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:
IDFC FIRST Bank Savings Account
This basic account from IDFC FIRST Bank offers the opportunity to get more for your savings.
IDFC FIRST Bank Corporate Salary Account
This account has been designed to ensure that you make the most of your Salary account.
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.
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.
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.
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.
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.
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.
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.
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.