IDFC FIRST BANK FUNDING QUERY

IDFC FIRST BANK FUNDING QUERY

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I have an account with IDFC First bank, The main reason why i chose this bank is Its attractive ROI, I have approx 4 Lakhs Savings in HDFC , Can i transfer it to IDFC for better ROI, HDFC is givng approx 3.50 , whereas IDFC is giving 7 over 1 lakh, I am so much confused to take decision ..

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Tumhari Antar-Atma jo kahe wohi karna

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Already there are many posts regarding IDFC bank recent days in DD, and their app didn’t work from April 1, and just before 1hr they resolved the issue. Kindly go through all posts and decide on own. I’m also IDFC account holder.

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Don’t transfer all your savings into single account/bank. Split it in half, so that in worst case scenarios, you will have access to some money for emergencies.

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Surya_Baskar wrote:

Already there are many posts regarding IDFC bank recent days in DD, and their app didn’t work from April 1, and just before 1hr they resolved the issue. Kindly go through all posts and decide on own. I’m also IDFC account holder.

Do u also having high amount in that bank?

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meramind007197 wrote:

Do u also having high amount in that bank?

No high amount bro, but u get visa signature card, initially u will get 250 cashback on 1st spending, then BMS cashback, Free IMPS transactions, no annual fee on card, unlimited ATM withdrawals (not sure on this, as I do only 3 withdrawal per month),overall their service is good as of now.

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Yes you should transfer from hdfc to idfc.
the interest rate is 2 times that of hdfc
As it is upto 5 lakhs is insured.

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Surya_Baskar wrote:

No high amount bro, but u get visa signature card, initially u will get 250 cashback on 1st spending, then BMS cashback, Free IMPS transactions, no annual fee on card, unlimited ATM withdrawals (not sure on this, as I do only 3 withdrawal per month),overall their service is good as of now.

Yes bro unlimited cash withdrawals at other bank ATMs too…It’s also written in the welcome letter which comes with the card… : )

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WALL-E wrote:

Don’t transfer all your savings into single account/bank. Split it in half, so that in worst case scenarios, you will have access to some money for emergencies.

+1

Always split amounts… safe during any serious problems.. best way is fixed deposits 5-6 lakhs in 9-10 banks..

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hese wrote:

+1

Always split amounts… safe during any serious problems.. best way is fixed deposits 5-6 lakhs in 9-10 banks..

But Rate Of interest is Various in different Banks, Every Ine want to get High Rate of interest i think…

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If you have all your money in IDFC then that’s not a good sign. Put your money in FD in case you don’t foresee any nearing transactions. ICICI is giving 6.4% on 2 years and 6.3% on 290 days. Axis is giving 6.5% on FD.

Again I am IDFC holder and have not put more than 2 lakhs in bank, but I hold major money in HDFC bank which is topping the list from many years but still have more funds in SBI, ICICI and Yes Bank. So divide that 4 lakhs in 5 banks, if you are already doing that, then no need to worry (upto 5 lakhs).

Ratings of all Indian Banks will degrade. It is just an effect of Idea-Airtel, Yes Bank and mainly because of Coronavirus.

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dhinchakrohit wrote:

@rocker123

I have taken out all my money from IDFC..
Most of the variables are against this bank and recent share dip is also a lead indicator.

If u logically think, its not worth the risk for gaining 3.5k additional of an amount of 1L rupees.

Ive transferred back my funds to HDFC

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rocker123 wrote:

I have taken out all my money from IDFC..
Most of the variables are against this bank and recent share dip is also a lead indicator.

If u logically think, its not worth the risk for gaining 3.5k additional of an amount of 1L rupees.

Ive transferred back my funds to HDFC

I am so much confused , I have 4 Lakhs IN IDFC First Bank, Don’t Know What should i do right now

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AnGeK007 wrote:

I am so much confused , I have 4 Lakhs IN IDFC First Bank, Don’t Know What should i do right now

I too have good amount of money in IDFC but don’t worry…Since Independence, RBI has NEVER let any Scheduled Commercial Bank to fail in India…Also upto 5 lacs is insured by DICGC

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Sushrut.B wrote:

I too have good amount of money in IDFC but don’t worry…Since Independence, RBI has NEVER let any Scheduled Commercial Bank to fail in India…Also upto 5 lacs is insured by DICGC

Yes, Just cause of this Assurance i am keeping it for a long now… Lets hope for the best.

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AnGeK007 wrote:

Yes, Just cause of this Assurance i am keeping it for a long now… Lets hope for the best.

You should keep in mind another thing,there is a difference between money being safe & money being accessible. It is true that your money will be safe in any case but it is also possible that you may not be able to withdraw all that money for weeks or months in worst case scenario.

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Sushrut.B wrote:

I too have good amount of money in IDFC but don’t worry…Since Independence, RBI has NEVER let any Scheduled Commercial Bank to fail in India…Also upto 5 lacs is insured by DICGC

See my above reply. I don’t suggest keeping a majority of your savings in IDFC bank. May be around one-third of your savings can be kept there but not more as per my opinion.

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guest_999 wrote:

You should keep in mind another thing,there is a difference between money being safe & money being accessible. It is true that your money will be safe in any case but it is also possible that you may not be able to withdraw all that money for weeks or months in worst case scenario.

I personally won’t have problems with that…I don’t keep all my savings on IDFC…I have some money on other bank accounts too…So, money being safe is what matters to me because if IDFC goes down & I can’t access or withdraw it for some time, I won’t have a problem because I would use the money from my other bank accounts in that period…

Same reason why I didn’t face any problem when Yes Bank went down because even though I had major amounts in there, I had savings in other bank accounts too…Later I shifted almost everything from Yes Bank to IDFC

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Sushrut.B wrote:

I personally won’t have problems with that…I don’t keep all my savings on IDFC…I have some money on other bank accounts too…So, money being safe is what matters to me because if IDFC goes down & I can’t access or withdraw it for some time, I won’t have a problem because I would use the money from my other bank accounts in that period…

Same reason why I didn’t face any problem when Yes Bank went down because even though I had major amounts in there, I had savings in other bank accounts too…Later I shifted almost everything from Yes Bank to IDFC

U seem to b playing with the banks inspite of yes bank shock…

Brace up for some shock which no one has foreseen

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geni wrote:

U seem to b playing with the banks inspite of yes bank shock…

Brace up for some shock which no one has foreseen

I don’t keep more than 5 lacs in any bank so I don’t have a problem with any shock…

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Sushrut.B wrote:

I don’t keep more than 5 lacs in any bank so I don’t have a problem with any shock…

Bigger question is,what would someone who keeps around 5 lakhs in multiple bank accounts is doing here on desidime with so many real world dimes. stuck_out_tongue

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guest_999 wrote:

Bigger question is,what would someone who keeps around 5 lakhs in multiple bank accounts is doing here on desidime with so many real world dimes. stuck_out_tongue

Lol when did I say that I keep 5 lacs in all my bank accounts ?? laughing

I meant that, main koyi v bank mein utni rakam nhi rakhta jo ki uninsured ho…

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Sushrut.B wrote:

I personally won’t have problems with that…I don’t keep all my savings on IDFC…I have some money on other bank accounts too…So, money being safe is what matters to me because if IDFC goes down & I can’t access or withdraw it for some time, I won’t have a problem because I would use the money from my other bank accounts in that period…

Same reason why I didn’t face any problem when Yes Bank went down because even though I had major amounts in there, I had savings in other bank accounts too…Later I shifted almost everything from Yes Bank to IDFC

Same here, I have extra money in HDFC , Icici, Axis and SBI too, Somehow if IDFC goes down i can still run my things with other banks ….

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There is one more platform which is giving 12% ROI, BHARATPE, But i never trusted them cause they don’t have any physical branch in any city, Best thing is this they are giving interest on daily basis.

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AnGeK007 wrote:

There is one more platform which is giving 12% ROI, BHARATPE, But i never trusted them cause they don’t have any physical branch in any city, Best thing is this they are giving interest on daily basis.

Based on my local superstore shopkeeper’s experience I would advice to stay away from bharatpe at least as a small/typical client(maybe situation is different for big corporate clients).

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AnGeK007 wrote:

There is one more platform which is giving 12% ROI, BHARATPE, But i never trusted them cause they don’t have any physical branch in any city, Best thing is this they are giving interest on daily basis.

how 12%?

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AnGeK007 wrote:

There is one more platform which is giving 12% ROI, BHARATPE, But i never trusted them cause they don’t have any physical branch in any city, Best thing is this they are giving interest on daily basis.

It’s scam…Stay the F out of that app…You can read reviews of the app on Youtube & you will see several scam reports of that app by customers whom the app didn’t pay & their withdrawals are stuck forever…

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Sushrut.B wrote:

It’s scam…Stay the F out of that app…You can read reviews of the app on Youtube & you will see several scam reports of that app by customers whom the app didn’t pay & their withdrawals are stuck forever…

I think u didn’t read my last post bro, i said i was never interested with them, I saw a group on facebook, Its Owner invested appox 7 lacks in BharatPe and bravely giving ss of daily intrest….

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