IDFC Bank Savings Account

by Gopal Gidwani on April 18, 2017 · 0 comments

in Financial Planning

Various charges levied by banks
Over the last few years, banking is becoming increasingly more expensive for individuals. Let us see the various charges you may have to incur if you are holding a savings account with a bank:

a) Minimum balance: Most banks require you to maintain an average minimum balance on a monthly or a quarterly basis. If you fail to maintain this average minimum balance then your account will be levied some charges.
b) ATM transaction fee: Most banks allow you 5 free ATM transactions in a month at their own ATMs and 3 free ATM transactions at other banks’ ATMs in 6 metro cities (5 free ATM transactions in non-metro cities), post which your account will be levied charges for every additional transaction in that particular month.
c) Cash transaction charges: The Government and banks want you to transact online / digital as much as possible. They want to curb cash transactions and promote a cashless / digital economy. Because of this some banks have started levying charges for cash transactions (deposits / withdrawals) at branches above a certain number of transactions in a month.
d) Charges for various general banking facilities: Most banks will charge you for various banking facilities like transaction SMS alerts, issue of cheque book / debit card, debit card annual fees, stop payment of cheque/s, standing instructions, electronic fund transfers (RTGS, NEFT, IMPS), passbook issuance, demand draft issuance / revalidation / cancellation, balance confirmation certificates etc.
e) Charges for swiping cards at petrol pumps, booking tickets on IRCTC etc.

Some banks may not charge you for some of the above transactions;
a) If you maintain a certain minimum balance in your account at all times or
b) If you are a privileged customer or
c) If you have a specific type of savings account like a salary account

But if an individual does not fulfil any of these three criteria and still does not want to incur the above charges, then what is the option available to him / her? This is where IDFC Bank Savings Account can be your saviour.

IDFC Bank Savings Account
The IDFC Bank Savings Account can help you enjoy all the above banking services, but without incurring the above charges. While an IDFC Bank savings account gives you all the benefits of a regular savings account that any bank will provide, it comes with additional benefits that will pleasantly surprise you.

Benefits offered by IDFC Bank Savings Account

IDFC Savings Bank Account benefits

When you open an online savings account with IDFC Bank you can get benefits worth Rs. 10,150 (40% returns) on an annual balance of Rs. 25,000. Sounds exciting? Let us see how you can avail these benefits:

1) Monthly discount from Bookmyshow.com: You can avail a discount of Rs. 250 per month using your Visa Signature Debit Card on Bookmyshow.com. The annual benefit is Rs. 3,000.
2) Free access to ATMs across the country: You can access ATMs of IDFC Bank or any other bank across the country, any number of times, free of cost. Other banks will charge for more than 5 transactions in a month. Assuming you do 10 ATM transactions in a month, the additional 5 transactions (6th to 10th transaction) will save you Rs. 15 per transaction X 5 transactions = Rs. 75 per month. The annual savings will be Rs. 900.
3) 10% cashback on 1st debit card POS transaction: When you swipe your debit card for the first time at a POS terminal, you will get a cashback of 10% on the transaction value. This is a onetime benefit and subject to a maximum cashback of Rs. 250.
4) 4% interest rate: Assuming you maintain an annual balance of Rs. 25,000, you will earn Rs. 1000 as annual interest @ 4%. Whatever interest is accrued on the balance in the savings account shall be credited to your account on a quarterly basis.
5) Free access to select lounges at airports: You can avail this facility 2 times in a calendar quarter at participating airports. The notional value of this annual benefit is Rs. 4,000.
6) Free Lifetime Visa Signature Debit Card: There is no issuance fee or annual maintenance fee for the debit card. The notional value of this annual benefit is Rs. 1000.

So let us summarise these benefits worth Rs. 10,150 (40% returns) on an annual balance of Rs. 25,000.

Particulars

Annual Benefit details

Annual benefit

Bookmyshow.comMonthly benefit Rs. 250 X 12 monthsRs. 3,000
Free access to ATMs5 additional transactions in a month X Rs. 15 per transaction X 12 monthsRs. 900
10% cashbackThe cashback is on the 1st debit card transaction on POS terminal. This is a onetime benefit and not an annual benefit.Rs. 250
4% interest rateAssuming the annual balance maintained is Rs. 25,000Rs. 1,000
Free access to airport loungesRs. 500 per lounge access X 8 in a year (2 per quarter)Rs. 4,000
Free Lifetime Visa Signature Debit CardNo issuance fee or annual maintenance feeRs. 1000
TotalRs. 10,150

Other benefits

We are still not done with the benefits offered by this savings account. The other benefits offered by the online IDFC Bank Savings Account include:

1) No charges for non-maintenance of average monthly balance: The average monthly balance required to be maintained in the savings account is Rs. 25,000. But, you will not be levied any charges if you don’t maintain the required average monthly balance.
2) Fuel surcharge waiver: With the Visa Signature Debit Card, you will not be required to pay the fuel surcharge at any petrol pump across the country.
3) No charge on IRCTC transactions
4) Debit card offers: The Visa Signature Debit Card entitles you to discounts and deals at various restaurants, wellness and outlets etc. These offers will vary from time to time.
5) Free cash transactions at branches: You can do any number of cash (deposit / withdrawal) transactions in a month at the branches without incurring any charges. Please note that some banks have started charging for these services above a specific number of cash transactions in a month.
6) General banking services: If you maintain an average monthly balance of Rs. 25,000, you can avail various general banking services free of cost which include electronic payments like NEFT, RTGS and IMPS, issuance of passbook and printing, stop payment of cheque, SMS alerts for transactions, standing instructions, issuance / revalidation / cancellations of demand drafts, collection of outstation cheques, balance confirmation certificate etc.

If you don’t maintain an average monthly balance of Rs. 25,000, then IDFC Bank will levy nominal charges for some of these services. For more details on this, visit the ‘Schedule of Charges’ page on the bank’s website or get in touch with the bank official.

7) Insurance offers: The Visa Signature Debit Card comes with free personal accident insurance for the cardholder, insurance cover for lost card liability and purchase protection.
For any queries or for more details on these, contact the bank official.

Online account opening
After read the numerous benefits that the online IDFC Bank Savings Account offers, we are sure you can’t wait any more to open an account. So you can open an online account, right away. All you need is your PAN card number, Aadhaar card number and the mobile to which your Aadhaar card is linked. To open an account you need to fill a few personal details like city you live in, whether you are employed or self-employed, your name, Aadhaar number, PAN number, email id, mobile number etc.

Once you fill these details and submit, your account will be set up and the account details (customer id, account number etc.) will be sent to you through SMS and email. Then you can set up your user name, internet pin and debit card pin of your choice. You can then do an online transfer of funds through NEFT or IMPS into your IDFC Bank Savings Account from your other existing bank account and start availing the irresistible benefits of this account. Opening an IDFC Bank Savings Account online is as simple as that. All you need is 4 minutes to open your account online.

To open an account click here.

In case of any doubts or queries you may comment in the section below or write to us at gopal_gidwani@yahoo.com

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