Are you receiving monthly interest in your Savings Account?

A savings bank account is the most common bank account used by an individual customer. Thanks to familiarity and convenience, it forms the basis for first-time interaction between an individual and their bank. You can maintain several types of savings accounts for various requirements. 

However, as we explore other investment avenues that are more attractive and profitable, many of us divert funds from our bank account. Consequently, the savings bank account has started to lose its sheen in recent years.

As per the Reserve Bank of India (RBI) regulations, banks are required to credit interest to the accounts of their account holders every quarter, though they can also do so every month. If you have a significant amount in your bank account, you can see your interest earnings accumulate on a monthly or quarterly basis. To benefit account holders, IDFC FIRST Bank offers competitive interest rates on savings accounts.

The savings account interest rate is determined every month based on your average account balance, and the cumulative interest thus earned is credited to your account.

What is a monthly return on a savings account?
 

A monthly return on a savings account means earning interest on your savings deposit that will be credited to your account at the end of every month. With this feature, you earn an interest income depending on your account balance and the interest rate offered to you.

IDFC FIRST Bank is among the few to offer monthly interest credit on all savings accounts (SBAs), which also offers customers several benefits in addition to the monthly return. Earning interest on an IDFC First Bank savings account means your savings will be compounded monthly, which can make a significant difference to your earnings over time. 

But that’s not all. You will also earn a competitive interest rate on your savings account. As the interest is credited to your account on the first of every month, you need not wait three months.

Are there any additional benefits?
 

Here are some more benefits of opening a bank account with IDFC FIRST Bank:

1. Personal Accident Insurance
 

Individuals with an average monthly balance of Rs 10,000 or more will be eligible for a personal accident coverage of Rs 5 lakh. If you maintain an average account balance of Rs 25,000, you will get insurance coverage up to Rs 35 lakh.

2. Air Accident Insurance
 

Various savings account variants of IDFC FIRST Bank also offer air accident coverage. For example, if you are a ₹25,000 AMB account holder, you get an air accident cover of ₹1 crore. Alternatively, if you hold a ₹10,000 AMB account, you get air accident insurance cover of ₹30 lakh.

3. Purchase Protection
 

A particular benefit of purchase protection up to ₹50,000 can also be enjoyed if you hold a ₹10,000 AMB account. Moreover, with the same bank account, you also get a lost card liability protection up to ₹4 lakhs.

4. Complimentary lounge access
 

You also get complimentary domestic lounge access, once every quarter if you hold a ₹25,000 AMB account.

5. Free transactions
 

If you are an IDFC FIRST Bank savings account holder, no matter which type of savings account you choose, you are eligible for unlimited ATM transactions at any bank branch, anywhere in India.

6. Higher withdrawal limits
 

With ₹10,000 AMB account, you get a daily cash withdrawal limit of ₹1 lakh and higher purchase limits of ₹4 lakhs.

With the ₹25,000 AMB account variant, the figures hit up more. With this account, you get a daily cash withdrawal limit of ₹2 lakhs and higher daily purchase limit of ₹6 lakhs.

Conclusion
 

Choosing a savings account that pays you monthly interest isn’t just a feature, it is a financial advantage. With IDFC FIRST Bank’s Savings Account, you not only enjoy one of the highest interest rates in the industry, but also benefit from features like monthly compounding, complimentary insurance, and exclusive privileges tied to your account balance.

Whether you’re looking to maximise idle funds or simply create a buffer for monthly expenses, IDFC FIRST Bank helps your money grow with every passing month. Open your account today and experience the power of monthly interest credits with added security and benefits tailored for your lifestyle.