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IDFC First Bank Savings Account

IDFC initially started its journey in the financial services sector as NBFC (Non-Banking Financial Corporation). The company was incorporated on 30th January, ‘97 with headquarters in Chennai. It went public in 1999 and was recognised as a public financial company. IDFC Financial Holdings started its operations as a bank in 2015, with twenty-three branches spread across cities like Mumbai, Delhi, Chennai, Pune, Ahmedabad, Kolkata, Bengaluru, and Hyderabad.

In the year 2017, IDFC Bank inaugurated its 100th branch at Honnali, in Karnataka. IDFC Bank formed an alliance with Capital First Ltd, a leading NBFC in December 2018. Following the merger, IDFC Bank was known as IDFC First Bank and continues to offer excellent financial services to customers across rural and urban segments.

The bank is focused on meeting the banking needs of rural customers as well as self-employed customers, who usually find it difficult to obtain professional banking services in India. The IDFC First Bank is the first bank in India to offer a cashless merchant service linked with the Aadhaar card. The bank has a partnership with MobiKwik, one of the leading digital payment solutions in India. It has partnered with MobiKwik to offer a co-branded virtual prepaid VISA card to MobiKwik customers.

Types of Savings Account from IDFC First Bank

Idfc Bank Savings Account

IDFC First Bank offers the following savings accounts to meet the needs of different categories of users:

  • Savings Account with
    • Signature Debit Card
    • Classic Debit Card
  • Corporate Salary Account
  • Salary Booster Account
  • Minor’s Savings Account
  • Senior Citizen’s Savings Account
  • Pratham Savings Account
  • Shakthi Savings Account
  • Param Savings Account
  • Vishesh Savings Account

Let’s take a closer look at each of these savings accounts from IDFC First Bank.

1. Savings Account

IDFC First Bank offers two variations of the standard savings account based on the type of debit card issued along with the account.

Savings Account with Classic Debit Card

This is a savings account tailored to suit the needs of today’s young professionals.

Salient Highlights of the Account:

  • Open the account with a deposit of Rs. 10,000
  • Unlimited free fund transfers
  • Free visa classic debit card for life
  • 5 free ATM transactions at IDFC Bank ATMs and 5 free ATM transactions at Non-IDFC Bank locations every month
  • 24 x 7 banking assistance on call

Savings Account with Signature Debit Card

This is a savings bank account designed to meet the needs of premium customers.

Salient Highlights of the Account:

  • Open the account with a minimum deposit of Rs. 25,000
  • Free unlimited ATM transactions at any bank and on any network
  • Free unlimited transfer of funds to/from your account
  • A free VISA signature debit card for life
  • Minimal and transparent charges
  • 24 x 7 banking assistance on call
  • High-interest rates

2. Corporate Salary Account

This is a special salary account exclusively for employed professionals.

Salient Highlights of the Account:

  • No minimum balance requirements
  • Unlimited free ATM transactions – at any bank, any location, any number of times
  • No charges for fund transfers via RTGS, IMPS, and NEFT
  • All general banking services are available for free
  • 24 x 7 banking assistance on call
  • Free top of the line Visa Signature or Platinum debit card
  • Earn up to 8.25% with a fixed deposit in your account
  • Avail interest-bearing reimbursement account
  • A universal debit card that links all your accounts to a single debit card
  • No separate deliverables like cheque books to keep track of

3. Salary Booster Account

This is a salary account with an overdraft facility of up to Rs. 3 lakhs. You can use this overdraft facility for any purpose – be it meeting an emergency expense or to manage your monthly cash flow.

Salient Highlights of the Account:

  • No security or collateral required for opening the account
  • Pay interest only for the OD you use and for how long you use
  • Low-interest rates for overdrafts
  • Minimal documentation
  • Availability of funds above your current salary
  • Salary booster facility offered based on one-month salary credit
  • Keep track of your account via online banking, or mobile banking

Eligibility for this account:

The minimum income requirement is a take-home net pay of Rs. 20,000. This account is available to salaried persons from 21 years to 60 years.

Interest Charged for Overdraft:

The interest rate charged on OD varies from 15 to 25%.

Maximum Tenure of OD:

One year. The annual renewal of the loan amount is done every year, based on salary credits.

Monthly Payment:

The OD is debited on the first of every month from the linked salary account.

*The bank reserves the right to deny your application based on internal credit processing.

4. Minor’s Savings Account

This is a savings bank account from IDFC First exclusively for minors - children below the age of 18 years.

Salient Highlights of the Account:

  • Inculcates the habit of saving regularly in your child from an early age.
  • Can be opened by a parent (or guardian) for a minor child, provided the parent holds a savings bank account with IDFC First bank.
  • The interest rate is calculated daily and is 6.00% for balances lesser than Rs. 1 lakh.
  • Documents required:
    • Passport size photograph of the child
    • Proof of child’s age
  • An initial deposit of Rs. 25,000 is required to open a minor’s savings account with IDFC First bank.
  • You can choose from two debit cards with this account
    • Classic debit card
    • Signature debit card
  • Minors above ten years can operate the account on their own. Minors below ten years the operation of the account is handled by parents (or guardian).

5. Senior Citizen’s Savings Account

As the name implies, this is a savings account from IDFC First Bank exclusively for senior citizens.

Salient Highlights of the Account:

  • Eligibility: 60 years and above
  • Free doorstep banking
  • Higher interest rates on fixed and recurring deposits
  • Preferential treatment at the bank
  • Assistance from bankers in going digital
  • Can be operated jointly with spouse
  • In the case of a joint operation, it’s sufficient if the primary account holder is a senior citizen
  • Available with
  • Visa signature debit card
  • Visa classic debit card

6. Pratham Savings Account

It’s a zero balance savings account that is offered to help individuals in the lower economic sections.

Salient Highlights of the Account:

  • No monthly minimum balance requirements
  • Earn interest rates on the available account balance
  • No hidden charges
  • Multiple channels of banking – branch, ATM and micro ATM
  • Quick banking transactions at all micro ATMs
  • Receive government payments and subsidies n a Zero Balance Savings account from your nearest IDFC Bank branch.

7. Shakthi Savings Account

It’s a low minimum balance savings account, helping you meet all your banking needs.

Salient Highlights of the Account:

  • Average monthly balance – Rs. 100
  • Debit card with online fraud cover of Rs. 2 lakhs and personal accident insurance cover of Rs. 1 lakh
  • Eligibility: Resident Individuals or HUF (Hindu Undivided Family) can operate this account

8. Param Savings Account

It’s a low minimum balance savings account with a free debit cum ATM card (annual charges applicable).

Salient Highlights of the Account:

  • Minimum average quarterly balance to be maintained is Rs. 1000
  • Debit card with online fraud cover of Rs. 2 lakhs and personal accident insurance cover of Rs. 1 lakh
  • Eligibility
    • Resident Individuals
    • HUF (Hindu Undivided Family)
    • Sole proprietorship
    • SHG (Self Help Group)
    • TASC (Total Administrative Services Corporation)

9. Vishesh Savings Account

This is another minimum balance savings account with free debit-cum-ATM card (annual charges applicable).

Salient Highlights of the Account:

  • Minimum average quarterly balance to be maintained is Rs. 5000
  • Vishesh Platinum debit card with online fraud cover of Rs. 2 lakhs and personal accident insurance cover of Rs. 2 lakhs
  • Eligibility
    • Resident Individuals
    • HUF (Hindu Undivided Family)
    • Sole proprietorship
    • SHG (Self Help Group)
    • TASC (Total Administrative Services Corporation)

FAQs on Savings Account from IDFC First Bank

1. What is the interest rate offered for a savings bank account with IDFC First Bank?

The interest earned is based on the following table:

BalanceRate of Interest (% per annum)
<= 1 lakh6.00%
>1 lakh <= 1 crore7.00%
>1 crore <= 50 crores7.25%
>50 crores <= 250 crores7.00%
>250 crores7.00%

2. What is the procedure for opening a savings account with IDFC First Bank?

Opening a savings bank account with IDFC First bank is hassle-free. You can visit your nearest branch and submit the application form in person or open a bank account online, upload the required documents, and get your savings bank account activated with just a few clicks.

3. What are the documents required to open a savings account with IDFC First Bank?

To open a savings bank account with IDFC, you have to provide your PAN card, address proof and a recent passport size photograph.

4. What are the documents that are accepted as valid address proof?

You can submit any one of the following documents for address proof:

  • Aadhaar Card
  • Voter’s ID
  • Passport
  • Permanent driving license with photograph affixed
  • Job card issued by the NREGA, and attested by an officer of the state government

5. What is the maximum loan amount I can avail under the salary booster account?

You can avail credits up to 3x times your current salary. The maximum credit limit offered under this account is Rs. 3 lakhs.

6. How can I monitor the transactions on my IDFC First Bank Savings Accounts?

You can track your savings account transactions using the following methods:

  • Internet banking
  • Monthly email statements on your registered email ID
  • Regular updates of your passbook at the branch

7. How is the interest paid to my savings bank account?

The interest earned is credited to your account once every quarter.

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