7 factors that make IDFC FIRST Bank Salary Accounts perfect for young professionals

As of 2021, young professionals comprising millennials and Gen Z’s accounted for an astonishing 52% of the country’s population, surpassing the global average of 47%. With over 440 million millennials, India proudly boasts the largest millennial population in the world. 

Millennials and Gen Zs are tech-savvy, innovative, and driven individuals who are poised to make a significant impact in various fields. Recognising the diverse settings in which young professionals find themselves — being married, living with parents, or residing in different cities — IDFC FIRST Bank has introduced a Salary Account explicitly tailored to their unique requirements. 

Let us look at the seven factors that make the IDFC FIRST Bank Corporate Salary Account perfect for this dynamic demographic, considering their diverse settings and how this Salary Account can benefit them.

7 Factors that set the IDFC FIRST Bank Corporate Salary Account apart
 

• Seamless account opening process

As a young professional, leading a busy life, juggling work and personal responsibilities is the status quo. Thus, the value of convenient banking services that allow you to manage your finances on the go is high.

IDFC FIRST Bank understands this preference for convenience and efficiency. To this end, opening the IDFC FIRST Bank Corporate Salary Account is a hassle-free experience. Regardless of your location, you can easily open an account online, upload the necessary documents, and complete the verification process without visiting a branch.

Even if you are in your hometown or employed in a different city, this feature of a Salary Account saves you time and effort. It grants you the liberty to focus on your professional and personal commitments.

• Zero balance account

Starting your career often means having limited financial resources, making you cautious of unnecessary expenses. In this pursuit, a zero-balance account can help you keep more of your hard-earned money by avoiding account maintenance or transaction fees.

With the zero-balance feature of the IDFC FIRST Bank Corporate Salary Account, you can rest assured knowing that you can pay for any emergency expense without worrying about minimum balance requirements. By prioritising your immediate needs and being prepared for unexpected financial situations, you can efficiently look after your family, including your spouse and parents.

• Competitive rate of interest

As a budding professional, building your financial foundation is imperative. Seek opportunities to grow your savings since you want your money to work harder for you. No matter what you are saving for — a down payment on your house or building an emergency fund — a higher interest rate can help you accomplish your financial objectives faster.

One of the standout features of the IDFC FIRST Bank Corporate Salary Account is its competitive and higher rate of interest — up to 7% per annum. This interest is computed daily and credited to your account every month, ensuring you see your savings grow consistently with the magic of compounding.

• Direct savings through investment products

When you start earning, the next to-do task is to invest and save. For this, you will need a salary account that facilitates investing in different investment products to enhance your savings and diversify your portfolio.

The IDFC FIRST Bank Corporate Salary Account goes beyond banking services. It enables investing in various options, including fixed deposits, recurring deposits, mutual funds, sovereign gold bonds, and investment-linked insurance.

You can also link your bank account to your Demat account for smooth trading and investing in the stock market. The bank also offers a sweep-in facility that automatically transfers excess funds to a fixed deposit, helping you save money.

With the right Salary Account, you can effortlessly start your investment journey and build a robust financial portfolio. Eventually, you can grow your wealth and achieve long-term financial security.

• Debit card benefits for frequent travellers

Salary accounts that provide travel-related benefits can be promising for Gen Z, who frequently travel for work. 

With an IDFC FIRST Bank Corporate Salary Account, you can benefit from the travel-related perks of your debit card. For instance, you receive complimentary air accident coverage of up to Rs 1 crore. Plus, you get one  free airport lounge accesses per quarter, in notable cities.  

If you travel regularly, for work or otherwise, you can save money on these expenses while ensuring a safe and comfortable journey. 

• Debit card with insurance

Irrespective of your age, you can appreciate the sense of security and financial protection of insurance. To that effect, some salary accounts offer insurance coverage as an added advantage, encompassing health insurance, life insurance, or coverage for accidental death and disability.

Through its VISA Platinum Debit Card, the IDFC FIRST Bank Corporate Salary Account extends a free personal accident insurance cover of up to Rs 35 lakhs for your financial security and that of your loved ones in case of any unforeseeable events.

For instance, in the event of an accident resulting in permanent disability or accidental death, the insurance coverage promises the individual or their family a substantial payout to cover medical expenses, ongoing financial commitments, or financial support in their absence. 

As a married individual or person living with dependent parents, this benefit offers peace of mind knowing that your loved ones will be taken care of financially.

• Convenience and flexibility 

Millennials often prioritise Salary Accounts that offer convenience and accessibility in their daily banking activities. For instance, the consideration would be Salary Account benefits, like a vast network of ATMs, easy fund transfers, and much more.

That is why the IDFC FIRST Bank Corporate Salary Account is perfect for the digital age. With its advanced digital banking services, it enables convenient transactions, balance checks, and account management anytime, anywhere. 

With net and mobile banking, you receive numerous banking services like personal loans, credit cards, and fixed deposits, empowering you to fulfil your diverse financial needs. Moreover, unlimited free ATM transactions and transfers (NEFT/IMPS) ensure easy access to funds.

If you are married and managing joint expenses, the account’s convenient accessibility simplifies your daily banking activities and makes it easier to handle your financial transactions.

How to open a salary account with IDFC FIRST Bank
Here are the steps to open an IDFC FIRST Bank Corporate Salary Account online:

• Visit the IDFC FIRST Bank website, navigate to the Corporate Salary Account section, and click “Open Account”
• Fill in the required personal and professional details
• Update/ Upload your documents for verification
• Wait the verification to be completed and that is it

Wrapping it up
 

The IDFC FIRST Bank Corporate Salary Account is a comprehensive financial solution catering to young professionals’ diverse needs. So, if you are starting your professional journey, open an account today with IDFC FIRST Bank and experience banking like never before.

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.