Savings Account
Summary: IDFC FIRST Bank introduces a special feature called monthly interest credit on savings that helps individuals with savings & monthly returns. Check now!
20 Aug 2021 by IDFC FIRST Bank
Every month brings with it a varying amount of expenses. At times, bills and the EMIs in a month can become a burden on an individual’s savings. In such a scenario, a monthly interest payout is a feature that can help individuals with their savings. Since July 2021, IDFC FIRST Bank has launched a monthly interest payout for savings accounts, which offers customers a lot more benefits besides the monthly returns.
What is a Monthly Interest Payout?
A monthly interest payout is a credit amount you get at the end of every month on your savings. This feature is commonly available with fixed deposits. With this feature, you get an assured interest every month afteropening a savings accountwith IDFC FIRST Bank. The amount will depend upon your account balance and the interest rate that you are offered.
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How do interest payouts on Savings Account work?
According to the RBI guidelines, the interest that banks give on your savings account is calculated on a daily basis. This interest gets accumulated and is credited to your account on a quarterly or a half-yearly basis, depending on the type of account you have and your bank’s set of guidelines. It was in 2016 that RBI had made the guidelines of crediting quarterly interest on savings accounts, as opposed to the earlier rule of half-yearly credit.
The formula used to calculate this interest is:
Accumulated interest = (Daily Balance) * (Number of days) * (Interest) / (No. of days in the year)
What is IDFC FIRST Bank offering?
If you opt for opening a savings account with IDFC FIRST Bank, you can getmonthly interest on a savings accountof up to 7% p.a. With IDFC FIRST Bank’s interest rates on saving account and its monthly interest credit, you will be earning interest on interest. This means that your savings will be compounded monthly, allowing you to earn on your savings.
Besides this, you also get a lot of special benefits on opening asavings accountwith IDFC FIRST Bank. Some of these special benefits are:
1. Personal accident insurance
With Rs. 10,000 Average Monthly Balance (AMB) Savings Account variant you will receive a Personal Accident Insurance cover of Rs 5 lakhs and an Air Accident cover of Rs. 30 lakhs. With Rs. 25,000 AMB Savings Account variant, you will receive a Personal Accident Insurance cover of Rs 35 lakhs and Air Accident cover of Rs.1 crore
2.Free and unlimited ATM transactions
At any bank, anywhere in India.
3.Complimentary access to domestic airport lounge
Once every quarter, with Rs. 25,000 AMB Savings Account variant.
With the rising prices and expenses, simply saving your money will not be enough. You will need an assured return on your savings to be able to cope with them. In such a scenario, getting monthly interest returns on just a savings account seems like the simplest way to ensure that your savings grow. So, make the best of your earnings and begin growing your savings with a savings account at the earliest.
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 circ*mstances. 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.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
