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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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FinFIRST Blogs
Savings Account
Are you asking these 5 questions when opening a Savings Account?
Summary: As you plan to open a new Savings Account - a powerful financial tool to help manage your personal finance better, you should ask these 5 questions to get the best from a host of features, services and benefits if offers. Read the article below to know more.
Kudos for thinking of opening a Savings Account! This financial tool can offer multiple benefits and simplify more things than expected. Right from automated payments, high interest rates, and online banking to debit and credit card benefits and loan offers, there’s a lot to enjoy with the right Savings Account by your side. However, the market is full of options, and the process of opening a Saving Account can be a little trying. This is where asking these five questions can help.
1. What is the rate of interest on the new Savings Account?
The higher the rate of interest, the sooner your money multiplies. A high-interest Savings Account can be the simplest way to earn money on idle funds. Banks in India usually offer interest between 3%-6% per annuum and IDFC FIRST Bank Savings Account is one of the bests in the industry. Hence, choose wisely!
2. What is your purpose for opening an Account?
Everyone has a unique reason for opening a Savings Account. You may need a locker. In this case, you should check the locker fees for different banks. If you need an account for savings, you can look for a high rate of interest.
Likewise, if you want a Savings Account to simplify your payments, you should look for a bank with a user-friendly mobile app, unlimited ATM withdrawals, and online banking that lets you seamlessly draw or transfer money.
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3. What is the minimum account balance?
Some Savings Accounts have a minimum account balance requirement. The bank might charge you a penalty if you go below this limit. The rules for the same can differ from bank to bank. Make sure to open a bank account after checking their minimum account balance limits to avoid unnecessary penalties.
4. What is the process of opening a Saving Account?
The lengthier the process, the more time you waste. Therefore, it can help to look for a bank with a simplified Savings Account opening process. This will help you save time and effort. Ideally, you can opt for a bank that lets you open an account online with Video KYC.
5. What type of debit and credit cards does the bank offer?
Debit and Credit Cards are handy tools in today’s day and age. Look at the range of cards a bank offers and compare rewards, offers, personalisation options, interest rates, and more. Understand your utility and see if the card adds value to your life. For example, if you withdraw a lot of cash, the IDFC FIRST Bank Savings Account can be a good fit as it offers free and unlimited ATM withdrawals.
To sum it up
A Savings Account is the foundation of your financial future. Therefore, remember to ask these questions and pick a bank only if it satisfactorily addresses your concerns. Additionally, try to be as clear about your requirements as possible to avoid any error in judgement.
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.idfcfirstbank.com for latest updates.
