IDFC Savings Account Interest Rates 2024 – Open Account Online

The Indian private sector bank, IDFC First Bank, is a well known bank that offers its customers several products and services. One key product of this bank that attracts a line of customers is their savings account. This is mainly because it offers attractive interest rates on different types of savings accounts.

This blog explores details about IDFC’s savings accounts, including how to open a savings account, IDFC savings account interest rate, and more.

Latest IDFC First Bank Savings Account Interest Rates 2024

As of 1st January 2024, the revised IDFC First Bank savings interest rates are between 3.00% to 7.00%, based on different balances in the savings account. The interest is generally calculated on a progressive basis, according to the rate slabs.

Find the table attached below to understand the different categories of savings account and rate of interest offered.

We hope this gives you a better idea about the latest interest rates applicable to your IDFC savings accounts. Now let us go through the section below to learn about the minimum balance required against a specific rate of interest.

IDFC First Bank Savings Account Interest Rates & Minimum Balance Required

Are you now familiar with the IDFC First Bank savings account interest rate? If yes, then you must have a clear idea about the minimum balance you need to maintain for each type of savings account. Check the table below to get a detailed knowledge about the same.

This should give you an overall idea about what the IDFC Bank interest rates are and what minimum balance you must maintain to avoid getting charged on it. Next, we will explore the savings account charges so you can make a more informed choice of this bank to start a savings account.

IDFC Bank First Savings Account Charges

Are you satisfied with the IDFC Savings Account Interest Rate offered by the bank? If yes, and if you are ready to start your savings account with IDFC, go through the table below for additional clarification on the account charges.

Are you now caught up with the IDFC Bank Savings Account Interest Rate and other related details? Let us then give you a few other reasons to choose IDFC First Bank to open your savings account!

Why Choose IDFC Bank’s First Savings Account?

Apart from an interest rate of up to 7% per annum, IDFC FIRST Bank customers can reach their financial goals sooner with monthly interest credits. Here are a few other reasons to create an IDFC Bank savings account without delay.

• A completely digital savings account opening process.
• You can compound your money more quickly by earning interest on interest every month.
• One can download this mobile banking app providing a Google-like search experience.
• You can track your spending or rewards at any time, from anywhere.
• Customers can check their risk profile.
• You can invest in mutual funds and do much more just by downloading the IDFC First Bank app.
• There are several deals available for you to grab, including huge discounts on popular brands, with your IDFC savings account.

If this is not enough to make you opt for IDFC First Bank, continue reading to learn about the key benefits of having a savings account with them.

Key Benefits of IDFC Bank First Savings Account

The key benefits that make IDFC First Bank stand out as a good choice to start a savings account with are as given below.

• An interest rate of up to 7% per annum applies to your savings account.
• A monthly interest credit on a savings account.
• IDFC Bank has a high purchase limit of 6 lakhs.
• A daily ATM withdrawal limit of 2 lakhs is applicable.
• ATM withdrawals are free and can be unlimited.

There are even more benefits you can get access to apart from the IDFC First Bank interest rates on your savings account. Read about some of them in the next section.

Additional Benefits of Opening an IDFC Bank Savings Account

Here are some additional benefits of starting a savings account and opting for a Visa Platinum Debit card with IDFC: 

• Unlimited and free ATM transactions at any branch of the bank from any part of India.
• Customers will get complimentary domestic airport lounge access per quarter.
• You will get free Personal Accident Insurance coverage of up to ₹35 lakhs.
• Customers can also avail an Air Accident Insurance Cover of up to ₹1,00,00,000. 

So, not only do you get access to a high IDFC Savings Account Interest Rate, but also several other complementary advantages with IDFC Bank savings accounts. If you are now ready to create your savings account with IDFC, scroll through the section below to know how.

How to Open an Online IDFC First Bank Savings Account? 

Follow this step-by-step guide to successfully open a savings account online with IDFC Bank in a matter of minutes.

• Step 1: Go to the official website of IDFC First Bank.
• Step 2: Click on the tab which says “Open Account Now” or locate the link on their website.
• Step 3: Fill in the form with your information, accurately.
• Step 4: You can then select your Savings Account variant.
• Step 5: Proceed to make your first deposit.
• Step 6: Complete your Video KYC to then start transacting freely!

It is as simple as that! However, if you want to open up your savings account through the offline mode, we have another guide for you to follow.

How to Open an Offline IDFC First Bank Savings Account?

To know how to open an IDFC First Bank savings account using offline mode, follow the below stated steps.

• Step 1: Vist the closest IDFC FIRST Bank location. 
• Step 2: Complete the branch-provided savings account application form. 
• Step 3: Fill out the form with all the required basic information and select the kind of savings account you want to start. 
• Step 4: Your self-attested Aadhaar card and PAN card will be requested by the bank representative. Kindly provide the official documents. 
• Step 5: Gather and present to the bank any necessary paperwork, including the deposit cash slip (if applicable) and any additional identity documentation. 
• Step 6: After you have submitted the required information and documentation, the bank will check the data and, if it passes, open your account. 
• Step 7: You will get a welcome packet from IDFC FIRST Bank with all the information you need to manage your new savings account.

Eligibility Criteria to Open IDFC First Bank Savings Account 

Now that you know how to open up a savings account with IDFC Bank, make sure you meet the eligibility criteria to do so. To be eligible to open and get access to the IDFC Bank interest rates on savings accounts, you must:

• Be a citizen of India
• Reside in India
• Be a foreign national residing in India while meeting GOI criteria

Documents Required to Open IDFC First Bank Savings Account

Here are the documents you need to present to open a savings account online with IDFC Bank:

• Passport size photo
• A duly filled-up Form 60/PAN card
• Proof of Identity:

• Aadhaar card
• PAN number
• Proof of Address:

• Aadhaar card, passport, voter ID card, valid driving license with your photograph (either one to be presented)
• Job Card issued by NREGA (signed by a State Government Officer) 
• A letter issued by the National Population Register (must contain your name and address)

Once you have the above-mentioned documents ready to be presented to the bank officials, the account-opening process will become much less time-consuming!

Types Of IDFC Bank First Savings Account and its features

IDFC First Bank allows the creation of different types of savings accounts to cater to your various banking requirements. Here are the types of savings accounts you can hold and their features:

1. IDFC FIRST Bank Nation FIRST Salary Savings Account

• It is a Zero Balance Savings account
• The monthly interest is credited
• Personal accidental cover up to ₹1 crore
• Purchase limit of up to ₹1 lakh
• Free/unlimited ATM transactions

2. IDFC FIRST Bank Senior Citizen Savings Account

• Monthly interest credited
• Free doorstep banking is available
• Preferential rates applicable on fixed as well as recurring deposits
• Cyber insurance of up to ₹2 lakhs
• Free Personal Accident cover of up to ₹35 lakhs

3. IDFC FIRST Bank Corporate Salary Account

• Zero balance account till the first salary is credited
• Unlimited ATM access
• Monthly interest credited
• Free Personal Accident cover of up to ₹35 lakhs

4. IDFC FIRST Bank FIRST Prodigy Savings Account (Minor Self-Operated Savings Account)

• Monthly interest credited
• No minimum monthly balance to be maintained 
• Unlimited and free ATM transactions
• Sweep out facility available

5. IDFC FIRST Bank Salary Booster Savings Account

• You can break your FD without suffering any penalties 
• FD breakage will occur in units of ₹1 to grant customers maximum benefit
• No withdrawal limit
• Balances above ₹2 Lakhs will be auto-converted into 370 Days FD

6. IDFC FIRST Bank FIRST Power Savings Account for Women

• Monthly interest credited
• Unlimited and free ATM transactions at any ATM in India
• Purchase limit of ₹6 Lakhs
• Daily ATM transaction limit of ₹2 Lakhs

7. IDFC FIRST Bank NRE Savings Account

• A dedicated relationship manager on board 
• Easily navigable IDFC net banking app designed for NRIs 
• Monthly interest credited to NRE/NRO savings account 
• Competitive exchange rates

8. IDFC FIRST Bank Minor Savings Account (Under Guardian)

• Monthly interest credited
• Competitive IDFC savings interest rate
• Withdrawal limit of ₹40,000 per day
• Self-operated by minors (between the ages 10-18 years)

9. IDFC FIRST Bank Honour FIRST Defence Savings Account

• Zero balance saving account 
• Monthly interest credited 
• Air accident cover of ₹1 Crore
• Personal accidental insurance of ₹70 Lakhs
• Purchase limit of ₹1 Lakh

10. IDFC FIRST Bank Seafarer Savings Account

• No minimum balance has to be maintained 
• Free Visa signature debit card with no annual charges
• Cashback benefits unlocked
• High ATM withdrawal limits
• Account will be Rupee-dominated (converted to INR at best interest rates)

11. IDFC FIRST Bank Future FIRST Savings Account

• Monthly interest credited 
• Free banking services
• Visa signature debit card available

12. IDFC FIRST Bank NRO Savings Account

• Monthly interest credited
• You can access your account overseas, through the IDFC banking app
• Mandate facility available 
• Funds are repatriable and subject to documentation up to 1 million dollars in 1 financial year.

13. IDFC FIRST Bank Vishesh Savings Account

• Zero balance saving account 
• Monthly interest credited 
• Air accident cover of ₹1 Crore
• Personal accidental insurance of ₹70 Lakhs
• Purchase limit of ₹1 Lakh

Steps to Open IDFC First Bank Video KYC Savings Account 

Have you decided on which type of savings account you want to open with IDFC? With an IDFC Savings Account Interest Rate as high as 7% p.a., IDFC becomes a go-to choice. However, to complete the account-opening process, you must complete the Video KYC process.

Follow our simple guide below on quickly completing the mandatory Video KYC process for opening an IDFC savings account. 

• Step 1: Visit the savings account opening page of IDFC First Bank.
• Step 2: Type in your address and wait for the notification of consent. 
• Step 3: Enter your personal and professional information as required. 
• Step 4: Select the product type.
• Step 5: Go through the terms and conditions before finally proceeding.

Once the video KYC process is over, you can unlock and enjoy the various benefits that come with an IDFC savings account.

IDFC First Bank Savings Account Transaction Limit 

Every savings account comes with a transaction limit. However, IDFC First Bank is known, besides for its attractive IDFC savings account interest rate, also for an accommodating transaction limit. The table below gives you a clear picture about the same.

How to Close an IDFC First Bank Savings Account? 

If you are not satisfied with the banking experience of the IDFC Savings account or your need for this account is over, then you can also decide to close it. Here are a few simple steps you can follow to successfully do so:

• Step 1: Download the IDFC First Bank account closure form online or visit the nearest bank branch to collect it.
• Step 2: Fill in the required details in the form.
• Step 3: Re-check the information you have provided including your bank account number, name, and other details. 

Note: In case of a joint account, all signatories are required to fill and sign the closure form.

IDFC First Bank Savings account onboarding Kit

Once you successfully open a savings account, the bank gives you an onboarding or Welcome kit to start your savings account journey. The kit comprises of the following:

• A welcome letter
• A manual to use savings account
• Debit card
• A cheque book

Final Word

You are now caught up with all the relevant details regarding opening a savings account with IDFC First Bank. From a high IDFC Savings Account Interest Rate to the bank providing several different types of savings account options (with substantial benefits) – IDFC First Bank ought to be your top choice indeed!

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.