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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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Auto Sweep Account

Open an IDFC FIRST Bank Savings Account with Auto-Sweep facility and watch your savings grow rapidly.

With the Auto-Sweep facility, your idle funds in the savings account will be automatically transferred to a Fixed Deposit. What’s more? Funds are automatically transferred back into your Savings Account when the balance falls below the required Average Monthly Balance of Rs. 25,000. Plus, enjoy monthly interest credits to help reach your financial goals sooner. Read More

Enjoy Zero Charges on All Commonly Used Savings Account Services. With us, you can bank at ease, knowing there are no hidden charges for essential services like IMPS, RTGS, NEFT, cash deposits, cheque book re-issuance, SMS alerts, and many others.

Ready to get on an accelerated savings journey? Open an Auto-Sweep Savings Account with IDFC FIRST Bank today!Read Less

Savings Account Interest rates

₹35 lakhs free personal accident insurance cover | ₹1 Cr free air accident insurance cover

Interest up to 7.25%

*View Interest Rates

Savings Account Interest Simulator

Choose account balance

10k 100cr

Choose your existing bank interest rate

2.5 % 3.5 %

Simulation Results(for a period of 1 year):

* Interest you earn with IDFC FIRST Bank –

** Interest you earn with your Bank –

Additional Interest you earn with us –

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* Interest calculated on progressive balances in each interest rate slab, as applicable
** Interest calculated on flat rate basis

  • Pitruprasad Dash

    “Recently I opened a savings account with IDFC FIRST Bank. Firstly, in terms of the process to open savings account, it is truly hassle-free. Thanks for being ahead in terms of customer satisfaction and banking services, making it easy for new customers like me. I wish IDFC FIRST Bank a great future and looking forward to a long term association.”

  • Sougata Das

    “I recently opened a Savings Account with IDFC FIRST Bank, and I must tell you that I'm really happy with the features and benefits offered by the bank. The netbanking services are quite advance which makes the process easy. Also, the IDFC FIRST Bank employees are cordial and helpful, making the overall experience a pleasant one.”

ATM Card

VISA Platinum Debit Card – ₹25k Average Monthly Balance with Auto-Sweep

  • Free and unlimited ATM transactions: at any bank, anywhere in India
  • Higher daily purchase limit of ₹6 lakh and higher daily ATM withdrawal limit of ₹2 lakh
  • Complimentary domestic airport lounge access, once every quarter
  • Free Personal Accident Insurance Cover of ₹35 lakhs and Air Accident Insurance Cover of ₹1 crore

Introducing the most Rewarding Loyalty Program

As a FIRST Rewards member, you earn points on everyday purchases made with our Debit Card. Redeem them any way you like using multiple options and partners on our portal.

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Digital Bank Account

Experience a Mobile Banking revolution

Track spends, earn rewards, check your risk profile, invest in Mutual Funds in a click, experience Google-like search, cash flow analysis.
Download IDFC First Bank MobileBanking App on App Store

Monthly Interest Credit on your Savings Accounts

  • Earn interest on interest with IDFC FIRST Bank
  • Monthly interest credits versus the industry norm of quarterly interest credit

 

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Savings Account

ELIGIBILITY

Who Can Apply?

  • Indian citizens
  • Residents of India
  • Foreign nationals residing in India and meeting GOI criteria

Documentation

  • Passport-size photograph
  • If you have a PAN Card, it is mandatory to provide it while opening your account
  • Any one of the following documents:

    - Aadhaar Card

    - Passport

    - Voter’s Identity Card (Election Card)

    - Permanent and valid driving license with photograph

    - Job Card issued by NREGA duly signed by an officer of the State Government

    - Letter issued by the National Population Register containing details of name and address.

Savings Account Eligibility

FEES & CHARGES

Find out about our minimal and transparent fees & charges

View Fees & Charges

Savings Account Charges


Disclaimer: With IDFC FIRST Bank Savings Accounts, enjoy Zero Charges on all Savings Account services. These services are being offered free in good faith, and in case of misuse of services, the Bank reserves the right to levy charges. Forex mark-up fee will be applicable on International ATM/POS/Debit card transactions. T&Cs are subject to periodic changes. All rights reserved.

FREQUENTLY ASKED QUESTIONS

What is a Savings Account with Auto-Sweep facility?

A Savings Account with Auto-Sweep facility is a product that combines the benefits of a traditional savings account with those of a fixed deposit. In such a savings account, balance above the predetermined threshold limit is automatically transferred to a fixed deposit to help you earn higher interest on your funds. IDFC FIRST Bank offers an Auto-Sweep Savings Account, allowing you to earn more on your surplus funds without having to compromise on liquidity. 

What do I get on opening an IDFC FIRST Bank Savings Account?

After successfully opening your IDFC FIRST Bank Savings Account, you will get a personalized cheque book and your Debit Card.

You will also get access to a range of banking services along. The best part? Enjoy Zero Charges on All Commonly Used Savings Account Services. These include services like IMPS, NEFT, RTGS, ATM transactions, Cheque book issuance, SMS alerts and more.  

*T&C Apply

How will the auto-sweep facility function?

Whenever the balance in the Savings Account goes above ₹50,000, the balance above ₹50,000 will get auto swept-out to a Fixed Deposit as below:

• FD tenure - 370 days

• FD created in multiples of ₹1,000

• FD Creation frequency - Daily at end of day

• Maturity instruction of FD – Auto renewal

• Max Single FD limit - ₹2.99 Cr

Whenever the balance in the Savings Account falls below the required Average Monthly Balance i.e., ₹25,000, funds from the Fixed Deposit will be transferred to the Savings Account to always maintain ₹25,000 balance in the Savings Account. Auto sweep-in will function as below:

• Sweep-in (FD Break) multiple of – ₹1

• FD Breaking method – Last in First Out (LIFO)

• Auto Sweep facility on a savings account without PAN will not be offered

• Pre-mature FD break Penalty - No Penalty

• Minimum Sweep in limit for linked SA - FD sweep in is activated once SA balance falls below min. AMB i.e., ₹25,000

How can I open an IDFC FIRST Bank Auto-Sweep Savings Account?

You can open an IDFC FIRST Bank Auto-Sweep Savings Account by simply walking in to your nearest IDFC FIRST Bank branch.

Did you know? IDFC FIRST Bank offers Monthly Interest Credits on Savings Account, as against quarterly interest payouts offered by most banks.

What documents do I need to open a Savings Account?

The documents required to open an IDFC FIRST Bank Savings Account are minimal. You only need:

• A passport-sized photo

• PAN/Form 60

• Proof of Identity & Address like Aadhaar Card, Passport, Valid Driving License, Voter ID, etc.

IDFC FIRST Bank offers ZERO charges on all Saving Account services like IMPS, NEFT, RTGS, ATM transactions, Cheque book issuance, SMS alerts and more at ZERO CHARGES*.

*T&C Apply

Who is eligible to open an Auto-Sweep Savings Account?

To be eligible for the IDFC FIRST Bank Auto-Sweep Savings Account, you should be above 18 years of age and belong to one of the below categories:

• Indian citizens

• Residents of India

• Foreign nationals residing in India and meeting the Government of India criteria

What does the Zero Charges feature mean?

With IDFC FIRST Bank’s Auto Sweep Savings Account, you pay Zero Charges on all commonly used Savings Account services like IMPS, NEFT, RTGS, ATM transactions, Cash transactions, Cheque book issuance, SMS alerts and more.

You can know more about services offered at Zero Charges here: https://www.idfcfirstbank.com/personal-banking/accounts/savings-account/fees-and-charges

T&C Apply

What is the Average Monthly Balance I would be required to maintain in an IDFC FIRST Bank Savings Account with Auto-Sweep facility?

The Average Monthly Balance (AMB) you need to maintain in an Auto-Sweep Savings Account is ₹25,000. 

Will I be charged any fees/penalty for non-maintenance of Average Monthly Balance in the Auto-Sweep Savings Account?

Yes, there are nominal charges levied for not maintaining Average Monthly Balance on your Savings Account. Click here to know more about the applicable non-maintenance charges on your Savings Account.

More FAQs

Savings Account Blogs

How to create a budget

FEATURED

How to create a budget

Learn how mastering the art of budgeting, along with smartly using your debit card, can help you boost your savings and stay on top of your finances.

IDFC FIRST Bank28 Nov 2023 • 3 mins read

Read Full Story

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