IDFC FIRST BANK QUERY

IDFC FIRST BANK QUERY

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Deal Lieutenant
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Is it really safe to put amount like 4 lac in IDFC First bank account , beauase there are giving 7% ROI on savings acccount and if i convert my account to salary account, the limit to maintain 25k will be removed ??

37 Comments  |  
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Deal Cadet
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For salary account your company must have a tie up with them.

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Deal Subedar
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maintaining 20 lakhs+ from more than one year. till now no issues

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Deal Newbie
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I used to cover banks stocks.

My take: while profitability will remain low for a while and thoda asset quality issue hai, it is not materially concerning for customers. So your money is safe.
they will keep interest rate high for a long time as they don’t have CASA base.

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Deal Lieutenant
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thank you so much guys appreciate your help

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Deal Cadet
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upto 5 lac you have insurance in any bank.

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Critic
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TEMPER wrote:

maintaining 20 lakhs+ from more than one year. till now no issues

20 Lakh+ in savings acc at 7% interest for more than a year hushed You don’t invest in MFs or some other reason to keep this much in savings acc,just curious.

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Deal Subedar
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guest_999 wrote:

20 Lakh+ in savings acc at 7% interest for more than a year hushed You don’t invest in MFs or some other reason to keep this much in savings acc,just curious.

planning to invest on land

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Critic
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TEMPER wrote:

planning to invest on land

Don’t take it otherwise but unless you are taking some good professional help then I advice to stay away from investing in property unless it is for some actual residential purpose. Property market is quite risky & without the support of proper muscle/money power it is risky to venture in this area just for investing money. It is another thing if you actually plan on constructing a house & plan on living there for some time before selling it but even then be extra cautious.

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Critic
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Total amount of Savings+deposits in each bank (bank not branch) is insured upto 5 Lakhs now

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Deal Subedar
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guest_999 wrote:

Don’t take it otherwise but unless you are taking some good professional help then I advice to stay away from investing in property unless it is for some actual residential purpose. Property market is quite risky & without the support of proper muscle/money power it is risky to venture in this area just for investing money. It is another thing if you actually plan on constructing a house & plan on living there for some time before selling it but even then be extra cautious.

Due to the current politics and their mind bending policies in both the telugu states, land rates/real estate in Hyd is increasing like anything. Hyd for example, never seen any down trend in the prices of sqyard/sft for both open plots/apartments in the past few years. There was stagnation in Hyd couple years ago, but now, everyone is seeing uptick. @TEMPER bro, is most probably aware of all of that and might take judicious step.

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Critic
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dev007 wrote:

Due to the current politics and their mind bending policies in both the telugu states, land rates/real estate in Hyd is increasing like anything. Hyd for example, never seen any down trend in the prices of sqyard/sft for both open plots/apartments in the past few years. There was stagnation in Hyd couple years ago, but now, everyone is seeing uptick. @TEMPER bro, is most probably aware of all of that and might take judicious step.

Can’t say anything about Hyd but here in North,the more lucrative a plot of land is more is the risk of attracting unwanted attention.

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Deal Subedar
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where to park money for better return then 7% ?

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Analyst
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deadguru wrote:

where to park money for better return then 7% ?

This 7% is risk free, mf will always have embedded risk.
Higher the risk, higher the return. Decide according to ur risk appetite smile

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Deal Cadet
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guest_999 wrote:

Can’t say anything about Hyd but here in North,the more lucrative a plot of land is more is the risk of attracting unwanted attention.

flushed How?
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Deal Cadet
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dev007 wrote:

Due to the current politics and their mind bending policies in both the telugu states, land rates/real estate in Hyd is increasing like anything. Hyd for example, never seen any down trend in the prices of sqyard/sft for both open plots/apartments in the past few years. There was stagnation in Hyd couple years ago, but now, everyone is seeing uptick. @TEMPER bro, is most probably aware of all of that and might take judicious step.

Yes, Due to MNC’s focus in India and Amazon opens its largest campus in the world in Hyderabad.
Possibility of more companies coming there is high, so land rate will only go up, as I assess stuck_out_tongue

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Deal Cadet
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So, I have opened IDFC Bank account with Aadhaar (OTP Authentication) and Pan card. Transferred 25k+ also in this account. Created username/password.

Now, how will I get debit card and cheque book, etc.?

Do I need to visit branch?

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Deal Cadet
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image wrote:

So, I have opened IDFC Bank account with Aadhaar (OTP Authentication) and Pan card. Transferred 25k+ also in this account. Created username/password.

Now, how will I get debit card and cheque book, etc.?

Do I need to visit branch?

Their person visited to collect docs & sign. Got dc/cheque book in 4-5 days.

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Critic
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Dastro wrote:
flushed How?

Forced buying at discounted rates,outright land grab,increased harassment from govt officials for more bribes etc.

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Deal Lieutenant
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image wrote:

So, I have opened IDFC Bank account with Aadhaar (OTP Authentication) and Pan card. Transferred 25k+ also in this account. Created username/password.

Now, how will I get debit card and cheque book, etc.?

Do I need to visit branch?

contact to cc , they will tell you in hiw much time you will get the card an cheque book in mine case they came to my house for account opening and opened it instantly… debit card and cheque book came after 4 -5 working days on correspondence address

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Deal Cadet
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Covering letter of debit card mentions: “For your first purchase of Rs.1000 & above, get a 10% cashback, up to a maximum of Rs.250”

Will I get 250 cb if I load Rs.2500 in my paytm wallet?

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Deal Cadet
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image wrote:

Covering letter of debit card mentions: “For your first purchase of Rs.1000 & above, get a 10% cashback, up to a maximum of Rs.250”

Will I get 250 cb if I load Rs.2500 in my paytm wallet?

Yes, I got

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Deal Cadet
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image wrote:

Covering letter of debit card mentions: “For your first purchase of Rs.1000 & above, get a 10% cashback, up to a maximum of Rs.250”

Will I get 250 cb if I load Rs.2500 in my paytm wallet?

Yes

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Deal Cadet
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Thank you guys. Added to paytm. How much time it takes to get cashback?

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Deal Cadet
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image wrote:

Thank you guys. Added to paytm. How much time it takes to get cashback?

Next month, around 15th. If you are lucky, you’ll get it this month itself.

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