How to open a savings account online with IDFC FIRST Bank

Today, opening a savings account in an instant is possible, and it saves you a lot of time. You can open one with IDFC FIRST Bank, at your comfort and convenience in just a few clicks.

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What are the key features of our savings account?

  • Instant account opening
  • Immediate account number generation
  • Instantaneous access to your account on IDFC FIRST Bank Mobile Banking app
  • Video KYC with no physical documentation requirement
  • Lucrative interest rate
  • Free multiple transfers of funds
  • Free Visa Debit card
  • Quick SMS alerts and e-statements to keep track of your transactions

How to open an online savings account?

Follow the steps given below to open savings account online with IDFC FIRST Bank:

  • Go to the application link
  • Enter Name, Mobile number and Email address
  • Enter your Aadhaar number /VID no. and PAN number
  • Fill in your personal & occupational details
  • Fund your account
  • Complete Video KYC (optional)

Once you have filled this information, your account will be opened immediately.

After your account has been set up, you will receive your Customer ID, Account Number, and IFSC code over email and SMS.

At IDFC FIRST Bank, we also provide you with a welcome kit. It will have all the information you need to operate a bank account.

What are the eligibility criteria to open this account with us?

To open this account with our bank, you need to:

  • Be an Indian citizen
  • Reside in India
  • Meet the criteria laid by the Government of India (GoI), if you are a Foreign National residing in India
  • Have an average monthly balance of Rs. 25,000/Rs 10,000 in your account

What documents are required to open this account?

To open the account with IDFC FIRST Bank digitally, you only require PAN number and Aadhaar number/VID no.

What is a Savings Account and why do I need it?

A savings account is necessary to enjoy the full suite of banking services.


To understand the concept of a savings account, imagine you and your friend have ₹500 each. While your friend kept it with him, you deposited it in a bank that offers an interest rate of 10% annually. Towards the end of the year, your friend managed to not spend any money and save ₹500, whereas you grew it to ₹550 because you decide to deposit it in the bank.

What is a savings account?


Savings account is a basic account type that lets you deposit money safely with a bank. It ensures safety and access to your money whenever you need. You can withdraw your funds, either digitally or in person, at any point in time.

Having a savings account is a liquid investment, so you have the ease of using your funds any time for transactions. A savings account also earns decent returns; IDFC FIRST Bank’s savings account, for instance, earns up to 6% interest per annum.

IDFC FIRST also allows you to use an online saving account to ensure flexibility. You can operate your online savings account over the internet, using your PC, laptop, or even your smartphone, and earn high interest rates.

Why do you need a savings account?


A savings account is like a virtual locker that safeguards your money and pays a certain amount of interest. As opposed to a fixed deposit (FD), you can use the money in your savings account whenever you need. A savings account also has other uses.

With your savings bank account, you make transactions, receive payments, pay your credit bills, and make investments. You can also pay for utilities such as electricity bills, ration, mobile phone recharges, and shopping. A savings account safeguards your money from theft and misplacement and reduces the stress that comes with carrying too much cash.

Who can open a savings account?


Any Indian can open a savings account individually. Foreign nationals can also open a savings account, although they must do it jointly with another Indian using an application form and some other KYC documents. A Hindu Undivided Family (HUF) is also eligible to open a Savings Account.

Savings account is a basic account type that lets you deposit money safely with a bank.

While banks require Indian citizenship as a requirement for opening a savings bank account, certain provisions exist for foreign nationals who stay in the country for a long term. These individuals must simply provide the requisite KYC documents along with the application form.

A savings account can be your first step towards being financially responsible and increase your possibilities of getting a loan. Your money would be safe with the bank, so you never have to worry about thefts or misplacing it. All you need to do is carry a debit card instead of having to carry a lot of cash. You can also grow your money as the bank gives you interest.

With IDFC FIRST Bank, you can open a savings account online. All you need to do is go to the IDFC FIRST Bank website, click on ‘Savings Account’ under ‘Savings & Deposits,’ and select open now. Once you fill in all the details, you will soon have your own savings account. High interest, unlimited ATM withdrawals, and minimal maintenance fees are the standout reasons for opening a savings account with IDFC FIRST Bank.

What are the benefits of keeping a Salary and Savings Account separate?

Both salary and savings account may offer the same benefits. However, they do have some differences that can be identified by comparing some of their features.

Here are a few distinguishing features:

Savings bank account

  • It may offer daily withdrawal limits.
  • Customers are required to maintain a minimum cash balance, unless it is specified to be a zero-balance account.
  • A savings account can be opened by everyone, no matter their economic strata, what they do for a living, and their residential status. Unlike other banking/financial products, they come with fewer restrictions on their opening. Even minors can have a savings bank account opened by their parents or guardians.

Salary account

  • Cannot be opened by an individual. Employers open a salary account for their employees.
  • There is no minimum balance requirement.

When managing finances, keeping two separate accounts could seem like too much effort. But there are some advantages of keeping both accounts separate.

Let’s look at the benefits of having a separate savings and salary account:

Organised Finances

A separate salary and savings account can help streamline your budget. It can make it easy to track expenses. For example, by using a single account to pay utility bills, you can track all your bills via the respective account. Instead, if you make all your transactions from one account, it might get difficult to track the money at the end of the month. Having separate accounts could help you better manage your money.

More savings

With a separate salary and savings account, you can set a goal for savings each month. Based on the target, you could consistently transfer money from your salary account to your savings account every month. This will help you get a picture of how much you’re saving. In case of emergencies, you can directly check your savings account balance to know how much you can afford to spend. Without a second account, you would have to take the additional efforts of calculating the instant liquidity you could afford from your single account.

Having a separate account for savings could also help you keep your regular withdrawals restricted to your salary account. This would help you grow your funds in your savings account.

Increased rewards and benefits

These days, salary accounts, by default, come with a host of facilities such as mobile banking, Netbanking, ATM facility, online banking, and more. A savings account will also offer these facilities. You would, therefore, have access to the same facilities on two accounts. Discounts and rewards that come with a debit card or netbanking could be enjoyed on both your accounts. Therefore, by using the features correctly, you could double the benefits.

Higher interest/profit rate

You could benefit from the difference in interest rates on your savings or salary account. Depending on the banks where you have your account, you could benefit from a higher interest rate on one of the accounts. Shifting your money to the account with a higher interest rate would help you earn more on it. One bank could also offer different interest rates for a salary and savings account. You could open a second account in the same bank and then transfer money to the account with a higher interest rate.

Money managed well is an important part of growing your wealth and keeping it secure. Keep your savings and salary account separate to reap more benefits and manage your finances better.

Future FIRST Savings Account

Take a step towards financial independence with up to 6% interest per annum on your zero balance savings account. Because for us your future is always FIRST.

Future FIRST Account is a zero balance savings account with Visa Signature debit card. This account can be offered to students from premier/identified educational institutes of India. Enjoy up to 6% interest per annum with no minimum balance required, complimentary TIMES Prime Membership, free fund transfers, free general banking services, and much more.

Future FIRST Account with total benefits up to Rs. 88,000/-

5 Percent Interest Rates

Dining Deals

Enjoy exciting dining deals on delicious food and beverages with your IDFC FIRST Bank Debit Card – save up to ₹6,000/-

Accident Cover

Free Personal Accidental Insurance

Free Personal Accidental Insurance Cover (death or permanent disability) of ₹35 lakhs – save ₹7,000 annually

Free Airporbit Free Airport

Free airport lounge access

Free airport lounge access – 2 per quarter in major cities and save ₹12,000 annually

Complementary Benefits

Complementary Times Prime subscription

Complementary Times Prime subscription – enjoy benefits up to ₹60,000/- access dining, travel, shopping, entertainment, grocery and more

vouchers

Win up to ₹3,000/- worth assured vouchers on your favorite brands within the first 30 days of account opening

Monthly Interest Credit on your Savings Accounts

  • Earning interest on interest with IDFC FIRST Bank
  • Monthly interest credits versus the industry norm of quarterly interest credit
  • Free and unlimited ATM transactions at any bank anywhere in India
  • Industry best giveaways!

Future FIRST Account with VISA Signature Debit Card

Zero balance savings account

  • Personal accident cover is 35 Lakhs,
    air accident insurance is 1 cr.
  • Airport lounge access in major cities –
    Twice every quarter
  • 10% cashback up to ₹250 on your first purchase
    of ₹1000 and above
  • Complimentary TIMES Prime Subscription – Enjoy benefits up to ₹60,000 on lifestyle spends

FaQ

How can I learn more about IDFC FIRST Bank Future FIRST Savings Account Interest Rates.

IDFC FIRST Bank’s Savings Account is our testament to putting our customers first. We offer one of the industry’s best savings account interest rates at up to 6% p.a.
What’s more, you earn this interest on progressive balances in each interest rate slab, as applicable. That means you earn every single day. We pay out this interest every month.
Hurry and make the most of this unique opportunity. Click here to know more.
Please note that interest rates are subject to periodic change.

How does the monthly interest credit for savings account work?

For the convenience of our customers, the Bank will credit interest to customers’ savings accounts on a monthly basis. The earlier facility of interest credit on quarterly basis on savings accounts will be discontinued from June 30, 2021. The Bank is among the few in the industry to offer monthly interest credit on savings accounts.

How can I open a IDFC FIRST Bank Future FIRST Savings Account?

You can open a Future FIRST Savings Account by reaching out to any IDFC FIRST Bank representative or by walking into the nearest IDFC FIRST Bank branch centre.

Who Can Apply?

Indian citizens
Residents of India
Foreign nationals residing in India and meeting GOI criteria

Documentation

For Digital Bank Account Opening:
Aadhaar Number
PAN number/ Form 60

For Physical Bank Account Opening:
Passport-size photograph
If you have a PAN Card, it is mandatory to provide it while opening your account
Any one of the following document:

– Aadhaar Card
– Passport
– Voter’s Identity Card (Election Card)
– Permanent and valid driving license with photograph
– Job Card issued by NREGA duly signed by an officer of the State Government
– Letter issued by the National Population Register containing details of name and address.

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Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

Notes:

  • Current Balance should be more than minimum balance to be eligible for each of the above offers
  • Rewards are applicable only if offer and eligibility criteria is met within 30 days of account opening
  • Vouchers will be sent within 30 days to your registered e-mail ID
  • Redeem the vouchers on Amazon, Grofers & other renowned brands of your choice
  • Benefits worth up to ₹3,000/- for Savings Account with Signature Card and up to ₹1,500/- for Savings Account with Classic Card
  • Completion of KYC will remove funding-related and credit-related restrictions of up to ₹1 lakh in a financial year, in your account
  • Benefits applicable for digital account opening only
  • Offer valid till 30th April 2022 and applicable for digital account opening only
  • Disclaimer: Amazon.in is not a sponsor of this promotion. Amazon Pay Gift Cards (“GCs”) are issued by QwikCilver Solutions Private Limited (“QwikCilver”). GCs may be used only for the purchase of eligible products/services on Amazon.in or other partner sites. GC balances must be used within 1 year of the date of purchase/activation and any unspent balance shall expire in 1 year from the date of purchase. GCs cannot be transferred for value or redeemed for cash. QwikCilver, Amazon Seller Services Private Limited (“Amazon”) or their affiliates are not responsible if a GC is lost, stolen, destroyed or used without permission. To redeem your GC, visit www.amazon.in/addgiftcard. For complete terms and conditions, see www.amazon.in/giftcardtnc. All Amazon ®, ™ & © are IP of Amazon or its affiliates. Refer Detailed Amazon Pay Gift Card T&C here: www.amazon.in/giftcardtnc

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