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Savings Account
All your savings account FAQs answered here!
Key Takeaways
A savings account helps you earn interest on your deposits and grow your money over time
- Understanding how interest is calculated allows you to plan your savings effectively
- Maintaining the minimum balance is important to avoid penalties and additional charges
- Being aware of account features and charges helps you make informed decisions and maximize benefits
A savings account has become mandatory for every individual today. From conducting banking transactions to keeping liquid funds handy, the benefits of a savings account are beyond comparison. Amid all the banking institutions, one that has stood out with unique banking features is IDFC FIRST Bank.
From the trendsetting monthly credit of interest income to eliminating charges on 36 common banking services, IDFC FIRST Bank is redefining the savings account service experience in India.
IDFC FIRST Bank ensures you get #MoreFromYourBank, which includes answers to some of the most asked questions on savings accounts.
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FAQ#1- What are the benefits of opening a savings account with IDFC FIRST Bank?
Rather than holding cash, keeping money in a savings account is a safer option. A few benefits of savings accounts with Rs 25,000 average monthly balance include -
• Money in the IDFC FIRST Bank Savings account stays liquid, with a daily ATM cash withdrawal limit of up to Rs 2 lakhs and Debit Card purchase limit of Rs 6 lakhs
• You can earn interest income at an attractive rate on your IDFC FIRST Bank Savings Account deposit. The interest income compounds monthly because of the monthly interest credit feature
• You can transfer money online and offline without any IMPS or chequebook charges
• You also get purchase protection of ₹1 lakh, personal accident death coverage of up to ₹35 lakh and air accident coverage of up to ₹1 crore (Rs 25K AMB Account).
FAQ#2 - What are the different types of savings accounts offered?
Different types of savings accounts offered by IDFC FIRST Bank are -
• Savings account: Zero banking charges* on 28 commonly used banking services and free and unlimited ATM withdrawals are two of the many benefits of the IDFC FIRST Bank Savings Account.
• Senior citizen savings account: This account offers preferential fixed and recurring deposit rates for senior citizens, along with priority treatment in branches.
• Women’s savings account: The FIRST Power Savings Account offers banking services with attractive vouchers, curated specially for women.
• Minor’s savings account: This savings account can be operated by a guardian, or self-operated by the minor. The guardian-operated account is called IDFC FIRST Bank Minor's Savings Account while the self-operated account is called FIRST Prodigy Savings Account. Along with the benefits of saving early, you also get added protection such as personal accident death cover of ₹30 lakh, and a child education cover of ₹5 lakh—ensuring your child's financial safety.
• NRI Savings account: IDFC FIRST Bank offers NRE and NRO savings accounts for non-resident Indians, as well as Seafarers’ Savings Account.
Also read - High interest and other must-have benefits in a Savings Account
FAQ#3 - How do I open a savings account?
• To open a savings account with IDFC FIRST Bank, you must visit the
account opening link
Enter your personal details, including Aadhaar/Virtual ID, PAN, email address, Mobile number (linked to your Aadhaar number) etc.
• Enter professional details like occupation, income, source of income, employer name (for salaried individuals), etc. and select the savings account variant
• Your savings account application is processed and approved online
FAQ#4 - How much interest will I earn on my savings account?
How to calculate interest on savings accounts will depend on the IDFC FIRST Bank Savings Account interest rates applicable for the period.
The interest rate varies depending on the balance maintained and is calculated on the progressive balance in the account. Due to the monthly compounding interest in the IDFC FIRST Bank Savings Account, you earn more than any other bank account that offers quarterly compounding interest.
FAQ#5 - What fees are associated with the IDFC FIRST Bank Savings Account?
IDFC FIRST Bank Savings Account offers zero-fee banking, with no charges on 36 commonly used banking services* - only AMB non-maintenance charges will be applicable.
FAQ#6 - How can I manage my savings account?
You can use the IDFC FIRST Bank Mobile App, avail of banking services using WhatsApp or get basic banking information through SMS banking services. You can manage your IDFC FIRST Bank Savings Account from anywhere in the world through Internet banking services. IDFC FIRST Bank personal banking includes branch banking, micro ATMs and doorstep banking services that address all your banking needs.
FAQ#7 - Can I have multiple savings accounts?
You can have multiple savings accounts. People use different accounts to achieve different financial goals. For instance, you can have one account to save your emergency fund, another to receive your salary, and yet another for meeting household and other expenses.
FAQ#8 - Can I use my debit card while travelling abroad?
The international usage option is deactivated by default on debit cards. You can enable it on your IDFC FIRST Bank Visa and World Debit Mastercard® card through mobile and internet banking platforms.
Also read - Zero-fee banking: The next big thing in savings accounts
Conclusion
IDFC FIRST Bank offers competitive interest rates in the industry with monthly credits on its savings accounts. With zero-fee banking in place, you get the most out of banking services with the IDFC FIRST Bank Savings Account.
*IDFC FIRST Bank offers Zero Fee Banking on Rs 10,000 Average Monthly Balance (AMB) Savings Account and higher account variants, subject to maintenance of AMB in the account.
These services are being offered free in good faith, and in case of abuse, the bank reserves the right to charge fees as per market norms. All rights reserved.
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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