IDFC Bank is a known and widely consumer centric brand known for its modern facilities and lucrative interest rates. It is one of the most reputed banking institutions in India. Coming to its savings account, it offers a wide range of options to choose from.
In this post, we will discuss about the IDFC Bank Savings Account, it’s features and benefits, how to open a IDFC Bank Savings Account, IDFC Bank Savings Account Interest Rate and much more to help you make a guided decision.
Let’s first take a look at the IDFC Bank Savings Account Interest Rates:
IDFC Bank Savings Account Interest Rate
Below given are the interest rates of IDFC Bank Savings Account based on the sitting balance:
|Balance Range (INR)||Rate of Interest (per annum)|
|Less than or equal to 10 lakhs||4.00%|
|More than 10 lakhs and <=50 crore||6.75%|
|More than 50 crore and <=100 crore||5.00%|
|More than 100 crore and <=200 crore||4.50%|
|Above 200 crore||3.50%|
(Disclaimer: Interest Rates are subject to changes. Please check the official bank website for the most recent changes in the data)
Types of IDFC Bank Savings Accounts
IDFC Bank Savings Account
- Comes with a VISA platinum Debit Card or VISA Classic Debit Card each with exciting and unique features
- Free Accident Insurance Cover up to Rs 35 lakhs and AIR Accident insurance up to 1 crore
- Absolutely Free ATM deposit and withdrawals from IDFC as well as non-IDFC bank ATM’s
- Minimum balance requirements: For VISA platinum Debit Card the AMB is Rs 25,000 and for VISA Classic Debit Card Rs 10000 minimum monthly balance
- Eligibility: Indian citizens , Resident of India , Foreign nationals residing in India and meeting GOI criteria
IDFC Bank Corporate Salary Account
- ZERO balance account until the salary is getting credited
- Up to Rs 35 lakhs free personal accident insurance cover
- Exciting offers on food and beverages with your Debit Card
- Comes with three types of Debit Cards: VISA platinum Debit Card, VISA Classic Debit Card, Rupay platinum Debit Card
- Minimum balance : If salary is regularly not getting credited then for VISA platinum Debit Card Rs 25,000 AMB, VISA Classic Debit Card Rs 10,000 AMB and Rupay platinum Debit Card no AMB (average monthly balance)
- Eligibility: Indian citizens Residents of India, Foreign nationals residing in India and meeting GOI criteria
IDFC Bank Senior Citizens Savings account
- Door step banking for your beloved elders and senior citizens
- Up to Rs 35 lakhs free personal accident cover and AIR accident Insurance cover of Rs 1 crore
- Free and unlimited transactions at any bank and anywhere is India
- Hassle-free mobile and internet banking services and dedicated treatment at IDFC bank branches
- Minimum average balance requirements: For VISA Platinum Debit Card Rs 25,000 AMB and for VISA Classic Debit Card Rs 10,000 AMB
- Eligibility: Indian citizens, Residents of India and should be above 60 years of age
IDFC Bank First Power Savings Account (Women’s Account)
- Comes with Lakme Salon and Spa gift vouchers and even more exciting offers on Amazon/Grofers shopping
- Comes with both a VISA signature Debit Card and a VISA Classic Debit Card
- Unlimited and free transactions at any bank in India
- Minimum balance requirements: For VISA platinum Debit Card Rs 25,000 and VISA Classic Debit Card Rs 10,000 and concurrently the same initial deposits to open the account
- Eligibility: Indian citizens, Residents of India Foreign nationals residing in India and meeting GOI criteria , for females above the age of 18 years of age
IDFC Bank Minors Savings Account
- Two different types of account: Minor savings account (Under Guardian) and FIRST prodigy (Minor self-operated savings account)
- Zero IDFC Savings Account Minimum Balance
- Provides free and unlimited ATM transactions at any bank all over India
- Sweep out facility available (Certain amount becomes and FD and higher interest rate then applied & conditions apply)
- Eligibility: Indian citizen and A) For Minor savings account all minors up to 18 years of age can open an account with their guardian holding a savings with IDFC Bank
B) For FIRST prodigy savings account minors above 10 years and below 18 years of age can open an account
IDFC Bank Future FIRST Savings Account
- ZERO IDFC Savings Account Minimum Balance
- Provides Free personal accident Insurance cover (death or permanent disability) of Rs 35 lakhs
- Comes with a VISA signature Debit Card
- Free fund transfers and general free banking services such as mobile and internet banking
- Eligibility: Graduate and postgraduate students from premier/identified educational institutes of India
IDFC Bank Honour FIRST Defence Savings Account
- Personalised services dedicated to military and defence personnel
- ZERO balance savings account till salary is getting credited
- Comes with VISA signature and VISA platinum Debit Card
- Provides Rs 50 lakhs Personal Accidental (death or permanent disability) plus 4 lakhs each for child Education grant(Max two children) and Rs 2 lakhs for girl child marriage(1 girl child) plus 10 lakhs in case of Death and permanent Total Disability due to terrorist attack/Naxalite attack
- Eligibility: Personnel serving the Indian Army, navy, air force, paramilitary, pr its veterans
IDFC Bank Nation FIRST Salary Account
- Unique salary account scheme for Central/State government employees
- Personal Accident Insurance cover (death or permanent disability) of up to 1 crore includes Rs 90 lakhs for personal accident + Rs 4 lakhs for each max 2 child education grant plus RS 2 lakhs for girl child marriage
- Comes with a VISA platinum Debit Card
- Eligibility: Public sector enterprise and Central/State government departments of India
IDFC Bank Vishesh Savings Accounts (Rural Savings Account)
- Open Vishesh Account with only a minimum of Rs 5,000
- Comes with a Rupay Platinum Debit Card
- Minimum Balance requirements: Rs 5000 AMB should be maintained but for asset linked accounts no minimum balance is required
- Eligibility: Resident Individuals and HUF
IDFC Bank Pratham Savings Account (BSBDA) small
- ZERO balance savings account
- Comes with a Rupay Classic Debit Card
- Do quick transactions at any Micro ATM
- Daily ATM withdrawal limit of Rs 25,000 and daily POS limit of Rs 1 lakh
- Provides free personal accidental insurance cover of Rs 2 lakhs
- Eligibility: Indian citizens and Residents of India
Features of IDFC Bank Savings Account
- Zero balance account: IDFC Bank makes it easy for people from the underprivileged sections of society as well as salaried individuals to keep up with their financial demands by providing many zero balance accounts where one is not required to worry about the minimum balance requirements
- Attractive interest rates: IDFC bank is one of the few amongst the industry to offer interest compounding monthly up to 6.75% (conditions apply), save more and live your life to the fullest
- Wide range of Account types: IDFC Bank understands the requirements of each and every client and provides them with the type of best savings account options that will benefit them. Senior citizen savings account, future FIRST savings account, FIRST power women savings account and much more
- Free transactions: consumers can simply get tired of paying service charges and transaction fees, so IDFC Bank offers free and unlimited transaction on various savings accounts for a hassle-free experience
- Debit Card: IDFC Bank provides its users with personalised Debit cards such as VISA platinum debit card, VISA classic debit card, Rupay platinum and classic debit cards loaded with a lot of benefits
- SMS and email alerts: IDFC Bank also provides for SMS Banking facilities where consumers can check their account balance, know their transaction history and receive SMS alerts.
- 24X7 customer service: A dedicated customer care base is available 24/7 to assist you with your queries for a seamless experience
How to Open a IDFC Bank Account Offline?
The IDFC Bank offers various kinds of savings accounts that cater to diverse individuals’ requirements. Here’s how to open a IDFC Bank Savings Account
STEP 1: Visit your nearest IDFC Bank branch
STEP 2: Ask for an application for opening a savings account and fill it up with all the necessary details
STEP 3: Choose the kind of savings account that fits your need
STEP 4: Carry your identity proof and address proof documents (Aadhar Cards, PAN Card, voter ID Card, Passport size photograph, utility bills etc.)
STEP 7: Submit the application form and depending on the minimum balance requirement, an initial deposit is to be made depending on the account type.
STEP 8: After the documents are verified successfully you will receive your account information and details.
STEP 9: Once the activation of your account is complete, you can start using it for transactions, withdrawals and much more.
How to Open IDFC Bank Savings Account Online?
There are certain types of IDFC bank savings account which can be opened online. Understated are the steps to open such an account online:
STEP 1: Visit the IDFC Bank’s official website
STEP 2: In the Menu Bar you will find the “Accounts” option. Hover over it and choose “Savings account or on view all accounts” and select the type of account you want
STEP 3: You can click on “know more” to get detailed information of the account type or click on “apply now”
STEP 4: Fill the details asked for in the form (Name, Address, Contact Number, Aadhaar, PAN details etc.)
STEP 5: Fill in your professionals details and complete the process
STEP 6: Now your account is ready. Deposit the initial fund in your account online to enjoy your monthly interest credit and other benefits
STEP 7: At last complete your Video KYC
Once your account is activated, you will receive a text on your registered mobile number.
Documents Required for Opening IDFC Bank Savings Account
The applicant is required to submit following documents:
- Passport-size photograph
- PAN Card/Form 60
- Any one of the following document:
- Aadhaar Card
- 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.
When the customer submits all the above-mentioned documents for opening the account, the bank will verify the documents and the details mentioned in the application form in order to ascertain whether they are eligible for the savings account or not.
Eligibility Criteria for Opening IDFC Bank Savings Account
1. Qualified NRIs, HUFs, and Indian residents may open savings accounts at IDFC Bank.
2. The account holders must be at least 18 years old, or of legal age of majority.
3. People who are under 18 or who are considered minors have the option of creating an account with their parents or other legal guardians.
4. There are also options to create accounts with IDFC Bank for institutions, enterprises, partnerships, estates, sole proprietorships and such
5. The person who wants to open an account must meet the requirements established by the Reserve Bank of India and must present the required address evidence.
6. For quite a few types of savings accounts, the user is obligated to maintain a minimum account balance; therefore, the user must be fit to maintain the same.
Benefits of Opening a IDFC Bank Savings Account
The following are the advantages of opening a savings bank account with IDFC Bank are explained here:
- With its wide-ranging account options, the bank assures that they take care of the necessities and requirements of every type of customer looking to open a suitable bank account.
- It conveys customised savings option and benefits for women, senior citizens, children and salaried individuals with high interest rates depending on their requirements and savings
- Opening an IDFC Bank savings account, makes it stress-free for the customer to seek credit and loan options from the bank in the form of personal loans, home loans and business loans.
- Concierge services are provided at every step 24/7 to the customers guaranteeing their satisfaction and faster query resolution.
- In specific type of savings account, various type of cash back offers, shopping discounts, healthcare discounts are provided to benefit the consumers.
- There are many ways to initiate fund transfer, making the process quite easy and hassle free. NEFT, RTGS and IMPS are some of them.
- Customised services are provided to consumers to make their experience better. These include doorstep banking for senior citizens, customised account packages etc.
- No Minimum Balance accounts support underprivileged citizen and minors to open bank account and enjoy the benefits thus enhancing their banking experience
IDFC Bank Savings Account vs. Current Account
The bank provides both savings account and current account option to its consumers based on their needs. Below are certain differences between the two to help you choose what you want:
- Use: Both savings account and current account are distinctive type of accounts that aid different purposes. Generally, people wanting to save money and want to develop the funds over a period time choose savings account while Current accounts on the other hand are customised for companies and people who make a frequent transactions of higher amounts.
- Minimum Balance Requirement: While savings account usually serves the common man and salaried individuals, they have lower minimum balance requirements as compared to Current accounts which have a higher minimum balance requirement as it is used in larger transactions.
- Interest Rates: Typically, the rate of interest on savings funds are higher which caters to the people who want to grow their savings whereas current accounts do not provide any interests on the funds that is idle in the account
- Transaction Limit: Usually current accounts are used for more frequent transactions and therefore they do not have any set transaction limit but savings accounts have a limit on transactions as recurring withdrawals prevent the savings’ growth
- Overdraft: Current accounts usually provide overdraft privileges, which let people as well as corporations withdraw more money than their available amount which is typically unavailable with savings accounts.
To conclude, it is wise to note that the reasons why savings account and current account are used are quite different from each other. Beneficiaries use the account for various purposes and for their sole features. It is desirable for customers to check which type of account justifies their requirements and needs and select the type of account based on those parameters.
Tabular Comparison of IDFC Bank Savings Account vs. Current Account
|Interest Rate||Usually Higher||Usually Lower|
|Minimum Balance||Required (in some)||Required (in some)|
|Overdraft||Limited||Can be availed with interest|
|Transaction Fees||Usually low||Usually high|
|Cheque Book Issuance||Complementary but limited number of leaves||Chargeable|
Modes of Transferring Funds from IDFC Bank Savings Account
There are multiple ways provided by IDFC Bank to transfer fund from savings account. Some of the most popular models are:
1. NEFT: NEFT is one of the widely used electronic fund transfer means to transfer funds delivered by the banks. To facilitate a transfer one simply has to provide the beneficiary’s bank account details and the amount.
2. RTGS: Similarly, RTGS is also one the methods of online funds transfer used to transfer a large amount of money to other bank accounts
3. IMPS: IMPS is used to transfer funds instantaneously which is open 24/7. Even of holidays or leave days one can still use this method. Essential Parameters: Beneficiary’s mobile number and MMID (Mobile Money Identifier) or Account Number and IFSC code.
4. UPI: With cashless transactions, UPI’s use has gained major popularity. It is an easy, secure and reliable medium of fund transfer using one’s UPI ID (Unified payment interface)
5. Cheque: Cheque is a printed document which enables a bank to transfer a specific amount of money from a customer’s account to another person or institute whose name is addressed in the cheque
Steps to Transfer Funds from IDFC Bank Savings Account
The following steps can be followed for online transactions from your IDFC Bank savings account:
STEP 1: Log in to your IDFC Bank net banking account by entering your registered ID and password
STEP 2: Find the option of “Payments” then hover over it and find “Fund Transfer” option and click it.
STEP 3: Choose the mode such as NEFT or IMPS.
STEP 4: Enter beneficiary details.
STEP 5: Enter the amount you want to transfer.
STEP 6: Review the details and verify them.
STEP 7: Confirm the transaction by entering the transaction password and OTP.
Once the transaction is complete, you will receive an alert on your registered mobile number.
IDFC First Bank Customer Care
IDFC Call: 1800 10 888 (available 24X7)
IDFC E-mail: email@example.com
IDFC WhatsApp service: 9555 555 555
IDFC Assistance while travelling abroad: +91 22 6248 5152
IDFC NRI customer care: 1833 703 9805 (USA), 1833 703 9811 (CANADA), 0 8000 478 414 (UK), 1800 314 585 (AUSTRALIA), 800 101 4006 (SINGAPORE), 8000 187 922(UAE), 8008500980 (SAUDI ARABIA), 80074528 (OMAN), 00 800 100 089 (QATAR)
IDFC First Bank Savings Account: FAQs
Yes, IDFC provides the option to open a zero balance account in many of its saving account types.
IDFC Bank provides a wide variety of savings accounts according to the consumer needs such as senior citizen’s savings account, Vishesh Savings Accounts and many more
Yes, an IDFC savings bank account can be opened online using their website easily and quickly.
Yes, different account types come with various types of Debit Cards. Free Debit Card usage at IDFC Bank ATM is also a feature in most of the accounts.