Types of savings account at IDFC FIRST Bank that match every need

Prerna is in her early 30s and has recently started taking control of her finances. As she works to build a secure financial future, she’s looking for ways to save smartly. However, with different types of savings accounts available in the market, Prerna is thinking about what matters most.

Should she go for an account with higher interest rates, or would she benefit more from perks like zero fees or free ATM withdrawals? Does she need a savings account that offers flexibility for frequent transactions, or is she planning to build an emergency fund she won’t touch often? Maybe she’s even wondering if there’s an account that rewards her lifestyle with added benefits.

If you’ve found yourself asking similar questions, IDFC FIRST Bank is here to help. With various types of savings accounts to suit different financial goals, you can find one that works perfectly for you. Let’s dive in!

Maximise your finances with a savings account
 

A savings account is more than just a place for your money—it's essential for financial management. Here’s how your savings account helps you  –

1. Offers a secure place to store money compared to keeping cash at home
2. Provides easy access to funds whenever needed, without penalties
3. Helps your money grow with the interest earned on your balance
4. Encourages regular saving habits by separating your savings from everyday spending
5. Acts as an emergency fund for unexpected expenses like medical bills or car repairs
6. Supports short-term and long-term financial goals, such as buying a gadget, planning a trip, or building a down payment for a house

Key features offered by IDFC FIRST Bank Savings Accounts
 

IDFC FIRST Bank is called a ‘Class Apart’ among India's commercial banks by IIT Bombay and Moneylife Foundation. This is made possible by the following key features of the Savings Accounts designed to meet your requirements –

1. Zero-fee banking

IDFC FIRST Bank provides zero-fee banking services on all bank services, such as SMS alerts, RTGS, NEFT, IMPS, interest certificates, issuance of a debit card, ATM transactions, demand drafts, and much more. You can take advantage of all these services without any hidden costs.

2. Interest on savings account

By opening an IDFC FIRST Bank Savings Account, you can enjoy a competitive interest rate of up to 7.00% per annum. Such a high interest rate lets your money grow rapidly, allowing you to fulfil your financial requirements hassle-free.

3. Monthly interest credits

Regardless of the types of savings accounts you hold with IDFC FIRST Bank, feel at ease with the assurance of getting extra money every month as interest. These monthly interest credits are calculated depending on your daily account balance and will be credited to your account every month.

4. Unlimited and free ATM withdrawals

IDFC FIRST Bank lets you transact funds from an ATM without extra charges. This gives you a complete account balance without wondering about any sudden deductions.

Different types of IDFC FIRST Bank Savings Accounts
 

IDFC FIRST Bank presents various types of savings accounts tailored to different customer requirements. Here’s a look at some of them –

1. Savings Account

A savings account is perfect for those looking to save money and earn high interest. It's ideal for individuals like Prerna who want to benefit from free services such as NEFT, RTGS, and ATM withdrawals.

2. Corporate Salary Account

Designed for salaried employees, this zero-balance account offers interest rates up to 7.00% per annum. It includes unlimited free ATM transactions, zero charges for fund transfers, and minimal fees. Additional benefits encompass a free personal accident insurance cover and a debit card. ​

3. Honour FIRST Defence Account

For the courageous individuals who serve the nation, IDFC FIRST Bank presents the Honour FIRST Defence Savings Account, tailored to meet their unique needs. With no minimum balance requirement, this account ensures access for all soldiers and veterans.

This type of savings account comes with a special debit card offering coverage for medical expenses in case of any emergencies. It offers attractive discounts on selected brands, unlimited free ATM transactions, and seamless mobile banking.

4. Minor Savings Account

Intended for individuals below 18 years, this account allows parents or guardians to save for their child's future. It offers up to 7.00% interest and a sweep-out facility, and it requires no monthly balance maintenance for the savings account maintained under a guardian. However, the guardian must have an existing savings account with IDFC FIRST Bank.

5. Senior Citizen’s Savings Account

The IDFC FIRST Bank Senior Citizen account allows you to create a robust financial strategy and secure your golden days. With a competitive interest rate of up to 7.50% p.a., this type of account will provide free doorstep banking services and exclusive rates on fixed deposits (FD) and recurring deposits (RD), along with several other perks specifically tailored for your specific age and lifestyle. 

6. Pratham-Savings Account

Enjoy the perks of the IDFC FIRST Bank zero-balance Pratham Savings Account with no worries. Earn up to 7.00% interest on your balance and access your account easily through various banking channels. Make quick transactions at any Micro ATM with no hidden fees. Additionally, take advantage of mobile banking and all the usual benefits of a zero-balance account.

7. Vishesh Savings Account

IDFC FIRST Bank's Vishesh Savings Account offers great benefits to secure your finances. Enjoy features like a ₹2 lakh personal accidental insurance cover, daily ATM withdrawals up to ₹50,000, and a point of sale (POS) limit of ₹1 lakh.

8. Savings Account with Auto-Sweep facility

Open an IDFC FIRST Bank Savings Account with the Auto-Sweep feature and see your savings grow quickly. Any extra money in your savings account is automatically moved to an FD. If your balance drops below ₹25,000, funds are transferred back to your savings account. You'll also receive monthly interest credits, helping you with better financial management.

9. FIRST Power Savings Account

This account is designed for women, providing interest rates up to 7.00% per annum. You can enjoy a complimentary year of health benefits with MediBuddy, up to 50% off on the first-year locker rental with the 25K AMB variant, and free unlimited ATM transactions at any bank's ATM in India.

10. NRI Savings Account

This account caters to non-resident Indians (NRIs) looking to maintain financial ties to India. It offers attractive interest rates and provides specialised services such as dedicated relationship managers and zero processing fees on money transfers. NRIs can manage their accounts conveniently through online and mobile banking. They can open either an –

a) Non-resident external (NRE) savings account (holding foreign earnings in Indian Rupees)

b) Non-resident ordinary (NRO) savings account (managing income earned within India)

Comparing the variants of savings account
 

Use this table to compare some of the best options for savings accounts IDFC FIRST Bank offers –

How to choose the right savings account
 

Before opening your savings accounts, reflect on your income, lifestyle, and savings goals. Consider asking the questions yourself –

1. What are my short-term and long-term financial objectives?

Scenario 1 – If you're like Prerna, a young professional looking to save for a vacation or a major purchase next year, a savings account that offers high interest rates and monthly interest credits would suit your short-term goals. You might also want to consider an account with zero-fee banking for easy access to your funds without unexpected charges.

Scenario 2 – On the other hand, if you're planning for retirement in 20 years, focusing on a high-interest savings account with added benefits like auto-sweep facilities could help you build wealth over time, making your long-term goals more achievable.

2. How often do I need to access my funds?

Scenario 1 – For someone like Raj, who works in a field where emergency fund access is vital, a savings account offering unlimited free ATM withdrawals and 24X7 access to funds would be key. With IDFC FIRST Bank Savings Accounts, Raj could consider a variant like the Regular Savings Account or Pratham Savings Account for easy and frequent access.

Scenario 2 – If you’re an NRI working overseas, you might prefer an NRE Savings Account, which allows you to access your funds internationally and in India, offering flexibility and convenience without worrying about currency exchange rates.

3. Do I value flexibility and additional benefits like lifestyle perks?

Scenario 1 – For someone like Prerna, who values both financial security and lifestyle perks, the Women’s Savings Account – FIRST Power might be a great choice. The account provides not only a competitive interest rate but also health benefits, locker rental discounts, and unlimited free ATM transactions for both financial growth and added convenience.

Scenario 2 – If you are a defence personnel like Ramesh, the Honour FIRST Defence Account offers tailored benefits, including discounts on selected brands and medical coverage. It is a perfect fit for someone who wants to balance savings with added perks for service-related benefits.

Opening a savings account – a step-by-step process
 

The process of opening an IDFC FIRST Bank savings account is straightforward. Here’s an easy guide –

1. Step 1 – Visit the website or branch.

Choose your preferred mode of account opening—digitally or by visiting a nearby branch. You can even opt for the mobile banking application of IDFC FIRST Bank and get started with your account.

2. Step 2 – Fill out the application.

Enter personal information such as name, address, and contact details. Select your preferred type of savings account based on your needs.

3. Step 3 – Provide necessary documents.

Submit identification proofs like a government-issued ID, address proof, and a passport-sized photo. Additional documents may be needed depending on the account type (e.g., income proof for certain accounts).

4. Step 4 – Verify your account.

Complete a simple verification process, which can often be done online or by visiting a branch. This may include confirming your identity and providing biometrics, if necessary.

5. Step 5 – Start banking.

Once approved, you'll receive account details and information on accessing mobile or online banking. You can start making transactions and managing your account immediately.

Bottom line
 

A savings account is one of the pillars of your financial strategy. It can assist you in structuring your financial requirements while achieving your goals without hassles. More than just a type of savings account, it will help you create an emergency fund to build a secure financial future.

Are you ready to secure your financial future? Open your IDFC FIRST Bank Savings Account today.