How to choose a Savings Account that suits you

types of savings accounts

A savings account is an essential bank account for most individuals. Everyone, no matter their quality of life, their source of income, or their residential status, should open a savings bank account. There are different types of savings accounts, and it’s important to choose the one that’s right for your financial needs.

The best bank for savings accounts will come with multiple options to keep money you don’t intend to spend right away. Knowing how different savings accounts compare can make it easier to select the right place to store your money.

Different types of savings accounts

IDFC FIRST Bank offers 9 types of accounts to keep your money safe:

  • Savings Account
  • Corporate Salary Account
  • NRI Savings Account
  • Minor Savings Account
  • Senior Citizen’s Savings Account
  • Pratham-Savings Account
  • Vishesh Savings Account
  • Health FIRST Savings Account
  • Future FIRST Account
  • Women Savings account- FIRST Power

IDFC FIRST Bank Savings Account

This basic account from IDFC FIRST Bank offers the opportunity to get more for your savings.

  • Cashback of up to ₹250 on your first debit card transaction. This cashback is valid for both online and offline transactions of a minimum value of ₹1,000.
  • BookMyShow cashback of ₹250 every month and free airport lounge access twice in a quarter.
  • Higher daily Purchase limit of ₹6 L and Higher daily ATM Cash withdrawal limit of ₹2 Lakhs 
  • Unlimited free ATM Transactions anywhere in India
  • Free Air accident insurance cover of ₹1Cr & Free Personal accident insurance cover of ₹35 Lakhs
  • Lost card liability of ₹6 lakhs.
  • The account involves minimal charges. Any Indian citizen residing in the country can open this account. Having a regular source of income would help as the account comes with a minimum average monthly balance of ₹25,000.

IDFC FIRST Bank Corporate Salary Account

This account has been designed to ensure that you make the most of your Salary account.

  • 5% interest per annum
  • Zero balance account
  • Lounge access

You can make free transactions at ATMs of any bank in any location, for any number of times. No charges are levied for any fund transfers made through IMPS, RTGS and NEFT. This savings account can be easily opened online.

Perfect for: Corporate employees

IDFC FIRST Bank NRI Savings Account

Individuals settled abroad can enjoy 6% interest rates on their funds in India. To help manage this account, customers get a dedicated relationship manager. Accountholders can benefit from superior exchange rates. They can access the account anytime, anyplace, via Net Banking or the Mobile app.

Perfect for: NRIs

IDFC FIRST Bank Minor’s Savings Account

This account lets you save for your child so that your funds flourish with time.

  • Interest rate of up to 5%
  • Sweep-out facility
  • No monthly balance requirement

The applicant’s guardian must already have a savings account with IDFC FIRST Bank before applying.

Perfect for: Children below the age of 18

IDFC FIRST Bank Senior Citizen's Savings Account

This account is ideal for a senior citizen’s golden years.

  • Free Doorstep Banking
  • Preferential rates on fixed and recurring deposits
  • Priority treatment at branches

Senior citizens can also enjoy preferential treatment at the bank.

Perfect for: Individuals aged 60 and above

IDFC FIRST Bank Pratham–Savings Account

It is a zero-balance account and is available in select locations.

  • Interest rate of up to 5%
  • No hidden charges on this account

Customers can operate their account via multiple banking channels.

You can make quick transactions at any MicroATM. Customers can also earn interest on their account balance, a great way to save more for their future.

Perfect for: Individuals who depend on remittances or who do not have a steady source of income

IDFC FIRST Bank Vishesh Savings Account

This account comes with a RuPay Platinum debit card which gives quick access to funds. This account option is available in rural branches only.

  • Daily Cash Withdrawal limit of ₹50,000 and POS Limit of ₹1 lac
  • Free personal accident insurance cover of ₹2 lacs

For this account, only an average monthly balance of ₹5,000 must be maintained.

Perfect for: Micro-enterprise owners in rural locations

IDFC FIRST Bank Health FIRST Savings Account

This account lets you enjoy dual benefits – an industry-best interest rate and a super top-up health insurance premium starting at ₹ 3,750 per annum.

  • Health insurance cover of ₹ 10 lakhs  
  • Earn a high interest rate of 5% on this savings account

The insurance facility does not require a pre-policy medical examination. You also get a Free Visa Signature debit card.

Perfect for: Protecting your money and your health

IDFC FIRST Bank Future FIRST Account

If you are young and taking your first steps towards financial management, this account is for you.

  • Zero balance savings account offering 6% interest per annum
  • Unlimited free transactions at any bank in any location for an unlimited number of times

You will not be charged for any fund transfers via NEFT, RTGS, and IMPS. General banking services will be free.

Perfect for: Students from a premier/identified educational institute in India; graduate and post-graduate students

IDFC FIRST Bank FIRST Power Savings Account

This savings account has been tailored specially towards women. It offers complimentary benefits and rewards to the accountholder.

  • Interest rate of up to 5%
  • ₹250 Amazon gift voucher on opening an account
  • Lifetime free health benefits

You get to enjoy the best of deals on lifestyle and fashion brands, along with the opportunity to be a part of the FIRST Power IHO membership.

Perfect for: Women above the age of 18

You now have an overview of the different types of accounts and what could be the best fit for you. To know more about these savings accounts, you can check out their details on our website.

Ensure that you consider all features before deciding. Click here to know more about the different savings account offered by IDFC First Bank and their benefits.

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