Is idfc savings account a good option ?

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Deal Cadet
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Saw the 7% savings interest and was thinking of opening one account can anybody tell me if its a safe and good option and what is the procedure.

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It is safe. If you are too worried about it, then keep 5L max.
Aadhaar based a/c opening, followed by videoKYC(pan card+sign)

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DimeDime wrote:

It is safe. If you are too worried about it, then keep 5L max.
Aadhaar based a/c opening, followed by videoKYC(pan card+sign)

Is adhaar necessary ? Can’t we open just using pan card ?

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open with referral to get 250 extra and open online only to get 3k vouchers so benefit of 3250

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desisam wrote:

open with referral to get 250 extra and open online only to get 3k vouchers so benefit of 3250

can u share refferal details

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I won’t recommend IDFC Bank! Coming from Banking/Finance fraternity!

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ModMod wrote:

I won’t recommend IDFC Bank! Coming from Banking/Finance fraternity!

Can you please elaborate bro

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Like someone mentioned above, IDFC is a vey good option if your savings will be ~5L or lesser
At least, IDFC is more popular than the other options that offer 7% interest

PS: They do biometric verification (Aadhaar) post account-opening

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ModMod wrote:

I won’t recommend IDFC Bank! Coming from Banking/Finance fraternity!

How about about 5lac. Deposits on per pan number?

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Bhalal_Dev wrote:

Can you please elaborate bro

IDFC Bank was NBFC previously, believe or not there asset quality is at serious risk mostly all underlying loan book is of infrastructure. Taking undue risk for 200-300bps doesn’t make sense. Consider DHFL in-line with IDFC Bank. No-one would give you 7% interest when you can get loan at 6.8

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ModMod wrote:

IDFC Bank was NBFC previously, believe or not there asset quality is at serious risk mostly all underlying loan book is of infrastructure. Taking undue risk for 200-300bps doesn’t make sense. Consider DHFL in-line with IDFC Bank. No-one would give you 7% interest when you can get loan at 6.8

Was it the same for kotak years ago when they offered 6% ?

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on second step.. aadhar is optional.. what does it mean?

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desisam wrote:

open with referral to get 250 extra and open online only to get 3k vouchers so benefit of 3250

The person referred does not get any additional benefit. He gets total 3k worth vouchers (including the 250 joining one)

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single wrote:

on second step.. aadhar is optional.. what does it mean?

If you will not mention the aadhar number, the bank will contact you and they will open the account for you.
And if you mention the aadhar number you can create the account instantly.

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Can we deposit cash in their branches.. as this is digital account???

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avgn wrote:

The person referred does not get any additional benefit. He gets total 3k worth vouchers (including the 250 joining one)

I have read this in some other idfc posts.. I guess others have conveyed wrong or I have misunderstood it.

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Swagger18 wrote:

If you will not mention the aadhar number, the bank will contact you and they will open the account for you.
And if you mention the aadhar number you can create the account instantly.

So without aadhar it can be opened ?

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SastaRaju wrote:

So without aadhar it can be opened ?

No, You can not have bank account without aadhar card linked to it. I guess this option is for the one who has not linked his/her mobile number with aadhar card yet.

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I just opened an account. Pm me to know whole process how to open account and what to do after opening account for newbies..

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getready wrote:

Like someone mentioned above, IDFC is a vey good option if your savings will be ~5L or lesser
At least, IDFC is more popular than the other options that offer 7% interest

PS: They do biometric verification (Aadhaar) post account-opening

Acha bhau, is 7% interest a viable option??? I mean I see, they have decided interest on credit cards for as low as 9%. Profit margin ll be reduced. I believe they are accruing customers, later they have to reduce the interest rate on SB.
In the past DBS Bank had done that. As of now it looks lucrative. Let’s see

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bikidas2060 wrote:

Acha bhau, is 7% interest a viable option??? I mean I see, they have decided interest on credit cards for as low as 9%. Profit margin ll be reduced. I believe they are accruing customers, later they have to reduce the interest rate on SB.
In the past DBS Bank had done that. As of now it looks lucrative. Let’s see

Is there account closing charge there ? I mean if such things happen we could get rid of that account if there are no charges

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bikidas2060 wrote:

Acha bhau, is 7% interest a viable option??? I mean I see, they have decided interest on credit cards for as low as 9%. Profit margin ll be reduced. I believe they are accruing customers, later they have to reduce the interest rate on SB.
In the past DBS Bank had done that. As of now it looks lucrative. Let’s see

I think banks (New*) are fine with 7% interest until/unless they could offer loans at much higher interest rate to select entities
DBS Started with 7% interest on Savings .. then added limits to & interest (1L to 2L) so that people would add more money into their savings account until they decided to finally remove it in Jan last year
Kotak was one bank that followed DBS into this high interest rate jugaad .. they too revised the interest rate following DBS & COVID-Lockdown in March

Now w/ many businesses affected, i don’t think there will be any new entry thats gonna offer ~7% interest rate but i believe eventually someone will catch up by the time IDFC decides to end it smile

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desisam wrote:

open with referral to get 250 extra and open online only to get 3k vouchers so benefit of 3250

Send me referral details

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