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Summary: All that you expect from a Salary Account – high bank interest rate, low bank charges and market-best deals and offers – is possible with IDFC FIRST Bank. Know all about the features and benefits of the IDFC FIRST Bank Corporate Salary Account right here.
With over 77% of Indians registered as bank customers, a regular Savings Account is predictably the most popular banking product. But with nearly 8.6 crore salaried employees active in India in October 2022, we must not overlook the importance of a bank Salary Account.
With its zero-balance requirement and attractive bank interest rate, Salary Accounts are a preference as well as a necessity among salaried personnel in India. IDFC FIRST Bank Corporate Salary Account is emerging as a popular choice for the attractive savings bank interest rates, features and minimal and transparent bank charges.
Here we look at all the aspects that make the IDFC FIRST Bank Corporate Salary Account special.
Being stuck with a lower savings bank interest rate means losing money every day.
IDFC FIRST Bank offers attractive interest rates on its savings bank accounts, including corporate Salary Accounts. When you maintain a balance in an IDFC FIRST Bank Savings Account, you get some of the best Savings Account interest rates in the industry. Depending on how much of a balance you maintain in the account, a higher bank interest rate can increase your total interest income significantly.
For every Rs 1 lakh you maintain, you can earn Rs 1,000 extra for every 1% increase in the bank interest rate. If you extrapolate this equation with a 2-3% difference in the bank interest rate and a balance in multiple lakhs, the incremental interest income can easily be as big as your life insurance premium or your monthly mutual fund investment. And with savings account interest rates of up to 7.25%, IDFC FIRST Bank customers stand to earn more than term deposits in many other banks.
IDFC FIRST Bank Corporate Salary Account is available in three variants. These variants are designed to meet your banking needs when you switch jobs but retain the salary account. Here is a brief snapshot of the IDFC FIRST Bank Corporate Salary Account variants.
o Average monthly balance – Rs 10,000
o Minimum salary credit – Rs 10,000
o Debit card – Visa Classic
o Non-maintenance charges – Rs 50 - 500
o Average monthly balance – Rs 25,000
o Minimum salary credit – Rs 15,000
o Debit card – Visa Platinum
o Non-maintenance charges – Rs 50 - 400
The minimum balance requirement is applicable only when the salary is not credited for six consecutive months.
There are minimal saving account charges applicable against your IDFC FIRST Bank Corporate Salary Account, and only in specific situations. All of these are clearly explained on the bank’s official webpage.
o Visa Platinum Debit Card – Rs 20 (Rs 8 for non-financial) per transaction from the sixth transaction onwards. However, unlimited free ATM transactions are applicable, if there is at least one salary credit transaction in the account, or a balance of Rs 15,000 is maintained.
o Visa Classic Debit Card – Rs 20 (Rs 8 for non-financial) per transaction from the sixth transaction onwards. However, unlimited free ATM transactions are applicable, if there is at least one credit transaction in the account, or a balance of Rs 10,000 is maintained.
o The charges and transactions are uniform for IDFC FIRST Bank ATMs as well as other bank ATMs
You can enjoy the advantages of zero-fee banking with your IDFC FIRST Bank Corporate Salary Account. Here are the transactions and services that will cost you absolutely nothing -
Apart from the attractive bank interest rate and favourable bank charges, there are various other benefits that make IDFC FIRST Bank Corporate Salary Account popular among salaried persons. These include –
o A free personal accidental insurance of Rs 35 lakhs that covers death and permanent disability
o Free air accident cover of Rs 1 crore
o Personal accident insurance cover of Rs 5 lakh
o Daily cash withdrawal limit of Rs 1 lakh and purchase limit of Rs 4 lakh
o Rs 4 lakh worth of protection on lost card liability
All these features and benefits make IDFC FIRST Bank Corporate Salary Account a clear favourite for salaried employees. As long as you continue to receive your salary there is no minimum balance or fee applicable to these Salary Accounts. You can also continue this account as your regular savings account when you stop receiving your salary. Start enjoying a higher bank interest rate and exciting debit card benefits and direct your salary credits to the IDFC FIRST Bank Corporate Salary Account today.
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.