IDFC Savings Account Review| North Loop Official Blog
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14 Sep 2020

IDFC Savings Account Review

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IDFC Bank Background and Overview –

IDFC is an integrated infrastructure finance company and IDFC Bank, headquartered in Mumbai forms a part of it. IDFC Bank provides a wide range of financial services to its customers that include individuals, small businesses and corporates. Some of the financial products and services offered by the bank are savings account, current account, NRI accounts, fixed and recurring deposit accounts, home loans, personal loans, forex card, payment solutions and wealth management services.

The Bank received a universal banking license from the RBI in 2015 and got listed on the BSE and NSE in the same year. With around 260 branches and several ATMs across the country, it has become a popular bank in the Indian market.

Let us take a look at some of the different IDFC savings account products and their primary features –

Digital Savings Account – This account can be opened online using Aadhar based eKYC. It comes with minimal and transparent charges along with a Visa signature debit card, purchase protect insurance offers, accident insurance offers, and unlimited free fund transfers. You can sign in to your Digital Savings Account by using the IDFC login ID and password provided to you. The IDFC login and signing in process is easy and provides quick access to all your savings account-related information and data. The minimum balance requirement for this account is Rs.25000.

Minor Savings Account – This account is primarily for children below the age of 18 years and offers sweep-out option whenever needed.

Senior Citizen’s Savings Account – This account is designed for senior citizens and offers preferential rates on fixed deposits and recurring deposits as well as a free Visa signature debit card.

Pratham Savings Account – This is a zero balance savings account and provides multiple banking services.

Shakti Savings Account – This account has a low monthly balance requirement of only Rs.100. It also offers online fraud and accident insurance cover with its debit card.

Param Savings Account – The average quarterly balance requirement for this account is Rs.1000. You also get free debit cum ATM card with this account.

Vishesh Savings Account – This account also offers online fraud and accident insurance as well as a free debit and ATM card. The average quarterly balance required to be maintained here is Rs.5000.

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IDFC Bank savings account interest rates –

IDFC Bank savings accounts interest rate is 7% per annum on a balance of Rs.1 lakh or above and it is calculated at the end of day balance maintained in the account.

You can get a high-interest rate of 6% on your savings bank account with North Loop. It is a digital banking service provider offering various types of financial products along with an easy and quick application process and minimal documentation. Some of the financial services available include home loans, personal loans, insurance, education loans, savings account, NRE account, high-interest rate fixed deposit account (up to 7.5%) and others.

Eligibility criteria –

Digital Savings Account – You should be an Indian resident.

Minor Savings Account – You must provide your child’s date of birth along with passport-sized photographs.

Senior Citizen’s Savings Account – If you are 60 years or above, you can open this account. Proof of identity and address is mandatory.

Pratham Savings Account – You have to be a resident of India.

Shakti Savings Account – You can open this account if you are a resident Indian or a HUF.

Param Savings Account – You can open this account if you are a Resident Individual/HUF, a sole proprietorship concern, a self-help group (SHG) or a Total Administrative Services Corporation (TASC).

Vishesh Savings Account – You can open this account as a Resident Individual, HUF, a sole proprietorship concern, SHG or a TASC.

Documents required –

Proof of identity

Proof of address

Passport-sized photographs

PAN card

Aadhar Card

You can avoid arranging so many documents by opting for a service provider like North Loop that offers high-interest savings account without the hassle of having to visit a branch or have someone come to your house - you can do it 100% digitally.

IDFC savings bank account application and IDFC net banking facilities –

You can open your IDFC savings bank account either by physically submitting your documents to the nearest bank branch or by filling the application form online and uploading the documents. If you face any trouble while making the application, you can contact the bank executives on the IDFC customer care number. The IDFC customer care is not only easily accessible but also provides relatively quick solutions to all your bank account application problems. The IDFC customer care number is available online on the banks website. Once you open your IDFC savings bank account, you can use the IDFC net banking facilities. You can create your account on its portal and use the IDFC bank login and password provided to sign in to your account. The IDFC bank login details helps you access the IDFC net banking easily and provides access to services like fund transfers, mini-statements, balance check, or loans, without having to visit the bank branch. IDFC net banking also offers an e-statement facility to you. The e-statement comes with a history of the account transactions as well as the available account balance. Again, the e-statement can be accessed by you using the IDFC bank login details or directly on your email registered with the bank. Along with mobile banking and net banking facilities, IDFC also allows you to buy forex online and get a forex card at good exchange rates. The online forex card is especially beneficial if you plan to take a sudden trip abroad. If you face any issues while buying the forex online, you can get in touch with the IDFC customer care and support system to resolve the problems.

You can avail all the above facilities and more with a service provider like North Loop. The best part is that it is 100% digital which means that you can open your account remotely from anywhere in the country. To sign up, click here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.