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Savings Account

What you need to know about savings deposit

Key Takeaways

A savings deposit is a bank account designed for saving money and earning interest for future use.
IDFC FIRST Bank offers savings deposit accounts with features like high-interest rates, monthly interest credits, zero-fee banking, and various insurance coverages.
These accounts also provide benefits such as free ATM withdrawals, increased purchase limits, and robust digital banking options. This makes them a convenient and secure choice for managing your finances.

22 Feb 2023 by Team FinFIRST

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A Savings Account is one of the primary services offered by the retail banks. In addition to saving money and helping you maintain a healthy liquidity a Savings Account also enables you to perform various other financial activities like paying bills, making online purchases and investing in equity. A minimum deposit in your Savings Account in your account helps you earn good interest.

What is savings deposit?

A savings deposit is a bank account that an individual can start to save money and earn interest for future use. IDFC FIRST Bank offers savings deposit accounts with distinctive features based on its clients' needs.

In addition to offering a high-interest rate for savings deposit schemes, IDFC FIRST Bank provides other benefits to its customers, making it a better choice for them to save more.

Interest payments every month

IDFC FIRST Bank is one of the first banks pioneering monthly interest credits on Savings Account, a new trend in Indian banking while most other banks pay quarterly . Instead of crediting the interest every three months, IDFC FIRST Bank credits interest on the Savings Account balance monthly. It increases compound interest and potentially boosts your long-term interest earnings

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What should you keep in mind before opening a Savings Account?

Competitive interest rate

General Savings Account with a minimum balance requirement will pay you the Savings Account interest rates, usually between 3% to 6% per annum.

Increased withdrawal limits

High limitations on ATM withdrawals and high purchase limits are both features of the IDFC FIRST Bank Savings Account. In addition, your account entitles limitless and free ATM transactions.

Insurance and security

Customers of IDFC FIRST Bank have access to insurance coverage. A Savings Account with an average monthly balance requirement of just ₹25,000 comes with personal accident insurance coverage worth ₹35 lakhs, air accident insurance worth ₹1 crore, lost card liability worth ₹6 lakhs, and purchase protection worth ₹1 lakh.

Other benefits

Other advantages include no-cost SMS alerts, sweep-in capabilities on some variants zero debit card issuance fees, and different debit card options. The mobile and internet banking options from IDFC FIRST Bank are feature-rich and user-friendly.

Applying for a new bank account will benefit you with high-quality services and high-interest rates on your deposits.

IDFC FIRST Bank Savings Account online IDFC FIRST Bank's online Savings Account you can open a savings deposit in a convenient and secure manner. You can save more and enjoy many benefits, like a good nterest rate in the market.

Other prime advantages are:

Free ATM withdrawals
increased POS limits
Liability protection for lost debit cards

You need the following to open an IDFC FIRST Bank online Savings Account:

Form 60/PAN number/Aadhaar number

To open an account in person, you need to produce one of the following documents, along with a passport-sized photograph (mandatory)

a) Your Aadhaar number

b) The mobile number linked to your Aadhaar number

c) Permanent Account Number (PAN)

d) A valid email ID

Keep safety in mind while you plan your investments and make your selections. With an IDFC FIRST Bank Savings Account, you can access money quickly, and the interest rate will help you grow your money, making your investment valuable.

Online Savings Account

Your specific needs are considered while designing a Savings Account, which you may start online quickly and enjoy the benefits like high POS limits, cashback, and free ATM transactions.

With one of the best Savings Accountsfrom IDFC FIRST Bank, you can enjoy monthly interest credits on savings, a fully digital account process with Video KYC, and a purchase limit of up to ₹6 lakhs.

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.

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