IDFC First Bank to change its savings account interest rate soon. New rates start from 4%
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Probably from from 1 May 2021
No more 6% interest rate.
They are back to normal now.
Information source: IDFC Employee
Proof :
Suggestions are welcome about where to park money now.
Is there some time limit of 1 year or something within which account can’t be closed (else penalty). I read this somewhere not sure if it was idfc or some other bank
Don’t want to go to branch in current situation. Plus I had opened a FD during account opening, which I don’t want to pre-close. So, waiting for it to mature. Once done, tata to DCB.
IDFC First – No second thoughts, will close as soon as interest rate hits 4%. No use of that account.
Is SBI auto sweep good?
There are no charge for redeeming reward points in equitas small finance bank….
Was going to open IDFC bank account now… Always late for loot 
How can we close the account online ?
Same question but one more important quest sirg where to park money now?
Harsh Roongta, a Mumbai-based registered investment advisor says, “The DICGC scheme is the most impractical scheme. What is the point of an insurance scheme wherein depositors have to wait for years after the event has happened for their own money?”
Budget 2021 announced that depositors whose money is stuck in banks placed under moratorium would now be allowed to access the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover, even if the bank has not yet been liquidated. The amount available per customer under this insurance is Rs 5 lakh. Last year’s Budget had raised this cover-up from Rs 1 lakh that was prevalent up until then. But so far, depositors can only get this money if their bank is liquidated. PMC Bank- and scores of other banks who are still under RBI’s moratorium- still exists, albeit many RBI’s restrictions. They have not yet been liquidated. Which means, their depositors cannot yet access the insurance cover.
“From its inception until March 2019, DICGC has settled depositor claims worth ₹295.9 crore with respect to 27 commercial banks and ₹4,822 crore with respect to 351 co-operative banks which have folded up.
In FY19, it took an average 1,425 days (for the DICGC to receive and settle the first claims on a de-registered bank."
Approx 4 years from the date of closure of bank, which in itself might have meant a good 2-3 years of “restructuring” by RBI. So 6-7 years at the minimum is what we are looking at securing just the insurance claim. Not to mention that you won’t get even simple interest on that amount for the period (4 yrs) without knocking at the court’s door.
Agreed, insurance is not strong but the bank looks good on papers. Rating is green. Not sure why this move. This might be something for strengthening their savings accounts and maybe converting them to FDs. Currently many won’t move money from savings to fixed accounts. This might just start doing that…
Savings giving 6% and FD 2.75-6%. Also, 6% is only at 500 days lock in.
@jonsnow18 any changes in FD interest rates? BTW VU.
Check in the comments.. it’s there..
Time to shut IDFC and Kotak.
Guys either we can close account or we can convert this account to BSBDA account and make balance zero, IDFC employees will not easily do it but they will be forced to do it after complaint
There is already a zero balance Pratham savings acc with rupay classic debit card.
https://www.idfcfirstbank.com/personal-banking/...
Its not because i have lots of money,
Its only because i dont have much money to park in fd.
Kaun hai ye log jo credit card ki jalim bill pay karke bhi paisa bacha le rahe .
I gone to back today ,they said no offical announcement
We know. It will be announced soon. That’s what is written here.
And the screenshot is from idfc sources .
Its official.
https://www.idfcfirstbank.com/content/dam/idfcf...
which is better between rbl and bandhan bank?
RBL has bad customer support, only choose it if you have lots of patience & there is a branch nearby or if you live in Maharashtra where it has supposedly good network & offers.
rbl is good but customer support is bad.
the debit card does not have any reward system.
even bandan does not have reward in debit card.
You can read the full document here.
idfc still has unlimited withdrawal
time to move to equitas niyo x lol ….
how good is that? i was going through same. Anybody here has opened acc with them.
Don’t underestimate the thirst here. It only takes IDFC to introduce a new referral scheme with increased benefits (say 2*250 amazon voucher).
It was bound to happen
Old news! 
IDFC First Bank to change its savings account interest rate soon. New rates start from 4%
Please Visit
https://ddime.i...nN
Are fd rates staying the same and only the savings interest rates are changing?
There are no charges for closure.
I have seen similar post in one of the groups in facebook. I’m sure the higher ops in bank will be notified with the data going outside before official release. It’s just that I’m not sure what happens to that person who is responsible for this.