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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.
About Union Bank of India Savings Account
IDFC First Bank offers the following savings accounts to meet the needs of different categories of users:
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:
Savings Account with Signature Debit Card
This is a savings bank account designed to meet the needs of premium customers.
2. Corporate Salary Account
This is a special salary account exclusively for employed professionals.
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.
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.
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.
5. Senior Citizen’s Savings Account
As the name implies, this is a savings account from IDFC First Bank exclusively for senior citizens.
6. Pratham Savings Account
It’s a zero balance savings account that is offered to help individuals in the lower economic sections.
7. Shakthi Savings Account
It’s a low minimum balance savings account, helping you meet all your banking needs.
8. Param Savings Account
It’s a low minimum balance savings account with a free debit cum ATM card (annual charges applicable).
9. Vishesh Savings Account
This is another minimum balance savings account with free debit-cum-ATM card (annual charges applicable).
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:
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:
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:
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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