IDFC First Bank - Savings accounts up to 7% p.a

IDFC First Bank is a public Indian Banking company. It was formerly known as IDFC Bank before its merger with First Bank. The bank’s headquarters are in Mumbai. IDFC First Bank is a part of the IDFC group, which is an integrated infrastructure finance company. It began its operations on the 1st of October 2015. IDFC First got its universal banking license from the RBI in July 2015 and on 6th November it was listed on BSE and NSE.

Savings Accounts

Savings accounts up to 7% p.a

Savings accounts with Signature Card Benefits: Minimum balance Rs. 25000

• Rs. 250 voucher on account opening
• Rs. 500 voucher on adding beneficiary and fund transfer
• Rs. 250 voucher on registering on WhatsApp
• Cashback of Rs. 250 for first online or offline debit card transaction
• Voucher of Rs. 250 for booking FD of a minimum of Rs. 25000 and RD of minimum Rs. 5000
• Voucher of Rs. 250 for first UPI payment for a minimum of Rs. 1000
• Voucher of Rs. 250 for first bill payment using mobile app or net banking for a minimum of Rs. 100
• Voucher of Rs. 1000 for spending Rs. 20000 or more with debit card

Savings accounts with Classic Card Benefits: Minimum balance Rs. 10000

• Rs. 250 voucher for account successfully opening
• Rs. 250 voucher for booking FD of Rs. 25000 minimum and RD of Rs. 5000 minimum
• Rs. 500 voucher after adding beneficiary and fund transfer of Rs. 2000 minimum
• Rs. 250 voucher after first bill payment using mobile app or net banking of minimum Rs. 1000
• Rs. 250 voucher after first UPI payment of Rs. 1000 minimum
  

Features:

Savings Account With VISA Signature Card

• Free, unlimited ATM withdrawal
• Higher Personal accident coverage of 35 lakh
• Purchase protection of 1 lakh
• Higher lost card liability of 4 lakh
• Air accident cover of 1 Crore
• BookMyShow cashback of 250 per month
• Airport lounge access Twice in a quarter
• Higher daily cash withdrawal limit of 2 lakh, domestic ATM
• Higher daily purchase limit of 6 lakh, domestic

Savings Account With VISA Classic Card

• 5 Free ATM transactions per month at own and non-Bank ATMs
• Personal accident cover of 2 lakh
• Lost card liability of 50,000
• Daily cash withdrawal limit of 1 lakh from domestic ATM
• Daily purchase limit of 1.5 lakh domestic
  

Senior citizens Savings Account

Savings Account with signature card benefits- minimum balance Rs. 25000

Benefits:

• Get voucher of Rs.250 after Account Successfully Opened
• Get voucher of Rs.500 after Adding Beneficiary & do a Fund Transfer
• Get voucher of Rs.250 after Registering on WhatsApp Banking
• Get cashback of Upto Rs.250 for your First online/offline Debit Card transaction
• Get voucher of Rs.250 for Booking FD of min. Rs.25,000/
• Get voucher of Rs.250 for First UPI payment
• Get voucher of Rs.250 after your First Bill payment using Mobile app or Net banking
• Get voucher of Rs.1000 after Spend Rs. 20,000 or more with your Debit Card

Savings Account with classic card benefits- minimum balance Rs. 10000

Benefits:

• Rs. 250 voucher for account successfully opening
• Rs. 250 voucher for booking FD of Rs. 25000 minimum and RD of Rs. 5000 minimum
• Rs. 500 voucher after adding beneficiary and fund transfer of Rs. 2000 minimum
• Rs. 250 voucher after first bill payment using mobile app or net banking of minimum Rs. 1000
• Rs. 250 voucher after first UPI payment of Rs. 1000 minimum
  

Features:

Savings Account With VISA Signature Card

• Free, unlimited ATM withdrawal
• Higher Personal accident coverage of Rs.35 lakh
• Purchase protection of Rs.1 lakh
• Higher lost card liability of Rs.4 lakh
• Air accident cover of Rs.1 Crore
• BookMyShow cashback of Rs.250 per month
• Airport lounge access Twice in a quarter
• Higher daily cash withdrawal limit of Rs.2 lakh, domestic ATM
• Higher daily purchase limit of Rs.6 lakh, domestic

Savings Account With VISA Classic Card

• 5 Free ATM transactions per month at own and non-Bank ATMs
• Personal accident cover of Rs.2 lakh
• Lost card liability of Rs.50,000
• Daily cash withdrawal limit of Rs.1 lakh from domestic ATM
• Daily purchase limit of Rs.1.5 lakh domestic
  

NRI Savings Account upto 7% p.a

Features:

• Net banking and Mobile App access from anywhere around the world
• Attractive exchange rates on inward remittances
• Dedicated relationship manager
• All transactions possible from any geography
• Benefits-rich visa signature debit card on request
• Easy access mandate to account for family in India
  

Corporate Salary account

Get a corporate salary account for yourself or as a salary product of your company

Current Account - Features & Benefits

Contrary to savings accounts, a Current account is primarily used not to save and grow your money. It is used to preserve an amount of money which you will be using soon over a period of time.

A current account is ideal if you have plans to make large transactions regularly. These do not come with a huge interest rate either, which means your money there won’t grow so much.

Yes, there is a modicum of interest rate, yet the primary function is to enable you to access your money whenever you want to. A savings account won’t give you this benefit. It is for this reason all merchants, traders, etc. have at least one Current Account.

What are the types of current accounts?

You can get different kinds of current accounts from banks according to your requirements. You should pick one which is best suited for your needs. For instance, for the transactions you want to carry out, some types of current accounts are more suited than the rest. Below you'll see the various types. However, before you run off to a bank to start one of them, know that these accounts can differ from one bank to the next.

• Standard current accounts: In this type of current account you need to maintain a minimum monthly average balance. It gives no interest on your deposit by giving you various facilities like debit cards, cheque books, overdraft and more.
  
  
• Basic current accounts: If one has a low wage or salary, or if one is young, this type of current account is ideal. It helps them to manage their money with ease, although there are some daily cash withdrawal restrictions.
  
  
• Premium current accounts: Just like the name says, this type of account offers various exclusive benefits and offers. If you routinely carry out large transactions, this is the type of account you may want.
  
  
• Packaged current accounts: It offers a range of perks and benefits, along with exclusive features like travel insurance, medical support, and more.
  
  
• Foreign currency accounts: This is ideal for NRIs and for those who wish to carry out foreign currency transactions frequently.

What are the features and benefits of current accounts?

• Current accounts are beneficial for all, but especially for traders, businessmen and professionals. Here are all the various benefits and pros of a current account.
• Current accounts are there to facilitate frequent transactions especially
• Customers can be individuals, both private and public companies, associations, proprietors, trusts, and others.
• It is similar to a savings accounts and you need to follow KYC guidelines here as well
• There is no maximum ceiling for the number of daily transaction
• There is no limit for the amount you can keep at the home branch
• Current accounts makes it easier for business transactions to be made through a variety of means like DD, cheques and pay orders.
  

Who can open a Current account?

People who can open this type of account can be:

• Individuals
• Sole proprietors
• Limited companies
• Trusts
• Clubs, societies and Associates
• Partnership firms
• Hindu Undivided Families
• Administrators, executors and liquidators
  

How can you open a current account?

There are two ways to do this. One is by visiting the nearest bank and filling up the application documents. The other way is to apply online.
What are the documents you’ll need to open a current account?

The documents you’ll need are:

• PAN card
• Certificate of Incorporation, AOA and MOA in case of companies
• Partnership deed in case of a partnership firm
• Firm’s address
• Certificate of sales tax in case of a proprietorship firm
• ID proof and address proof
• Cheque for the opening of the bank account
• One’s photo
  

How to pick the best current account for yourself?

When choosing, pay attention to these criteria.

• The minimum balanced you need to keep
• Fees, costs and charges
• The required cash deposit limit