Lifetime FREE Credit Card with 10X rewards
Most Searched
Top Products
Popular Searches
Bank Accounts
Populer FAQs
Signature is important and it is required to avail various products and services. To upload your signature
1. Go to More
2. Select Customer Service Dashboard
3. Select ‘Savings/Current Accounts’
4. Select ‘Upload Signature’ to upload your signature.
That's easy! Follow these steps to track your service requests:
1. From the home page of the app, tap on "Customer Service" section
2. Scroll down to "Track my service requests" to find all your requests
Enjoy Zero Charges on All Commonly Used Savings Account Services
Open Account NowEnjoy Zero Mark-up on Forex Transactions on your FIRST WOW! Credit Card
Apply NowRecurring deposits: Consider the advantages and benefits
Recurring deposits are as old as savings for the banking customer. Before the country was taken over by systematic investment plans (SIP) of mutual funds, a recurring deposit was the most popular way of saving money regularly for a guaranteed interest rate. Designed to save any amount over a period of time, RDs are an advanced version of the fixed deposit. This is because a recurring deposit understands that you may not be able to save all the money in one go. So, it allows you to save bit by bit, and get interest for the outstanding balance. Let us consider all the great advantages of a recurring deposit.
1. High-interest rate
One of the main benefits of recurring deposit account is the attractive interest rate . For instance, IDFC FIRST Bank offers 4.5% to 7.75% for a recurring deposit. This is higher than savings account interest rates. Do remember that the interest rates are per annum. The payout will only be made at the maturity of the recurring deposit with quarterly compounding. Recurring deposits are currently available only for domestic and senior citizens in most banks.
2. No penalty if you miss a month
Previously, when savers for some unavoidable reason missed a recurring deposit, they were forced to pay a monetary fine. But, those days are gone. Customer-friendly financial institutions like IDFC FIRST Bank have no penalty if you miss a month. Do, however, remember in case of premature withdrawal before 30 days, no interest is payable. In case of premature withdrawal of a recurring deposit after 30 days and before 6 months, the interest rate you will get will be the fixed deposit card rate applicable for 30- 45 days.
3. Start with minimum Rs 100/month
There is no need to think that you have to save a lot of money every month to get a recurring deposit. One of the key advantages of a recurring deposit is that you can start with minimum Rs 100 per month. On the higher side, the maximum monthly installment for recurring deposits will be Rs 75,000.
4. Save for as low as 6 months
In the case of many investment products, you have to commit to a fixed time period. This is usually 12-24 months. One of the benefits of recurring deposit account is that the commitment period is much lower. For example, IDFC FIRST Bank allows you to save for as low as six months.
5. Simple documentation
The documents required for opening a recurring deposit account, are not difficult to arrange. All resident individuals can open a recurring deposit with a linked savings account. Once the savings account is opened, no further documentation is required. This is the simplest and most hassle-free way to save money and create wealth with a guarantee.
6. Best for short-term goals
Recurring deposits are best suited for all types of short-term goals. A short-term goal is one which you have 1-3 years to achieve. So, a recurring deposit should be used to save for yearly education expenses for your kids, furnishing and renovation costs for your existing home, saving for a dream overseas vacation and marriage expenses.
7. Save bit by bit
The best part of a recurring deposit is that it understands that not all have the money to deposit. In case of a fixed deposit, you have to deposit all the money at one go. Plus, the minimum deposit in case of an FD is usually Rs 10,000. However,recurring deposits allow you to save small amounts regularly and earn the same attractive interest rate.
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 circumstances. 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.