Product Details
Bank Name
IDFC Bank
Account Name
IDFC Savings Account with Auto-Sweep facility
Account Type
Savings Account.
Interest Rate
Upto 1 Lakh - 3%. Above 5 Lakh And Upto 10 Lakh 5%. Above 10 Lakh And Upto 25 Crore: 7.25%. Above 25 Crore and upto 50 Crore: 6.50%. Above 50 Crore: 6%.
Free Debit Card
VISA Platinum Debit card
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
NIL
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
IDFC Savings Account with Auto-Sweep facility
Special Features
Users will get monthly interest credit,
Sweep-out & Sweep-in facility is available.
Users will get complimentary personal accidental cover of 35 lakhs.
Eligibility Criteria
Indian citizens
Residents of India
Foreign nationals residing in India and meeting GOI criteria.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Users will get monthly interest credit,
Sweep-out & Sweep-in facility is available.
Users will get complimentary personal accidental cover of 35 lakhs.
Users will get air acident cover of upto Rs 1 crore.
Users wil get unlimited access to any IDFC ATMs or any other bank ATMs.
Cons
Very few features.
IDFC Savings Account with Auto-Sweep facility
The account offers decent interest rate. The account also comes loaded with a number of value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
You can open a savings account with Federal Bank either online or offline. Here's a breakdown of both methods:
Online Method
Visit the Federal Bank website: Go to the official Federal Bank website and click on the "Open an Account" option.
Select customer category: Choose the appropriate customer category, such as personal banking, NRI banking, or business banking.
Fill in details: Provide your full name, email address, and mobile number in the online form and submit it.
Receive email: You will receive an email with the Account Opening Form (AOF) and a list of required documents.
Submit documents: Print and fill out the form, attach your photograph, and submit it along with the necessary KYC documents at the nearest Federal Bank branch.
Collect welcome kit: Once the KYC verification is complete, you will receive your account opening kit from the bank.
Offline Method
Visit a branch: Visit the nearest Federal Bank branch.
Fill out the form: Obtain and fill out the account opening form.
Submit documents: Submit the form along with self-attested copies of your PAN card and Aadhaar card.
Deposit initial amount: Deposit the required initial amount (if it's not a zero-balance account).
Account confirmation: The bank will open your account and confirm the details via SMS and email.