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Savings Account
How to save money online with IDFC FIRST Bank Savings Account
Key Takeaways
Transferring additional money to a savings account, that offers increased return on investment (i.e., higher interest p.a.) help your money grow more, and faster
- The IDFC FIRST Bank Savings Account is rich in features and benefits, with higher interest up to 6.50% p.a., giving better growth for your money as compared to many other banks
- The account offers discounts across categories like groceries, travel, fashion, and food, and has cashback offers based on spends
- The account's Sweep facility (to FD), helps you earn more from the interest offered by the FD, and benefit from the liquidity in Savings Account when required.
- There are various festive offers as well in the account - such as during Diwali, in the form of instant discounts, cashback, or a combination of the two.
It is easy to spend money. It is far more difficult to save money. To have more money, you can do one or more of the following:
- Transfer additional money to your existing savings
- Increase the investment return on your existing savings
- Cut down on your existing expenses
- Any combination of the above
In this age of instant gratification, it is hard to resist the temptation of spending money on one’s needs and wants. Hence, the option of transferring additional funds to your existing savings or cutting down on existing expenses is difficult. That leaves you with the option of increasing the investment return on your existing savings. This article will guide you on how to do that with an IDFC FIRST Bank Savings Account
IDFC FIRST Bank Savings Account: features and benefits
The IDFC FIRST Bank Savings Account is not just another Savings Account for parking income and spending it. It is a Savings Account rich in features and benefits. These features and benefits can help you save more money online. Read on to know how.
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High interest rate
Most banks usually pay an interest rate of 3%-3.5% p.a. on the Savings Account balance. But IDFC FIRST Bank rewards its customers with a high interest rate ranging from 3% to 6.50% p.a., depending on the balance maintained.
Monthly interest credit
Most banks credit the Savings Account interest quarterly. But, IDFC FIRST Bank credits the Savings Account interest every month. When the interest amount is credited in a particular month, it gets added to the principal amount. The next month's interest is calculated on this principal plus the earlier month's interest.
So, with other banks that pay quarterly interest, your money compounds quarterly. But, with IDFC FIRST Bank, your Savings Account balance compounds monthly. Monthly compounding grows your money at a faster rate than quarterly compounding.
Regular discount and cashback offers
IDFC FIRST Bank keeps coming up with regular discounts and cashback offers from time to time. For example, there are instant discount offers on categories such as:
- Groceries
- Fashion
- Travel
- Food, etc.
The above merchants are just examples of past or current offers. They are subject to change in future. The offers and the discount rate keep changing from time to time.
IDFC FIRST Bank also has spend-based cashback offers from time to time. For example, you may get an offer such as: ‘Get/Enjoy 1% CashBack upto Rs. 2500 on your Debit Card spends. Again, the cashback offers regarding the amount required to be spent, and the cashback may change from time to time.
Sometimes, you can even combine the discount and cashback offers. For example, you may get a cashback offer valid for, say, 45 days. During the cashback offer period, if you avail of an instant discount offer going on with some merchant, the amount spent will also count towards the cashback offer. This way, you can club both offers, do some guilt free shopping, and maximise benefits.
Sweep facility
The sweep facility transfers the excess balance in a Savings Account, above a specified threshold, to a fixed deposit. However, when required, to meet cheque clearing or ATM withdrawal requirements, the amount will be transferred from the fixed deposit back to the Savings Account.
The sweep facility gives you two major advantages:
a. High Returns: For as long as your idle funds are with the bank, you can earn the higher interest rate of a fixed deposit.
b. More Liquidity: Whenever you want the money, you can withdraw it, which provides you with the liquidity of a Savings Account.
So, the sweep facility combines the high returns of a fixed deposit and the liquidity of a Savings Account.
Festive offers
From time to time, IDFC FIRST Bank comes out with various festive offers - such as during Diwali. The festive offers can be in the form of instant discounts, cashback, or a combination of the two.
Usually, Diwali is a time when most people go for big-ticket purchases such as electronics, consumer durables, etc. You may use a budgeting method throughout the year to accumulate money. Once the festive offer is out, you can make the planned purchase. This way, you will have the required money and also benefit from the festive offer.
Other benefits of an IDFC FIRST Bank Savings Account
Apart from the above benefits, the IDFC FIRST Bank Savings Account offers various other features and benefits. Some of these include:
- Complimentary Airport Lounge Access: The number of free visits allowed depends on the debit card variant
- Higher Limits: The IDFC FIRST Bank Savings Account provides a higher daily purchase limit and ATM withdrawal limit
- Complimentary Insurance: You get free personal accident insurance cover*and air accident insurance cover (when the ticket is booked using the Debit Card).
- No Transaction Charges: IDFC FIRST Bank provides a number of account-related transactions and services without any charges. Most other banks usually charge for these transactions and services
The Savings Account can be opened digitally and hence instantly. - T&C apply
Savings-cum-Investment Account
The IDFC FIRST Bank Savings Account is much more than a regular Savings Account. It provides you with a high interest rate, monthly interest credit, sweep facility, discount and cashback offers, etc. It also provides you with facilities such as complimentary airport lounge access, insurance, higher transaction limits, and no charges on a number of account-related services.
All these benefits go a long way in helping you save money online. Truly, IDFC FIRST Bank Savings Account is a saving-cum-investment account!
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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