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Savings Account

High interest and other must-have benefits in a Savings Account

Key Takeaways

  • Top benefits include - digital account opening process, debit card benefits, easy mobile app banking for regular transactions like automated bill payments.
  • Some savings accounts offer high interest rate, free insurance covers, and monthly interest credits
  • IDFC FIRST Bank offers high-interest savings account with compounding beneifts on interest earned and paid monthly, has a host of attractive benefits and offers, and zero fees on all essential savings account services
18 Apr 2023 by Team FinFIRST
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A savings account brings along a host of benefits including, but not limited to, an ATM-cum-debit card, interest income and the facility to carry out online transactions. Let's explore the plethora of benefits, offers and privileges and how you can maximise them in order to get the best from a savings account.

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Benefits of savings account and a few ways of maximising it
 

1. Digital account opening process


Most banks now offer online savings account opening options with limited or zero human interaction. IDFC FIRST Bank follows a completely digital account opening process; a high-interest savings account can be opened after completing the video KYC.

2. High interest


Choose a bank that offers high interest on savings accounts. Always compare your bank's interest rate against the prevailing industry rate. IDFC FIRST Bank offers competitive interest rates on its savings accounts. 

Also read: https://www.idfcfirstbank.com/finfirst-blogs/savings-account/5-features-of-savings-account-you-didnt-know

3. Monthly interest credit


The frequency of interest income credit plays a crucial role in a savings account. IDFC FIRST Bank credits interest income to your high yield savings accountevery month and not every quarter. This leads to faster compounding and earning more interest income in the long run. 

4. Digital experience


Leading banks like IDFC FIRST Bank offer best-in-class internet banking and mobile banking facilities as a part of the savings account banking experience. This way, you can invest in PPF, FD, insurance, and other investment products conveniently.

5. Automatic bill payments


You can say goodbye to queues and reminders to pay your bills and dues. Another way to use savings account and net banking is to automate all your bill payments and EMIs.

6. Debit card


Your savings account debit card comes with a bunch of features. Open bank account online with the IDFC FIRST Bank high-interest savings account, for instance, you can get a Platinum Debit Card that comes with the Rs 25,000 Savings Account variant and offers free withdrawals from other bank ATMs across India. You can withdraw up to Rs 2 lakh every day and enjoy one domestic airport lounge access per quarter

7. Insurance


Some savings accounts also offer insurance coverage. IDFC FIRST Bank Platinum debit cardholders get a personal accident cover of Rs 35 lakh and an air accident cover of Rs 1 crore.

8. Zero charges


It is good to ensure that your bank does not levy charges on services and transactions. IDFC FIRST Bank offers over 25 banking services and transactions free of cost. These include online fund transfers via RTGS, NEFT, etc., and cheque books. 

Also read: https://www.idfcfirstbank.com/finfirst-blogs/savings-account/5-questions-to-ask-when-opening-new-savings-account

IDFC FIRST Bank offers high-interest savings accounts with faster compounding and premium benefits on your debit card. Enjoy zero-fee banking by opening a IDFC FIRST Bank Savings Account today!

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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