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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


A Savings Account is a convenient and secure way to store your money, while earning interest on your deposits. IDFC FIRST Bank Savings Accounts take this one step further by offering Zero Fee Banking on all commonly used services like IMPS, NEFT, RTGS, ATM transactions, and SMS alerts. This ensures that your savings grow without hidden costs. With interest rates of up to 7.25% p.a., credited monthly, you can achieve your financial goals faster and more confidently.

Opening an account with us is simple! Start online by clicking “Open Account Now” or using the IDFC FIRST Bank app for a smooth, paperless setup that only takes minutes. Prefer to visit us in person? Drop by any of our branches and enjoy the same quick, efficient process and exclusive benefits.

Each IDFC FIRST Bank Savings Account is thoughtfully designed to support your financial journey, offering secure digital transactions, rewarding benefits, and high-interest earnings. Open a Savings Account today and enjoy the freedom to save, grow, and manage your money with complete peace of mind.Read More

IDFC FIRST Bank, recognized as a ‘Class Apart’ among commercial banks in India by IIT Bombay and Moneylife Foundation, champions fair service charges, delivering true savings and outstanding value across all its Savings Account variants.

Note: IDFC FIRST Bank is featured in Category A in the report ‘Benchmarking Reasonableness of Service Charges by Banks in India,’ released on May 22, 2024.Read Less

Best Interest Rate on Savings Account

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

Interest up to 7.25% p.a.

Savings Account Features

Enjoy Zero Charges on All Savings Account Services

Savings Account Benefits

Achieve High Savings Growth with Competitive Interest Rates

All the features of an IDFC FIRST Bank Savings Account make it easy to meet your savings goals. With a high interest rate up to 7.25% p.a., monthly interest credits, and zero charges on all Savings Account services, you save in every way when banking with us. What’s more, the revolutionary mobile banking app helps analyse and plan your finances with tools like expense tracking, cashflow analysis, and more.

Enjoy Exclusive Discounts and Cashbacks on Your Savings Account

Enjoy several discounts and cashback offers on your savings account debit card. From instant discounts and deals on various restaurants and brands, save big each time you spend. IDFC FIRST Bank also has one of the most rewarding loyalty program in place for you. As a FIRST Rewards member, earn points on everyday purchases and redeem them with ease on our portal through various exciting options.

Experience User-Friendly Digital Banking at Your Fingertips

Not only can you open a bank account online with IDFC FIRST Bank, but also bank with ease 24x7 using our intuitive Internet  banking platform and mobile banking app. Seamlessly manage your savings account, initiate bank transfers, check balances, and more with our cutting-edge digital solutions. You can track spends, earn rewards, and invest in mutual funds all in just a few clicks. So, with both savings and investing, your savings bank account has got you covered. You can also make use of the cash flow analysis feature that can help you budget and plan financially in a more effective manner.

Access 24x7 Customer Support Whenever You Need It

Enjoy 24x7 customer support for all your savings account banking needs and have your queries addressed with efficiency and care. Whether you want to get your queries solved on a phone call or on WhatsApp, receive quick assistance and have a smooth banking experience.

IDFC FIRST Bank Savings Account – A Truly Class Apart Experience

IDFC FIRST Bank has been recognized as a 'Class Apart' by a pathbreaking study conducted by Moneylife Foundation and IIT Bombay for fairness in our Savings Account service charges. This pioneering study titled 'Benchmarking Reasonableness of Service Charges by Banks in India' ranked IDFC FIRST Bank in the 'A category' for its unmatched Zero Fee Banking promise.

Savings Account Interest Calculator

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 –

* 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 Classic Debit Card

VISA Platinum Debit Card with ₹25K average monthly balance

  • 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 Rs. 35 lakhs and Air Accident Insurance Cover of Rs. 1 crore
Visa Platinum Debit Card VISA Classic Debit Card

VISA Classic Debit Card with ₹10K Average Monthly Balance

  • Daily ATM cash withdrawal limit of ₹1 lakh and higher purchase limit of ₹4 lakhs
  • Free and unlimited ATM transactions at any bank, anywhere in India
  • Free Personal Accident Insurance Cover of ₹5 lakhs and Air Accident Insurance Cover of ₹30 lakhs
  • Lost card liability protection of up to ₹4 lakhs
  • Purchase Protection of up to ₹50,000

Book your travel with us to make the most of your card benefits

Rewarding Loyalty Program
Digital Bank Account

Experience a Mobile Banking revolution

Do more with your mobile banking app! Experience Google-like search, track your spends and rewards, check your risk profile, invest in mutual funds, and much more!

The welcome vouchers/benefits offered upon opening an account have been discontinued w.e.f. 1st July 22

 

Introducing the most Rewarding Loyalty Program

As a FIRST Rewards member, you earn points on everyday purchases made with your IDFC FIRST Bank Debit Card. Redeem them for maximum value from a range of options and partners.

Rewarding Loyalty Program

Monthly Interest Credits on your Savings Accounts

  • Enjoy monthly interest credits versus the industry norm of quarterly interest credits 
  • Compound your money faster by earning interest on interest every month 

 

Open Bank Account Online

Savings Account Eligibility & Documentations

Who Can Apply?

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

Documentation

To open a savings account online:

  • Aadhaar Number
  • PAN number

To open a savings account at branch:

  • Passport-size photograph
  • PAN Card or filled Form 60
  • Any one of the following document:

    - 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

Steps to Open a Savings Account

Follow the below steps to open an IDFC FIRST Bank Savings Account:

Savings Account Fees & Charges

Find out about our minimal and transparent fees & charges

View Fees & Charges

Bank 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.

*Above information is basis publicly available data as on 19th April'24. The scope covers all scheduled public sector and private sectors banks only.

Savings Account FAQs

What is a Savings Account?

A Savings Account is a product offered by banks to help save money, and earn interest on it. IDFC FIRST Bank offers 24x7 access to your Savings Account so you can access your funds anytime and make withdrawals whenever you need funds.

How to open a savings account online?

You can seamlessly open an IDFC FIRST Bank Savings Account both online and offline. To open a savings account online in less than two minutes, click here. If you want to open a savings account offline, simply walk 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. Open a Savings Account in less than 2 minutes here.

Who is eligible to open Savings Accounts online and offline?

To be eligible for IDFC FIRST Bank 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 documents do I need to open a Savings Account?

To open an IDFC FIRST Bank Savings Account, you need the following documents:

- To open savings accounts online: Aadhaar & PAN details

- To open savings accounts at a bank branch:  

*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*. Open a Savings Account in 2 minutes here.

*T&C Apply

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.

How does the Monthly Interest Credits feature work and how will I benefit from it?

With an IDFC FIRST Bank Savings Account, experience the joy of earning Monthly Interest Credits on your Savings Account. You earn 'interest on interest' with the power of monthly compounding. IDFC FIRST Bank is one of the only universal banks to offer this feature, against the standard practice of crediting interest on your Savings Account every quarter.

Monthly compounding interest payout is better for you than Quarterly interest payout because when you get interest credit in Month 1, the interest for Month 2 is paid on your opening balance + interest received in Month 1 and so on. So, you earn more on your savings! 

Can you afford to not have an IDFC FIRST Bank Savings Account? Open a Savings Account in just a few simple steps here.

What does the Zero Charges feature mean?

With IDFC FIRST Bank Savings Account you pay ZERO charges on all 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.

Open an IDFC FIRST Bank Savings Account here.

*T&C Apply

Are there any charges on non-home branch transactions?

With IDFC FIRST Bank Savings Account, non-home branch transactions are offered at ZERO Charges.

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

The Average Monthly Balance (AMB) you need to maintain in your IDFC FIRST Bank Savings Account would depend on the account variant you have opted for.

How is the Average Monthly Balance calculated for Savings Account?

Average Monthly Balance in an account is calculated by dividing the sum of each day’s balance in the Account and the number of days in the particular month.
 

Account Statement Sample
Transaction Date and Time Date Transaction Details Debit  Credit  Balance (Rs.)
    Opening Balance     200,000.00
11-06-2023  11:01 6/11/2023 EMI Debit 957067 50,000.00    150,000.00
21-06-2023   13:30 6/21/2023 UPI/MOB/2359575837/UPI   50,000.00  2,00,000.00 

 

Descritpion End of day account balance (Rs.) Sum of balance (Rs.)
EOD Balance from 1st June'23 to 10th June'22 200000 200000 x 10 = 20 lakhs
EOD Balance from 11th June'23 to 20th June'22 150000 150000 x 10 = 15 lakhs
EOD Balance from 21st June'23 to 30th June'22 200000 200000 x 10 = 20 lakhs
Sum of end of day balance of all days of the month   20 lakhs + 15 lakhs + 20 lakhs = 55 lakhs
Average Monthly Balance = (Sum of end of day balance of all days of the month) / (no. of days of the month) 
= 55 lakhs / 30 days
= Rs. 1,83,333.33

Will I be charged any fees/penalty for non-maintenance of Average Monthly Balance in the 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

What are the different ways I can add money/transfer funds to my savings account?

You can add funds to your Savings Account by one of the following ways:

- Via any other bank’s NetBanking/Mobile app. Simply add your IDFC FIRST Bank account details – Account number and IFSC code

- Through our Mobile app by clicking on the “Add funds” option which lets you transfer money from your other bank accounts

- Depositing a cheque/cash at any of our branches

- Depositing a cheque (in drop box)/cash at any IDFC first bank ATM

- Using any UPI app using your UPI ID

What are the modes through which I can access and keep a track on transactions in my IDFC FIRST Bank Savings Account?

We offer multiple methods to track your IDFC FIRST Bank Savings Account. Here are a few ways you can do it:

- NetBanking

- Mobile App

- WhatsApp Banking

- Monthly Account statements sent to your registered email ID

Can I add a nominee to my Savings Account? How many nominees can I add?

Yes, you can add one nominee to your Savings Account.

How can I add a nominee to my IDFC FIRST Bank Savings Account?

You can add a nominee to your Savings Account in one of the following ways:

- At the time of opening your Account

- Via NetBanking and our Mobile App

- By visiting your nearest IDFC FIRST Bank branch

Can I open a joint Savings Account at IDFC FIRST Bank?

Yes, you can open an IDFC FIRST Bank Savings Account in joint mode of operation by visiting your nearest branch.

What Debit Card will I get with my IDFC FIRST Bank Savings Account?

The Debit Card you get on opening an IDFC FIRST Bank Savings Account depends on the account variant you've opted for. You can view the benefits offered with each card variant here.

How do I close my Savings Account?

Please click here to know more about savings account closure process.

More FAQs

Savings Account Blogs

What is a bank interest rate

FEATURED

What is the bank interest rate and can it influence your savings

Do you know what is the bank rate for your savings account balance? Bank interest rates are vital in deciding how much extra you earn against your funds each year. Achieve financial goals faster by choosing the right savings account!

Team FinFIRST02 Aug 2024 • 3 mins read

Read Full Story

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