Last Updated on October 17th, 2019

In this article we explore the benefits offered by IDFC First Bank Saving Account and evaluate whether you should go for this account

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 5 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 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 First Bank Saving Account can be your saviour.

IDFC First Bank Saving Account
This account can help you enjoy most of the above banking services, but without incurring the above charges. While this 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 under this account
When you open an online savings account with IDFC First Bank you can get benefits worth almost Rs. 10,000 (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 cashback of upto Rs. 250 per month using your Visa Signature Debit Card on Bookmyshow.com. This offer is applicable for the 1st transaction (movie / play / event ticket booking transaction on BookMyShow every month. The cashback amount is the price of the ticket/s or Rs. 250, whichever is lower. You can book one or multiple tickets, but the maximum cashback amount that can be availed in a transaction is Rs. 250. The annual benefit is up to Rs. 3,000.
2) Free access to ATMs across the country: You can access ATMs of IDFC First 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.
3) 10% cashback on 1^st Visa Signature debit card transaction: When you use your Visa Signature debit card for the first time for an online / offline transaction, you will get a cashback of 10% on the transaction value. The minimum transaction value should be Rs. 1000 and the maximum cashback that can be availed is Rs. 250. The offer should be availed within 30 days of receipt of the debit card.
4) IDFC First Bank saving account interest rate is 6-7% p.a.: If the balance maintained in the account is less than Rs. 1 lakh, then the interest rate payable is 6% p.a. If the balance maintained is between Rs. 1 lakh and Rs. 1 crore, then the interest rate payable is 7% p.a. The interest 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 complimentary access to participating airports, 2 times in a calendar quarter. If the access fee assumed is Rs. 500 per visit, then the notional value of this annual benefit is Rs. 4,000.
6) Fuel surcharge waiver: The Visa Signature card entitles you to waiver of fuel surcharge waiver across any petrol pump in India.
7) Discount offers: The Visa Signature card comes with various discount offers on categories like travel and hotel booking, dinning out, lifestyle and shopping etc. From time to time the offers change, with addition and deletion of offers.
8) Insurance offers: The Visa Signature Debit Card comes with free insurance (death or permanent disability) for the cardholder, no liability for unauthorized transactions on Debit Cards on receipt of notification from the card holder. For any queries or for more details on these, contact the bank official.
9) Transactions and services free of charges: With this account you can enjoy the following services free of charge: Passbook issuance and printing, stop payment of cheques, account related SMS alerts, standing instructions, fund transfer (NEFT / RTGS / IMPS), cash deposit / withdrawal at branch by customer, balance confirmation certificate, balance enquiry etc.
10) Transactions subject to minimal charges if minimum balance is not maintained: As long as you maintain the required minimum balance of Rs. 25,000, the following services will be free: Issue of cheque book, issue of demand draft, replacement of debit card, annual debit card fees, ATM transactions at any ATM in India. If the minimum balance is not maintained, then there will be minimal charges for the above transactions.

Average monthly balance requirement: Please note that you need to maintain an average monthly balance of Rs. 25,000 with this savings account. On non-maintenance of the required balance, there will be non-maintenance charges applicable.

IDFC First Bank account opening online

After read the numerous benefits that the online IDFC First Bank Savings Account offers, we are sure you can’t wait any more to open an account. There are no IDFC First Bank account opening charges. 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 newly opened savings account from your other existing bank account and start availing the irresistible benefits of this account. Opening this account online is as simple as that. All you need is a few minutes to open your account online.

Referral incentive disclaimer: In case you wish to open the account, you can use my referral link to open the account. If you use my referral link to open the account, I will provide you with one time free consultancy on how you can save money on your regular monthly expenses across various categories like groceries and daily use household products, fashion and personal accessories, movies, travel ticket booking and hotel booking, dining out and ordering food and various other categories.

In case of any doubts or queries you may comment in the section below or write to me at [email protected]