Closing IDFC and Yesbank Savings accounts
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IDFC – Rs25K MAB is too high without attractive interest rates or offers
YesBank: No reason to keep this account Rs10K held up unnecessarily
Have premium cards(LTF) from both these banks hence maintained accounts for some time
Any suggestions?
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Yes Bank acc definitely needs closure. IDFC bank mab is indeed high but 25k at 4% vs 25k at 6% is just a difference of 500 for a year & idfc does occasionally give some 250 gv offer on debit card spend. You are getting a visa signature card for free also & it is likely that interest rate too will increase once rbi again increase repo rate to control inflation.
IDFC Debit cards are no longer free, from June 2022 there will be Rs 499 annual charge .
Check small finance banks like Equitas, AU, etc.
got a call today that i did a 100k+ in 2 months (upi trnx ) and rbi dont allow such high trnx in saving account so dont do these in future 😒
well after all they are small finance bank so dont expct to do high value trnx in this bank
Good decision. Close those accounts
I have also closed my IDFC account, I do keep Yes bank account as its family relationship
I have account in both which i initially opened due to higher interest rates. . and i am keeping both open. Some reasons:
1. Interset in FD is saved from tax if you have multiple bank accounts as DS is not deducted below 10K.
2. Till some time back Yes Bank FD was still giving 7%, mine is still running. Even now their fd gives 6.25%.
3. Free debit card of IDFC gives lounge access and 10% cashback offer from time to time. Theres always a bigbasket offer too along with swiggy.
4. Yes bank credit card gives 200 off BBdaily wallet recharge, I use bbdaily for daily milk and other grovcery delivery. Yes bank rupay debit card gives 100 off on 500 every month on amazon pay.
All in all there’s nothing i have got to loose with these 2 accounts. I do have a bit of surplus fund that i park in these banks savings and FD accounts and MAB is not a problem consequently. So before jumping to any conclusion think twice before closing any bank account unless you being asked to pay an additional charge for any of their services.
i went IDFC branch for account closure, but they offered me IDFC first select privileged banking, i was just maintaining 70K no more than that.
try ur luck....
Hi, can you please elaborate the benefits?
Because I couldn’t find the same on online. Is it same as ‘Private’ programme of IDFC First Bank?
They were offering the same to me too but i was adamant on closing the account..hence closed it 
I have recently closed my Yes bank account due to the same reason.
I do not have an account in either. I was planning to open an account at IDFC, but now I won't.
@guest_999