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FinFIRST Blogs
Savings Account
Savings Account is helpful for first jobbers: Complementing a milestone
Key Takeaways
Deposit your first salary in a savings account to get quick access to funds, online banking, security and a chance to grow your wealth
- IDFC FIRST Bank savings accounts offer up to 6.50 percent interest, paperless digital account opening with Video KYC, high transaction and ATM limits and free unlimited ATM withdrawals
- Keep an emergency cushion of three to six months of expenses in your savings account to protect regular finances
- Opening the account is simple online by providing Aadhaar PAN funding the account and completing Video KYC so you can start saving from your first salary
When you land your first job, the first and best thing you could do for your salary is to deposit it in a savings account. Opening one with IDFC FIRST Bank will offer you - quick and easy access to your funds, online banking facility, security, and an opportunity to grow your wealth.
You can even Open bank account online with IDFC FIRST Bank online
Why open a savings account with IDFC FIRST Bank?
Some of the benefits of opening an account with us are:
- Higher interest rate of up to 6.50%
- Paperless digital account opening with Video KYC
- Higher Daily Purchase limit of ₹6 lakhs and higher daily ATM withdrawal limit of ₹2 lakhs
- Air accident insurance cover of ₹1 Cr and Personal accident insurance cover of ₹35 Lakhs
- Free and unlimited ATM withdrawals- anywhere in India
- Higher lost card liability of ₹4 lakh (10K AMB variant)
- Purchase protection of ₹50K (10K AMB variant)
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How much money should one have in a savings account?
We would recommend keeping money in your account that can cover at least three to six months’ worth of expenses. These funds should act as a financial cushion for your regular expenses. Feel free to store as much money as you would be comfortable setting aside.
What is the eligibility criteria to open a savings account with IDFC FIRST Bank?
To open a Resident savings account with IDFC FIRST Bank, all that is required is:
- You should be an Indian citizen
- You should be residing in India
- You should be a foreign national residing in India and meeting the criteria laid down by the Government of India
The Average Monthly Balance required is ₹25,000 for Savings account with World Debit Mastercard® card. Please reach out to us for more information.
How to open an IDFC FIRST Bank savings account digitally?
You can open an IDFC FIRST Savings account which is completely digital. All you need to do is:
- Go to the application link
- Enter Name, Mobile number and Email address
- Enter your Aadhaar number /VID no. and PAN number
- Fill in your personal & occupational details
- Fund your account
- Complete Video KYC (optional)
Opening a new high-interest yielding savings account and making thoughtful investments right from your first salary can help you create a good financial corpus.
We wish you the best on your first step towards being a financially responsible individual. To keep a track of all your banking needs use the IDFC FIRST Mobile Banking App
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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