Features of an IDFC FIRST Bank Savings Account
- Zero-fee banking
- Competitive interest rates
- Monthly interest credits
- Free and unlimited ATM withdrawals
- Open a savings account online
Zero-fee banking
Take advantage of 28 commonly used banking services free of cost (subject to maintenance of the required AMB in the account) with IDFC FIRST Bank Savings Account's zero-fee banking feature, including IMPS, NEFT, RTGS, SMS alerts, debit card issuance, and demand drafts.
Competitive interest rates
Profit from competitive interest rates on your savings account balance each year. Interest earning ensures that your money works hard for you. Witness your savings grow swiftly, enabling you to easily achieve diverse financial goals.
Monthly interest credits
Enjoy a reliable stream of additional income with monthly interest credits on your savings account balance. Your interest is calculated daily, based on your end-of-day balance, and is credited to your account every month.
Free and unlimited ATM withdrawals
Access your savings account funds at any time with free and unlimited ATM withdrawals (subject to maintenance of the required AMB in the account), ensuring full liquidity and control.
Open a savings account online
IDFC FIRST Bank allows you to open a bank account online effortlessly from the comfort of your home. With just a few simple steps, you can open a bank account online with IDFC FIRST Bank anytime, anywhere, and begin enjoying the myriad benefits it has to offer.
Zero-fee banking
Zero-fee banking
Take advantage of 28 commonly used banking services free of cost (subject to maintenance of the required AMB in the account) with IDFC FIRST Bank Savings Account's zero-fee banking feature, including IMPS, NEFT, RTGS, SMS alerts, debit card issuance, and demand drafts.
Competitive interest rates
Competitive interest rates
Profit from competitive interest rates on your savings account balance each year. Interest earning ensures that your money works hard for you. Witness your savings grow swiftly, enabling you to easily achieve diverse financial goals.
Monthly interest credits
Monthly interest credits
Enjoy a reliable stream of additional income with monthly interest credits on your savings account balance. Your interest is calculated daily, based on your end-of-day balance, and is credited to your account every month.
Free and unlimited ATM withdrawals
Free and unlimited ATM withdrawals
Access your savings account funds at any time with free and unlimited ATM withdrawals (subject to maintenance of the required AMB in the account), ensuring full liquidity and control.
Open a savings account online
Open a savings account online
IDFC FIRST Bank allows you to open a bank account online effortlessly from the comfort of your home. With just a few simple steps, you can open a bank account online with IDFC FIRST Bank anytime, anywhere, and begin enjoying the myriad benefits it has to offer.
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FREQUENTLY ASKED QUESTIONS
How is the Savings Account Interest Rates Calculated?
Interest will be calculated on progressive balances in each Interest Rate Slab, as applicable
For Example:
- In case your account balance with us is Rs. 25,000, the interest payable to you will be 3% on the entire Rs. 25,000.
- In case your account balance with us is Rs. 4 lacs, the interest payable to you will be 3% on Rs. 1 lac, 4% on Rs. 3 lacs.
- In case your account balance with us is Rs. 50 lacs, the interest payable to you will be 3% on 1 lakh, 4% on Rs. 4 lacs and 7% on Rs. 45 lacs.
- In case your account balance with us is Rs. 4.3 crores, the interest payable to you will be 3% on 1 lakh, 4% on Rs. 4 lacs and 7% on Rs. 4.25 crores.
Please note that interest rates are subject to periodic change.
What are the benefits of a savings account?
A savings account offers a range of benefits, including instant access to funds, cash withdrawals, utility bill payments and online fund transfers through UPI, IMPS, NEFT and RTGS. With an IDFC FIRST Bank savings account, you can also earn regular interest as the bank credits interest monthly in your savings account.
Is there a maturity period for Savings Accounts?
No, a savings account has no maturity period or time restrictions. You will earn interest until you keep funds in your account. However, ensure you maintain your account's average monthly balance (AMB).
Why IDFC FIRST Bank is the best for a savings account?
IDFC FIRST Bank offers attractive interest rates on savings accounts. Interest is credited monthly into your account, helping you earn regular income. In addition, you can open an account online with IDFC FIRST Bank instantly via video KYC.
How does the monthly interest credit for the savings account work?
IDFC FIRST Bank credits interest monthly to your savings account, allowing you to earn a regular income. The interest earned is credited to your savings account every month. So, the following month, you earn interest on your balances, including interest on your previous month’s interest, and so on.
How can one choose the best savings bank account?
The best savings account is one that helps you save and earn more. Hence, interest credits and interest rates define a worthy savings bank account. IDFC FIRST Bank offers attractive interest rate on Savings Account and monthly interest credits to help you make the most of your savings account.
What is the frequency of interest payout?
IDFC FIRST Bank provides monthly interest payout on Savings Account, helping you earn regular income.
Is there a time limit for a Savings Account?
No. There is no time limit for savings accounts. Maintain sufficient balance in your account to earn interest.
What is the savings account interest rate?
The savings account interest rate is the money banks pay on the idle funds in your savings account. The interest, paid out quarterly, is calculated on the daily closing balance, and the value varies depending on your bank. IDFC FIRST Bank account holders receive higher savings account interest rates, with interest credited monthly for enhanced savings.
How often is the interest rate on a savings account calculated?
As per Reserve Bank of India guidelines, the interest in a savings account is calculated on the daily closing balance. Accordingly, interest is calculated daily and credited monthly or quarterly by the bank.
How do I find the best savings account interest rate?
With a little research, you can find the best savings account interest rates. You can find out what interest rate your preferred bank offers by visiting its official website. IDFC FIRST Bank offers one of the highest savings account interest rates as well as monthly interest credit.
What savings account services can I access via net banking?
Most banks strive to offer maximum banking services online. You can access your bank account, transfer money, pay bills, monitor transactions, and bank statements via net banking. An IDFC FIRST Bank account holder can enjoy the following services:
- Open a bank account
- Transfer money through IMPS, NEFT, RTGS, and UPI
- Pay utility and credit card bills,
- Monitor your account activities
- Invest in mutual funds and other investments
Additionally, you can apply for loans and credit products, per your requirement, via net banking and the mobile app.
Is savings account interest taxable?
Savings account interest up to ₹10,000 or ₹50,000 earned during a financial year is eligible for deduction under 80TTA & 80TTB (In case of senior citizen only) of Income Tax Act 1961 respectively. However, interest earned over ₹10,000/₹50,000 per financial year is subject to taxation according to the applicable tax slab and rate.”
What factors affect the savings account interest rate?
The savings account interest rate is influenced by a few factors such as:
- Prevailing repo rates set by the Reserve Bank of India (RBI)
- Economic conditions such as inflation rates and overall market performance
- The bank's internal policies and competitive positioning in the market
When is interest credited to a savings account?
IDFC FIRST Bank credits interest to savings accounts monthly based on the account's end-of-day balance. As a result, you can benefit from your savings more frequently while ensuring your funds continue to grow.
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