Is IDFC Bank safe for FD ?

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Deal Cadet
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Planning to put 3L in FD in IDFC Bank. I do not have account with them at all. I saw their interest rates and for 500 Days, it is 6%. In case the bank tanks, is my 3L insured by Government?

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Bro fd gives 6% but savings gives 7% i recently open account with 5 lakhs

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Rakesh1034 wrote:

Bro fd gives 6% but savings gives 7% i recently open account with 5 lakhs

Yes I did see that. So you saying it is better to get normal saving account. Also how much money is insured in worst case scenario?

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rak007 wrote:

Yes I did see that. So you saying it is better to get normal saving account. Also how much money is insured in worst case scenario?

5L insured in any case per PAN. Ping me for referral.

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Rakesh1034 wrote:

Bro fd gives 6% but savings gives 7% i recently open account with 5 lakhs

Seriously? Is there any other thing we are missing?

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@rak007 ping me for referral, we can share the referral benefits. Only the referrer gets a GV and not the referee

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ping me for referral, we can share the referral benefits.

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Rakesh1034 wrote:

Bro fd gives 6% but savings gives 7% i recently open account with 5 lakhs

2020 – 7%

2021 – 6%

2022 – 5%

This is how new/troubled bank improves it’s CASA

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nuhearts wrote:

ping me for referral, we can share the referral benefits.

What are the benifit of referral?

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Rakesh1034 wrote:

Bro fd gives 6% but savings gives 7% i recently open account with 5 lakhs

Fd gives compound interest and savings bank account gives simple interest, isn’t it?

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billubakra wrote:

Fd gives compound interest and savings bank account gives simple interest, isn’t it?

savings too credits the interest every quarter, hence it matches the FD equivalent interest.

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billubakra wrote:

Fd gives compound interest and savings bank account gives simple interest, isn’t it?

No, In long run it is compounded if you do not withdraw,

But the problem here is that in FD interest is fixed and do not change until the fd is completed. But in savings it can change every quater.
However savings has no lock-in so you can move funds if interest decreases.

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InvestPotato wrote:

No, In long run it is compounded if you do not withdraw,

But the problem here is that in FD interest is fixed and do not change until the fd is completed. But in savings it can change every quater.
However savings has no lock-in so you can move funds if interest decreases.

FD interest may not vary drastically but Savings a/c interest can..within 2 yrs you will lose

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DealLooter wrote:

FD interest may not vary drastically but Savings a/c interest can..within 2 yrs you will lose

fd interest wont change during your invested duration for the amount you already invested.

Yes, saving bank interest can change but there is no bound to keep the money in same bank, you can move to other opportunities.

Both of them is good

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every bank is safe for us provided you understand the banking system
you can secure 20lakhs in the single bank how for this you need 2 persons in Indian condition husband-wife duo is best suited for this
you will open 4 different fd account in name of 2 persons so that 20lakh is secured under depositors insurance scheme ( banks pay a premium for it ) you do not pay for insurance
4 account for fd 5lakh each ( interest payout monthly)
1 Husanband individual
2. wife individual
3 Husand-wife joint ( operated by a husband or survivor )
4 Wife husband joint ( operated by a wife or survivor )
so all four accounts will be under different customer ID

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nuhearts wrote:

savings too credits the interest every quarter, hence it matches the FD equivalent interest.

Have they mentioned about this on their website?

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InvestPotato wrote:

fd interest wont change during your invested duration for the amount you already invested.

Yes, saving bank interest can change but there is no bound to keep the money in same bank, you can move to other opportunities.

Both of them is good

Have they mentioned about this on their website?

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billubakra wrote:

Have they mentioned about this on their website?

its not mentioned, I am an existing customer of IDFC, have been getting interests credited quarterly. The next quarterly interest is again on the balance you maintain for that period. Hence if you keep the money in FD or in their savings account, you will be benefited with the savings account interest over FD. Plus you have the benefit of liquidity plus no pre-mature charges applicable here with savings account as its not a FD account.

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nuhearts wrote:

its not mentioned, I am an existing customer of IDFC, have been getting interests credited quarterly. The next quarterly interest is again on the balance you maintain for that period. Hence if you keep the money in FD or in their savings account, you will be benefited with the savings account interest over FD. Plus you have the benefit of liquidity plus no pre-mature charges applicable here with savings account as its not a FD account.

How in the feck are they earning money if they are giving compounded interest in savings account? Yes loans, policies and what not but compound interest in savings is a big deal.
Can we open an account if there’s no branch in city? Which site’s voucher do they give while opening an account?

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billubakra wrote:

How in the feck are they earning money if they are giving compounded interest in savings account? Yes loans, policies and what not but compound interest in savings is a big deal.
Can we open an account if there’s no branch in city? Which site’s voucher do they give while opening an account?

Every bank gives money compounded (quaterly or half-yearly)

Moreover, They have to compound the money at-least by Yearly. (Taxation purpose, you need mention the interest earned in saving bank account over the year)

Compunding is not a magic.
When you get interest paid to your savings account, now it becomes the principal and you get interest on it.

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7% interest is if you keep more than 1 lakh Rs in Savings Account. Less than 1 lakh gives 6% interest. Minimum quarterly 25000 has to be maintained in the Account if it is not a Salary Account.
For referral and any other questions Ping me. I am using IDFC Account for more than 1.5 years. I will also tell you a trick to earn some vouchers each month.

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bro put it into Bajaj finance fd. It gives best interest rate.

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