Q&A

Is IDFC saving account safe?

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Is IDFC saving account safe?

The second aspect to note is that the deposits are AAA rated by CRISIL, which is the highest level of safety. This is for the bank’s fixed deposit programme. So, based on the above parameters, we can fairly conclude that the savings bank account of IDFC First is rather safe at the moment.

Is IDFC first bank safe for savings account Quora?

It is a good option. All banks in India are safe. Deposits and their interest in banks are insured upto 5 L by DICGC(Deposit insurance credit guarantee corporation. IDFC FIRST being a new bank offers best interest rates in savings account(7\% upto 1 cr effective from Jan-2021).

Does IDFC really give 7 \%?

About a month after raising the savings account interest rate to 7\% for balances up to ₹1 lakh, IDFC First Bank has cut savings account interest rates to 6\%. The cut applies to balances below ₹1 lakh and those above ₹1 lakh. Savings account balances up to ₹1 crore will now earn 6\%.

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Which bank is safe for savings account?

State Bank of India (SBI) Savings Account State Bank of India (SBI) is the largest bank of India that provides a wide range of banking products to the customers. SBI Savings Account is one of the popular products in which individuals can deposit their money safely.

How does IDFC give 7 interest?

IDFC First bank is offering an interest rate of 7\% per annum on the balances maintained in the saving bank accounts with the bank if the amount is exceeding the prescribed threshold by the bank, in a time where RBI Repo rate is merely 4\% and reverse repo rate is 3.35\% only, even the 10-year G-Sec yield is trading below …

Is IDFC Bank safe 2021?

At the moment, there is no visible threat in IDFC Bank’s viability. In fact, the deposits of the bank have a AAA rating. It is, therefore, safe to say that the interests of small depositors of scheduled commercial banks in India have always been protected.

Is IDFC First Bank Safe 2021?

At the moment, there is no visible threat in IDFC Bank’s viability. In fact, the deposits of the bank have a AAA rating.

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How strong is IDFC First Bank?

IDFC FIRST Bank now has a strong funded asset base of more than ₹ 1,10,400 crore with 37\% in the retail segment. Its quarterly annualised Net Interest Margin has expanded from 1.9\% to 3.0\% post-merger. The Bank now enjoys a leading position in some of the retail asset segments.

How much interest does IDFC bank give on saving account?

IDFC FIRST Bank’s Savings Account Interest rates table

On Balances (in ₹) Rate of Interest (\% p.a.)
<= 1Lac 4.00\%
>1lac <= 10lac 4.50\%
>10lac <= 2Cr 5.00\%
>2Cr <=10Cr 4.00\%

Which is better IDFC or HDFC?

HDFC Bank scored higher in 7 areas: Overall Rating, Career Opportunities, Compensation & Benefits, Senior Management, Culture & Values, \% Recommend to a friend and Positive Business Outlook. IDFC scored higher in 2 areas: Work-life balance and CEO Approval.

Which is the most secure bank in India?

List of Best, Safe Banks in India

  • 1) HDFC Bank. If market confidence is a measure of the soundness of a Bank, then HDFC Bank takes the cake.
  • 2) State Bank of India.
  • 3) ICICI Bank.
  • 4) AXIS Bank.
  • 7) Kotak Mahindra Bank, IndusInd Bank.

Is IDFC First Bank a good option for a savings account?

Yes…It is a good option. All banks in India are safe. Deposits and their interest in banks are insured upto 5 L by DICGC (Deposit insurance credit guarantee corporation. IDFC FIRST being a new bank offers best interest rates in savings account (7\% upto 1 cr effective from Jan-2021).

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Which banks can match the IDFC Bank interest rates?

Practically each and every bank can match IDFC bank interest rates. Because most of them have saving + FD account. In this when saving bank account balance reaches a threshold then it is automatically shifted to FD with instant liquidity (some call it automated sweeping) Their website and app is very simple.

What is the minimum amount required to open an IDFC bank account?

Also, IDFC Bank asks for Rs. 25,000/- as a minimum balance for just opening an account (Image Attached), which is very huge as compared to any Public Sector Bank in India. Also, the average monthly balance to be maintained is Rs. 25,000/-

Is IDFC Bank Limited’s (IDFC) stock risky?

One of the biggest risk IDFC Bank Limited faces as a bank is bad loans, also known as credit risk. As a small cap stock in the heavily regulated financial services sector, its stock has many factors to consider.