Savings accounts offer liquidity as well as capital appreciation by providing interest rates on the deposits. A high-interest savings account, such as the one offered by IDFC FIRST Bank, is known for better returns and is a safe place to park your money for a long or short term. Compared to regular savings accounts, these accounts can provide significantly high savings account interest rate for your money to grow over a period of time. Let us understand how you can tap more earnings with a high-interest savings account.
Understanding a high-interest savings account?
Before knowing a high-interest savings account, you should have a basic idea about how a regular savings account works. Banks and financial institutions offer savings bank accounts where you can deposit your money and the bank pays savings account interest on your funds. The interest rates in savings accounts are determined on the daily closing balance to make calculations more even and streamlined.
A high-interest savings account works like a normal savings account but offers higher interest rates. For instance, the IDFC FIRST Bank savings account offers savings account interest rates up to 7% per annum. In addition, you also get monthly interest credit to get better returns due to frequent compounding on the fund.
How is interest calculated for a high interest saving account?
You can use a savings account interest calculator to determine the precise returns in your savings accounts during a specific period. These interest calculators are available online and you simply need to enter your balances and interest rates to arrive at the returns. Among various online tools, IDFC FIRST Bank offers an easy-to-use and robust savings account interest calculator that can help you determine your returns.
Features and benefits of IDFC FIRST Bank savings account
IDFC FIRST Bank offers unique solutions for your enhanced savings such as high interest rates, zero charges on services, and numerous offers on shopping. Let’s have a look at the key features and benefits of the IDFC FIRST Bank savings account.
- High-interest rates on savings account
IDFC FIRST Bank offers one of the best interest rates on savings accounts in the banking industry. You can earn up to a 7% interest rate on the funds in your account and enjoy quick capital appreciation.
- Zero Fee Banking
Zero fee banking* by IDFC FIRST Bank is setting a new standard in the banking sector by offering completely free banking services. You can enjoy zero fees on 28 commonly used savings account services which include-
- Free online money transfer through NEFT, RTGS, and IMPS irrespective of the amount you transfer.
- No charges for debit card issuance or DD/Pay order issuance whatsoever.
- Free cheque book re-issuance and SMS alert.
- Zero ATM charges.
- No charges on cheque bounce and many more.
- Monthly interest payouts
IDFC FIRST Bank offers monthly interest credit which is different from the industry’s norm of quarterly payouts. A monthly interest payout helps you earn better returns due to frequent compounding. The accrued interest is paid after every month which gets compounded on a monthly basis thereafter.
- Unlimited ATM withdrawals
If you are worried about excess charges on ATM withdrawals, opt for an IDFC FIRST Bank Savings account to withdraw cash from ATMs across the country. Transact any number of times without paying an ATM transaction fee.
- Visa debit cards with exclusive benefits
IDFC FIRST Bank also offers a Visa debit card that comes with unique benefits such as high expense limits of up to 6 lakhs. Also, you get complimentary access to domestic airport lounges, personal accident cover of ₹35 lakhs, and air accident cover of ₹1 crore. for 25K AMB variant of the Savings Account
- Attractive deals and offers on top brands
In addition to the features already mentioned, you also get numerous shopping offers and discounts on popular online brands. An IDFC FIRST Bank savings account is designed to offer you holistic benefits, whether it is meeting daily expenses or targeting long-term savings.
How to maximise your savings in the bank account?
Since a savings account also serves the purpose of meeting your daily expenses, holding money strategically is essential. To increase your savings, you first need to find a savings account that offers the highest interest rates. Once done, you can look for account maintenance and service charges. The lower the charges, the better yield you can ensure. Other actions that you must take include minimising withdrawals and online transactions to maintain adequate balances for considerable gains.
A high-interest savings account can help you build a significant amount of corpus and meet your financial objectives. The interest offered in these accounts are closer to fixed deposits and they can be a viable choice if you seek liquidity along with decent returns. IDFC FIRST Bank offers numerous benefits in addition to a high-interest savings account, such as zero fees on banking services, various merchant offers for shopping discounts, and Visa privileges to enhance your savings. Explore more!
*IDFC FIRST Bank offers Zero Fee Banking on Rs. 10,000 Average Monthly Balance (AMB) Savings Account and higher account variants, subject to maintenance of AMB in the account. These services are being offered free in good faith, and in case of abuse, the bank reserves the right to charge fees as per market norms. All rights reserved.
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