Your chance to earn attractive bank interest rate with IDFC FIRST Bank

With over 77% of Indians registered as bank customers, a regular Savings Account is predictably the most popular banking product. But with nearly 8.6 crore salaried employees active in India in October 2022, we must not overlook the importance of a bank Salary Account.

With its zero-balance requirement and attractive bank interest rate, Salary Accounts are a preference as well as a necessity among salaried personnel in India. IDFC FIRST Bank Corporate Salary Account is emerging as a popular choice for the attractive savings bank interest rates, features and minimal and transparent bank charges. 

Here we look at all the aspects that make the IDFC FIRST Bank Corporate Salary Account special.

Attractive bank interest rate 

Being stuck with a lower savings bank interest rate means losing money every day. 

IDFC FIRST Bank offers attractive interest rates on its savings bank accounts, including corporate Salary Accounts. When you maintain a balance in an IDFC FIRST Bank Savings Account, you get some of the best Savings Account interest rates in the industry. Depending on how much of a balance you maintain in the account, a higher bank interest rate can increase your total interest income significantly. 

For every Rs 1 lakh you maintain, you can earn Rs 1,000 extra for every 1% increase in the bank interest rate. If you extrapolate this equation with a 2-3% difference in the bank interest rate and a balance in multiple lakhs, the incremental interest income can easily be as big as your life insurance premium or your monthly mutual fund investment. And with savings account interest rates of up to 7%, IDFC FIRST Bank customers stand to earn more than term deposits in many other banks.

Multiple choices within Salary Accounts
 

IDFC FIRST Bank Corporate Salary Account is available in three variants. These variants are designed to meet your banking needs when you switch jobs but retain the salary account. Here is a brief snapshot of the IDFC FIRST Bank Corporate Salary Account variants.

• Corporate Salary Account

o    Average monthly balance – Rs 10,000

o    Minimum salary credit – Rs 10,000

o    Debit card – Visa Classic

o    Non-maintenance charges – Rs 50 - 500

• Corporate Salary Account

o    Average monthly balance – Rs 25,000

o    Minimum salary credit – Rs 15,000

o    Debit card – Visa Platinum

o    Non-maintenance charges – Rs 50 - 400

The minimum balance requirement is applicable only when the salary is not credited for six consecutive months.

Minimal charges on transactions
 

There are minimal saving account charges applicable against your IDFC FIRST Bank Corporate Salary Account, and only in specific situations. All of these are clearly explained on the bank’s official webpage. 

• If the Salary Account is not receiving the regular and required salary credit or the required average balance is not maintained, Rs 50 is charged on the return of the deposited cheque
• In the same scenario, an issued cheque return will attract a bank charge of Rs 250
• A forex markup of 2% is charged on international ATM or POS transactions
• ATM withdrawal charges are applicable at different rates, depending on the debit card you are using –

o    Visa Platinum Debit Card – Rs 20 (Rs 8 for non-financial) per transaction from the sixth transaction onwards. However, unlimited free ATM transactions are applicable, if there is at least one salary credit transaction in the account, or a balance of Rs 15,000 is maintained.

o    Visa Classic Debit Card – Rs 20 (Rs 8 for non-financial) per transaction from the sixth transaction onwards. However, unlimited free ATM transactions are applicable, if there is at least one credit transaction in the account, or a balance of Rs 10,000 is maintained.

o    The charges and transactions are uniform for IDFC FIRST Bank ATMs as well as other bank ATMs

Zero fee banking

You can enjoy the advantages of zero-fee banking with your IDFC FIRST Bank Corporate Salary Account. Here are the transactions and services that will cost you absolutely nothing -

• All inward and outward electronic fund transfers made using RTGS, NEFT or IMPS
• Cash deposits and withdrawals made by the customer at any IDFC FIRST Bank branch
• Cheque stop-payment request and outstation cheque collection
• Passbook – issue and printing
• Account-related alerts and notifications
• Balance confirmation, interest and TDS certificates
• Duplicate demand draft issuance, cancellation, and revalidation
• Debit card maintenance and re-issuance
• Setting up, execution and amendment of standing instructions
• Phone banking and Internet banking services
• Balance enquiry and statement request 

Well-rounded benefits
 

Apart from the attractive bank interest rate and favourable bank charges, there are various other benefits that make IDFC FIRST Bank Corporate Salary Account popular among salaried persons. These include –

• IDFC FIRST Bank Corporate Salary Account with Visa Platinum Debit Card – 

o    A free personal accidental insurance of Rs 35 lakhs that covers death and permanent disability

o    Free air accident cover of Rs 1 crore

• IDFC FIRST Bank Corporate Salary Account with Visa Classic Debit Card –

o    Personal accident insurance cover of Rs 5 lakh

o    Daily cash withdrawal limit of Rs 1 lakh and purchase limit of Rs 4 lakh

o    Rs 4 lakh worth of protection on lost card liability

• Debit card offers, deals and discounts on dining, food and beverages

An obvious choice

All these features and benefits make IDFC FIRST Bank Corporate Salary Account a clear favourite for salaried employees. As long as you continue to receive your salary there is no minimum balance or fee applicable to these Salary Accounts. You can also continue this account as your regular savings account when you stop receiving your salary. Start enjoying a higher bank interest rate and exciting debit card benefits and direct your salary credits to the IDFC FIRST Bank Corporate Salary Account today.
 

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.