Hot Deal Best bank in terms of interest rate and other benefit..

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Deal Subedar
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After Deposit insurance increased to Rs. 5Lakh, seems there is more confindence in small banks with much better offers than big banks.
I request dimers to share a better bank from the perspective of Benefit in terms of Interest Rate and other online offers.

Here I will start with my pick IDFC FIrst Bank, as I am having account for more than 6 months.
Key Points-
1.Monthly Average Balance required is Rs.25K
2. Account can be opened online using aadhar authentication.

Key Benefits-
1. Interest rate on Saving account balance is upto 7% (Section 80TTA provides for a deduction upto Rs 10,000 on such interest income)

2. Rs. 250 cashback per Month on BookMyShow

3. Recent offer- Swiggy Get 60% discount on 3 orders per Month using IDFC First Bank Debit Cards (credit to @BLANCO)

4. Signature Debit Card is completely free.

Account opening+ First time offer-
1.Rs 250 amazon GV
2.Rs. 250 cashback into account on first online transaction of Rs. 2500

Message directly @Dastro for referral link, I will share my referral benefit also smile

66 Comments  |  
38 Dimers
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Send me link and referral code. Also is there any charge if we close account or any other hidden charges

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One more point to add:
Aadhaar online authentication needs to be followed by a visit to any IDFC bank branch to complete the full kyc/physical verification.

@Dastro can you confirm whether 7% interest is applicable on entire amount for balance above 1 lakh & not like if acc balance is 110000 then 6% on 1 lakh & 7% on 10000(amount above 1 lakh) like other banks(kotak,dbs etc) do.

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govt has “permitted” increasing the limit to 5 lakhs. but the actual increase has not yet happened

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guest_999 wrote:

One more point to add:
Aadhaar online authentication needs to be followed by a visit to any IDFC bank branch to complete the full kyc/physical verification.

@Dastro can you confirm whether 7% interest is applicable on entire amount for balance above 1 lakh & not like if acc balance is 110000 then 6% on 1 lakh & 7% on 10000(amount above 1 lakh) like other banks(kotak,dbs etc) do.

On entire amt 7% i have confirmed with bank cc

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Pm me if anyone needs referral

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panchabhut wrote:

govt has “permitted” increasing the limit to 5 lakhs. but the actual increase has not yet happened

Already done, rbi has notified.

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“1. Interest rate on Saving account balance is upto 7% (Interest on savings account upto Rs10K deductible for income tax purpose)”
better use the word ‘Exempted’ instead of ‘deductible’, the later indicates TDS

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guest_999 wrote:

One more point to add:
Aadhaar online authentication needs to be followed by a visit to any IDFC bank branch to complete the full kyc/physical verification.

@Dastro can you confirm whether 7% interest is applicable on entire amount for balance above 1 lakh & not like if acc balance is 110000 then 6% on 1 lakh & 7% on 10000(amount above 1 lakh) like other banks(kotak,dbs etc) do.

7% on Entire amount smile

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Referral please

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Need referral pm me with extra benefits

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If anyone need referral pm me …will share the extra benefits

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panchabhut wrote:

govt has “permitted” increasing the limit to 5 lakhs. but the actual increase has not yet happened

Don’t worry, this bank is not going to fail….. It has a very strong management….. If I had a branch nearby, I would have surely opened my account there…..

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What are referral benefits??

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BAT_MAN wrote:

What are referral benefits??

check PM

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Branch not available at my location , may be launched soon pensive

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syed786 wrote:

Branch not available at my location , may be launched soon pensive

Open in some other city where it has branch,now aadhaar address proof is universally accepted & need not be in the same city as branch with only condition being you will have to personally visit the branch to submit the documents(kotak 811/dbs digibank/axis asap not included as these acc are completely online & cannot be opened by visiting a branch).

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Can I select the branch if I open an account online by a dimer’s referral? My branch will be the same where I visit to submit KYC documents? I don’t mind that also.

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image wrote:

Can I select the branch if I open an account online by a dimer’s referral? My branch will be the same where I visit to submit KYC documents? I don’t mind that also.

Yes, you can select the branch you want

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These new bank with Higher Interest rates are only offering these rates to attract customers initially, these interest rates are definitely going to fall. Though you can definitely make hay while the sun shines smile

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Need referral pm me with extra benefits

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image wrote:

Can I select the branch if I open an account online by a dimer’s referral? My branch will be the same where I visit to submit KYC documents? I don’t mind that also.

There’s no home branch concept in Idfc.

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What is the difference between opening an account in IDFC through a referral and directly at branch?

People who want to refer here offer BMS voucher which is of no use for me. On the other had, employee will get some perks/incentive if I open account at branch which will help in making good relation with branch staff if I have to do regular banking with them.

Will I miss something else if I open an account at a branch?

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image wrote:

What is the difference between opening an account in IDFC through a referral and directly at branch?

People who want to refer here offer BMS voucher which is of no use for me. On the other had, employee will get some perks/incentive if I open account at branch which will help in making good relation with branch staff if I have to do regular banking with them.

Will I miss something else if I open an account at a branch?

Yes, you are right.
If you need branch service multiple times, you can try your way.

I will share my experience-
First time I got my account opened through branch only. Infact RM came to my home and did all formalities smoothly.
But in last 6-8 months I had contacted him only 2-3 times for some query, but in every time at the end He asked me to get him more accounts opened of my friends and family.
I find Phone Support is much better and they resolve all issue timely. If I send email they call me, understand the issue and resolve it.

And now days RM is decided by bank based on your account value.

I got a mail after 4 months of my account opening stating that-“I am your RM, you can call or email for any assistance”

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What are the referral benefits? And what are the terms and conditions of BMS cashback?

Recently opened DCB elite account myself. Debit card transactions online and offline give 1.6% cashback if we maintain AQB of 25k. Max cashback of 2k per month and 20k per year. So opened an account for a family member also to make credit card payments through both cards and get cashback. Works really well if you’re a heavy credit card user. (Bye bye CRED)

Sadly, they don’t have a referral program yet.

Edit: DCB Shubh Labh is another account that gives 3.5% interest plus 4.8k bonus if Savings balance is 1L+. Indirectly you get 8.3k for 1L which is a very high 8.3%.

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Vishwa308 wrote:

What are the referral benefits? And what are the terms and conditions of BMS cashback?

Recently opened DCB elite account myself. Debit card transactions online and offline give 1.6% cashback if we maintain AQB of 25k. Max cashback of 2k per month and 20k per year. So opened an account for a family member also to make credit card payments through both cards and get cashback. Works really well if you’re a heavy credit card user. (Bye bye CRED)

Sadly, they don’t have a referral program yet.

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