you can get competitive interest rates and monthly interest credit on a savings account . Your savings will be compounded monthly, allowing you to earn on your savings. This lets you earn interest on your previously accumulated interest.
Besides this, you also get a range of special benefits on opening a savings account with IDFC FIRST Bank. Some of these special benefits that come with different types of savings accounts are:
10K AMB Savings Account
- You get competitive interest rates and monthly interest credit on your savings account balance.
- Enjoy a daily ATM cash withdrawal limit of ₹1 lakh and purchase limit of ₹4 lakh.
- Avail unlimited free ATM transactions at any bank across India.
- Benefit from ₹5 lakh Personal Accident Cover and ₹30 lakh Air Accident Insurance.
- Added security with Lost Card Liability protection up to ₹4 lakh and Purchase Protection up to ₹50,000.
25K AMB Savings Account
- Earn interest monthly at competitive interest rates and monthly interest credit, compounded for faster growth.
- Access ₹2 lakh ATM withdrawal limit and ₹6 lakh daily purchase limit.
- Complimentary domestic airport lounge access once per quarter.
- Enjoy ₹35 lakh Personal Accident Cover and ₹1 crore Air Accident Insurance.
Conclusion
In today’s world, passive income from your savings can be a source of financial support. With monthly compounding interest, high daily transaction limits, and comprehensive insurance covers, IDFC FIRST Bank transforms your savings account into a growth engine. Whether you’re salaried, self-employed, or just beginning your financial journey, a savings account here isn’t just a deposit, it’s a strategy.
Open an IDFC FIRST Bank Savings Account today and put your money to work, every single month.
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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