IDFC FIRST Bank wins the best Savings Account product award 2019-20

Key Takeaways

IDFC FIRST Bank won the Best Savings Account Product award at FE India’s Best Bank Awards
The award recognizes the bank’s excellence in offering customer-friendly savings account features
IDFC FIRST Bank savings accounts provide high interest rates, low fees, and convenient banking services
The recognition highlights the bank’s commitment to innovation and customer satisfaction

17 Nov 2025 by Team FinFIRST

From interest rates on fixed deposits that are among the bests in the industry to offering fundraising and banking solutions for investors and start-ups, IDFC FIRST Bank has, of late, received accolades and grabbed headlines multiple times. And now, the bank has added another feather in its cap by winning 'Best Savings Account Product' at the Financial Express India's Best Bank Awards, held on August 28, 2022, in Mumbai. The honour was bestowed upon the Bank by the Hon'ble Union Minister for Finance and Corporate Affairs of India, Smt. Nirmala Sitharaman, the chief guest for the evening, and was received by Mr. V. Vaidyanathan, the Managing Director and Chief Executive Officer, IDFC FIRST Bank. The event was attended by Viveck Goenka, Chairman and Managing Director and Anant Goenka, Executive Director of the Indian Express Group.

The Financial Express India's Best Bank Awards, one of India’s most prestigious financial sector awards, recognises the contributions of the stalwarts in the banking industry. The event brought together some of the brightest minds and luminaries from the field of banking and finance and honoured the significant marks made in the industry.

IDFC FIRST Bank's big win and continued progress

Among several well-known names, IDFC FIRST Bank stood out as the proud winner of the 'Best Savings Account Product' for the financial year 2019-2020.

Over the last three years, IDFC FIRST Bank has made considerable progress in the finance sector, with profit margins towering over its estimated credit costs. The bank’s retail deposits have grown at a three-year CAGR (Compound Annual Growth Rate) of 73% and are rising steadily in the running financial year of 2022-23.

A large portion of this success is, no doubt, down to the fact that thousands of customers across the country have put their trust in the bank, even during the peak of the COVID-19 crisis. In return, IDFC FIRST Bank has gone above and beyond to treat its customers with the utmost dedication and attention.

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What puts IDFC FIRST Bank Savings Account among the best savings products

IDFC FIRST Bank’s Savings Account is aptly designed to cater to the needs of 21st-century Indians, helping in creating a better financial future for themselves. The account opening process is simple, quick, and hassle-free for today’s time-crunched customers, in need of convenient and minimalistic processes to build and manage their personal finances.

Here are some of the striking features of the savings account:

The IDFC FIRST Bank Savings Account offers high-interest rates of up to 7% to help customers save more, leading to a better financial security and liquidity
The interest is paid every month, helping customers gain more from the benefit of compounding
The savings account provides a free Personal Accident insurance cover of up to Rs. 35 lakh and a free Air Accident insurance cover of up to Rs. 1 crore for increased financial protection for self and family
With the savings account one also gets a purchase limit of Rs. 6 lakh and daily ATM withdrawal limit of Rs. 2 lakh (with the Rs 25K AMB variant)
One can open an IDFC FIRST Bank account by following a completely digital process following a minimal and few easy steps with digital video KYC to ensure a zero-contact interaction.
IDFC FIRST Bank provides a user-friendly mobile app that facilitates seamless banking on-the-go

To sum it up

IDFC FIRST Bank’s Savings Account is aptly designed to cater to the needs of 21st-century Indians, In addition to this, the bank offers highly motivated and representatives that are ever ready to serve, and stellar products to add value and cater to an individual’s personal financial and banking needs.

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.