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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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Savings accounts and current accounts have distinct characteristics and use. People whose primary goal is to maximise savings should open a savings account, whereas enterprises and companies must open current accounts as per the mandate by the Reserve Bank of India (RBI). Most leading banks in India, such as IDFC FIRST Bank, allow you to open both types of accounts. Here are a few key things to note about a savings account vs a current account:
While these pointers may help you decide whether to open a savings account or current account, there is a lot more that you should keep in mind to make an informed decision. To begin with, let us understand the meaning of a savings account and a current account.
A savings account is a financial instrument where you can save extra cash. You can deposit money in a savings account and withdraw it whenever the need arises. Every time you deposit money into a savings account, it adds to your savings. Additionally, you can gain interest from the money parked in your savings account.
You can open a savings account online with IDFC FIRST Bank through the website, which can be accessed on your laptop, desktop or mobile device. It makes the process hassle-free. Furthermore, there are various types of savings accounts offered by IDFC FIRST Bank, so you can choose the one that truly works for you.
If you run a business, you might have to withdraw and transfer large sums of money every day. A current account can help you conveniently manage your funds. While a current account does not pay interest like a savings account, it has a high daily deposit and withdrawal limit. You can also get access to several services that benefit your business, including doorstep banking, cash management services, payment and collections solutions (e.g. UPI QR, Payment gateway, bulk pay), specialised platforms for business banking, trade forex solutions, short-term loans and an overdraft facility.
The savings account interest rate varies from one bank to another. With IDFC FIRST Bank, you can earn an interest of up to 7.00% p.a. – among the best in the industry – and enjoy monthly interest payouts.
Here are a few salient features of savings accounts:
These accounts are highly liquid, allowing you to access your money at any time, making them a convenient option for emergency funds or short-term savings goals.
Savings accounts earn interest on your deposits, with competitive savings account interest rate that help your money grow over time.
With a savings account in scheduled banks in India, your deposits are secured up to a limit of ₹5 lakhs, ensuring your savings are protected.
Features like online banking, direct deposit, and automatic transfers make it easier to save and keep track of your funds.
Following are the key benefits of opening a current account:
Current accounts provide the highest level of liquidity and higher transaction limits, making them ideal for everyday financial transactions, bill payments, and cash withdrawals.
Many current accounts come with an overdraft facility, which can be useful in case of temporary cash flow issues, preventing bounced checks and ensuring continuous financial operations.
For businesses, current accounts are essential for managing daily transactions, receiving payments from customers, and making regular payments to suppliers and employees.
They provide a detailed record of transactions, simplifying financial management, budgeting, and tax preparation.
Current accounts facilitate direct debits and standing instructions for automated bill payments, reducing the hassle of manual payments.
They offer a range of payment methods, including cheques, debit cards, and online banking, making it easy to manage your finances and pay bills.
The major differences between a savings account and a current account include:
Savings accounts help people save and multiply their money. Banks provide interest on parked funds, which helps build a wealth corpus. IDFC FIRST Bank Savings Accounts offer competitive interest rates of up to 7.00% p.a., with monthly interest payouts, helping you leverage the power of compounding. Essential services also come with zero hidden costs; these zero fee services include IMPS, NEFT, RTGS, ATM transactions, Cash transactions, Cheque book issuance, SMS alerts and more.
Current accounts, meanwhile, allow you to handle your daily business activities with ease. Banks also provide current account customers with an overdraft facility and quick loans to ensure they are never short on cash.
A savings account is the best option if you have a regular source of income. A savings account is also useful for individuals with short-term financial goals, such as those saving for a future vacation, paying for a wedding, or purchasing a car. Individuals and organisations who make regular money transfers, such as businessmen and companies, are better off with a current account.
Financial institutions that allow you to open a savings account set a restriction on the total transactions you can make in a month. IDFC FIRST Bank Savings Accounts provide an increased daily purchase limit of up to ₹6 lakh and a higher daily ATM withdrawal limit of up to ₹2 lakh, delivering flexibility and convenience for managing your finances.
The number of transactions with a current account is unlimited, but you will be charged once you breach the transaction limit.
Ensure that when you decide to open either a savings or current account, you choose a reliable bank, such as IDFC FIRST Bank to help you easily open an account and access it through multiple channels.
Choosing between a savings account and a current account depends on your financial objectives and transaction requirements. If your aim is to save money over time, build an emergency fund, or attain specific financial goals, a savings account can be a suitable choice. It typically offers modest interest rates, saving over the long term, however, it often comes with transaction limits, making it less suitable for daily spending.
On the other hand, if you need an account for everyday financial activities like paying bills, making purchases, or receiving income, a current account is more appropriate. It provides the highest liquidity, enabling frequent access to your funds. Current accounts are ideal for individuals running a small business or those who require flexibility in managing their daily financial affairs.
Ultimately, the choice also depends on the associated fees and interest rates. Savings accounts typically have lower fees and provide interest, though at lower rates, while current accounts may come with more fees and offer little to no interest.
You can even choose to maintain both types of accounts, tailoring each to your distinct financial needs. By evaluating your goals, transaction patterns, and financial preferences, you can make an informed decision between a savings account and a current account.
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.