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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 Account
Simple bank interest calculations explained for the Savings Account customer
Summary: Who doesn't like watching their money grow even while it is sitting idle in a savings account! As an account holder, it is important to understand how interest is calculated on a savings account to get the most out of it. Read below to know more.
Banking activities like withdrawing and depositing funds, writing a cheque, using a debit card etc., can be grasped with experience. But to be a seasoned bank account holder, you must also understand how to calculate savings account interest to make the best use of monthly interest credits, aka compounding interest, offered by banks like IDFC FIRST Bank. This simple feature the bank offers ensures your money keeps growing month-on-month just by sitting idle in your savings account.
Let's understand the savings account interest calculation in detail.
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Savings Account Interest Calculation
A Savings Account is the primary reason why you have a banking relationship. It is the most liquid form of deposit, with no time limit or maturity rules.
The bank calculates interest on the balance you maintain, and the bank monitors your daily balance to calculate the interest
Daily balance X Number of days X (Interest rate/Days in the year)
With monthly interest credits, you get the interest amount based on your bank balance credited to your account every month. This means that the next time your bank calculates the interest on your bank balance, they will take this amount into consideration as well.
IDFC FIRST Bank Savings Account offers an attractive and competitive interest per annum, one of the best in the industry. Besides, unlike industry norms, the interest accrued on your IDFC FIRST Bank Savings Account is credited monthly. Your interest income with the IDFC FIRST Bank Savings Account undergoes a faster compounding, thus, a higher return in the long run.
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.
