IDFC First Savings Account

IDFC First Bank Savings Account Interest Rate

The IDFC Savings Account interest rates are: 

*Rates are applicable from June 2025.

Features of IDFC First Bank Savings Accounts

A savings account offers core financial benefits. Beyond competitive IDFC FIRST Bank Savings Account interest rates, the bank offers you and its other customers various features, including:

• Free Debit Card with Comprehensive Insurance: This incorporates Purchase Protection (₹25,000), Personal Accident Insurance (₹2 Lakhs), Air Accident Insurance (₹1 Crore), and Lost Card Liability (₹2 Lakhs).

• Free ATM Withdrawals: You can access cash without giving any charges at any bank's ATM across India.

• No-Cost 25 Common Banking Services: Covers IMPS, NEFT, RTGS, SMS alerts, cheque book issuance, and cash transactions at branches.

• 24/7 Availability: You can access and manage your account via Internet Banking and Mobile Banking anytime, as per your comfort and convenience. 

• Modern Banking Solutions: These services provide seamless and efficient financial management.

Types of IDFC First Bank Savings Accounts

IDFC Savings Accounts are of various types, catering to the different types of needs of a variety of customers:

• Regular Savings Account: Standard account for general banking needs, offering high interest rates and core features.

• Senior Citizen's Savings Account: Curated for individuals aged 60 and above, offering competitive interest rates, doorstep banking, and preferential FD/RD rates.

• Minor Savings Account: For individuals under 18 years, allowing parents/guardians to save for their child's future, often with flexible balance requirements.

• Corporate Salary Account: Zero balance account designed for salaried employees, often with unlimited ATM transactions and other benefits.

• Honour FIRST Defence Account: Tailored for Indian armed forces personnel and veterans, featuring no minimum balance and special benefits like medical coverage on debit cards.

• NRI Savings Accounts (NRE/NRO): For Non-Resident Indians to manage funds in India, with NRE offering tax-free returns and NRO managing Indian-earned income.

• Pratham Savings Account (BSBDA): A zero-balance Basic Savings Bank Deposit Account, providing essential banking services with no charges.

• FIRST Power (Women's Account): Specifically designed for women, offering preferential interest rates, complimentary health benefits, and discounts on locker rentals.

Eligibility Criteria for IDFC First Bank Savings Accounts

To open an IDFC Savings Account, the following categories are eligible to apply: 

• Residents of India. 

• Foreign Nationals. 

• Hindu Undivided Families (HUF). 

Documents Required for IDFC First Bank Savings Accounts

IDFC Savings Account opening requires important documents to be submitted. 

If you are opening the account online, you need to submit: 

• PAN Card number 

• Aadhaar Card number

If you are to open the IFDC savings account at the branch, you need to submit: 

• Passport-size photo

• PAN (mandatory) or Form 60

• One of: Aadhaar, Passport, Voter ID, Driving License, NREGA Job Card, or NPR letter

IDFC First Bank Savings Account Opening Procedure

By following these simple steps, your IDFC Savings Account will be opened in no time: 

Step 1: Visit the IDFC Bank’s official website.

Step 2: Click ‘Open Account Now’ on the savings account page.

Step 3: Enter your information and select your account type.

Step 4: Fund your savings account.

Step 5: Complete your Video KYC

Step 6: After completing the prompts given by the bank, your IDFC savings account will be opened.

IDFC First Bank Savings Account Charges

IDFC First Bank aims to charge minimal fees, which are transparent for all its savings account customers. Most common banking services are free, making day-to-day transactions highly economical. While some accounts may have requirements, options exist for lower or zero balance accounts. The savings account charges at IDFC FIRST Bank are:

*Charges are applicable for January 2025. 

Benefits of IDFC First Bank for Your Savings Account

Some of the common benefits of IDFC savings account are: 

• High Interest Earnings: Benefit from competitive interest rates on your savings balance.

• Automatic Sweep-in Facility: Link your savings to an FD for higher interest; funds auto-sweep back when needed.

• Fee Waivers: Enjoy significant savings with numerous free banking services.

• Robust Digital Banking Platform: Convenient and secure access to your finances anytime, anywhere.

• Consumer-Friendly Approach: The bank's services are designed for ease of use and maximum benefit to the account holder.

• Dedicated Relationship Managers: High-balance customers get personalized advice and priority banking.

Conclusion

An IDFC Savings Account is your ideal choice for keeping your money secure and earning interest to achieve both short-term goals and long-term wealth preservation. This account offers competitive returns, customer-centric features, and digital convenience. Take your first step to safely park your cash and watch it grow.