Maximising your savings potential with IDFC FIRST Bank’s online Savings Accounts

Managing your savings efficiently is key to achieving financial security. However, post pandemic, most individuals are struggling to manage their savings.

As per a report on X, over 57% of Indians have less than ₹5,000 in their bank account. In such scenarios, it is important for you to look for ways to maximise your savings and leverage the features offered by a modern savings account such as high interest rates, frequent compounding, and low banking charges.   

IDFC FIRST Bank’s online Savings Accounts offer a unique combination of high-interest rates, monthly interest payout, digital convenience, and zero-fee banking that can help you grow your wealth effortlessly.

Read on to know the features and benefits of opening an Savings Account online with IDFC FIRST Bank and how you can maximise your savings potential.

Features of IDFC FIRST Bank’s online Savings Accounts

High-interest rates
IDFC FIRST Bank offers among the highest interest rates on Savings Accounts in India. The interest is calculated daily on the closing balance, ensuring that every rupee in your account is working for you. This interest is credited monthly, which allows you to reinvest your earnings more quickly and accumulate more wealth over time. 

Zero-fee banking
One of the unique features of IDFC FIRST Bank’s Savings Account is its zero-fee banking promise. As an accountholder, you enjoy zero fees on all common Savings Account services like online money transfers like IMPS, NEFT, RTGS, chequebook re-issuance, debit card and DD issuance, SMS alerts, and more. This means you can manage your savings and make transactions without worrying about incurring extra fees. 

Monthly interest payouts
Traditional Savings Accounts usually credit interest quarterly, but with IDFC FIRST Bank’s online Savings Account, you get your interest credited monthly. This feature not only provides quicker access to your earnings but also helps in managing your finances with greater flexibility. Additionally, with more frequently compounding, you get better returns over the period with a monthly interest payout. 

Unlimited ATM withdrawals
Another major benefit of IDFC FIRST Bank’s online Savings Account is the unlimited ATM withdrawals across the country without additional charges. Whether you need cash for emergencies or regular purchases, you won’t have to worry about transaction limits or fees. 

Complimentary debit card with added benefits
The card offers high daily purchase limits, up to ₹6 lakhs, and daily withdrawal limits of up to ₹2 lakhs with the 25K AMB (Average Monthly Balance) Savings Account variant, giving you flexibility for large transactions. Additionally, the card provides access to domestic airport lounges once every quarter.

Moreover, with the 10K AMB Savings Account, you get a Visa Classic debit card that comes with purchase protection and lost card liability cover. The purchase protection covers up to ₹50,000, while the lost card liability cover offers protection up to ₹4 lakhs in case of theft or fraud. This makes managing your finances with IDFC FIRST Bank both secure and convenient through exclusive debit cards. 

Comprehensive insurance coverage
Depending on the account type, IDFC FIRST Bank offers extensive insurance coverage. This includes personal accident insurance of up to ₹35 lakhs and air accident insurance worth ₹1 crore with the 25K AMB Savings Account. These insurance benefits provide additional financial security to account holders, ensuring peace of mind in case of unfortunate events. 

How to open an online Savings Account
Visit the website or mobile app
You can begin the process by visiting IDFC FIRST Bank’s official website or downloading their mobile app. The user-friendly interface will guide you through each step of the account opening process.

Choose your account type
IDFC FIRST Bank offers a variety of Savings Account options, so choose the one that best suits your financial needs and preferences. Whether you need a simple Savings Account or one with added benefits, there’s an option for everyone.

Provide personal details
Fill out the required details such as your full name, address, PAN number, and Aadhaar number. These details are essential for completing the KYC (Know Your Customer) process.

Complete video KYC
The next step involves completing the KYC process. You can schedule a convenient time during the banking hour for video KYC. The process is quick, secure, and ensures that your identity is verified seamlessly.

Account activation
Once your verification is complete, your account will be activated, and you’ll receive your account details. You can then start enjoying the benefits of your online Savings Account.

IDFC FIRST Bank’s online Savings Account is designed to help you grow your wealth, manage your funds efficiently, and enjoy financial freedom. With high interest rates, zero-fee banking, free ATM withdrawals, and added perks like complimentary debit cards and insurance coverage, it provides the ultimate convenience and security for your savings to cope with adverse situations post the COVID pandemic. Opening an account is quick and easy, and it's accessible to a wide range of customers.
Maximise your savings potential by choosing IDFC FIRST Bank’s online Savings Account today and take the first step towards achieving your financial goals.