IDFC First Bank saving account Review

[Santhosh]

Any one using IDFC First bank saving account and what is your experience ?
Planning to take this bank account for my investment SIPs and park some emergency fund.
Or any other suggestions are welcome.

Thank you.

 

[SureShot]

i have first wealth account with family grouping. I opened my account in early 2021 and upgraded to Wealth by mid 2022. Later opened a joint account and another one for my daughter which is minor account. I hold first wealth cc as well.

So far my experience is very good and excellent customer service. My branch is in Coimbatore but i visited only once till now. My RM is a phone call away for my banking needs. All these account freeze looks new to me, i didn’t face myself so far.

I can highly recommend idfc over the so called top private banks like hdfc, axis, indusind based on my exp with them.

 

[sjmajumder]

i have first wealth account with family grouping. I opened my account in early 2021 and upgraded to Wealth by mid 2022. Later opened a joint account and another one for my daughter which is minor account. I hold first wealth cc as well.

So far my experience is very good and excellent customer service. My branch is in Coimbatore but i visited only once till now. My RM is a phone call away for my banking needs. All these account freeze looks new to me, i didn’t face myself so far.

I can highly recommend idfc over the so called top private banks like hdfc, axis, indusind based on my exp with them.

I have also used IDFC 25K variant account for 1 plus year. Never faced any issue. Closed it when I opened Indus Exclusive.

As per my knowledge normally an account is frozen on below conditions and this is a common rule for all banks:

• Debit freeze - when KYC/ReKYC is due
• Account freeze - no customer initiated transaction for 2 years (interest credit, charges debit, etc. are not counted as customer initiated transaction)

There will definitely be other legal/security reasons for freezing accounts.

 

[SureShot]

I have also used IDFC 25K variant account for 1 plus year. Never faced any issue. Closed it when I opened Indus Exclusive.

As per my knowledge normally an account is frozen on below conditions and this is a common rule for all banks:

• Debit freeze - when KYC/ReKYC is due
• Account freeze - no customer initiated transaction for 2 years (interest credit, charges debit, etc. are not counted as customer initiated transaction)

There will definitely be other legal/security reasons for freezing accounts.

I am having worst experience with IndusInd Exclusive account, opened in Apr'24. Customer service is absolute trash.

 

[phoenix1386]

i have first wealth account with family grouping. I opened my account in early 2021 and upgraded to Wealth by mid 2022. Later opened a joint account and another one for my daughter which is minor account. I hold first wealth cc as well.

So far my experience is very good and excellent customer service. My branch is in Coimbatore but i visited only once till now. My RM is a phone call away for my banking needs. All these account freeze looks new to me, i didn’t face myself so far.

I can highly recommend idfc over the so called top private banks like hdfc, axis, indusind based on my exp with them.

Bad luck aside, under normal banking course, freezes don’t happen. They do when people try to outwit the bank for rewards or misuse the account in any way.

 

[phoenix1386]

I have also used IDFC 25K variant account for 1 plus year. Never faced any issue. Closed it when I opened Indus Exclusive.

As per my knowledge normally an account is frozen on below conditions and this is a common rule for all banks:

• Debit freeze - when KYC/ReKYC is due
• Account freeze - no customer initiated transaction for 2 years (interest credit, charges debit, etc. are not counted as customer initiated transaction)

There will definitely be other legal/security reasons for freezing accounts.

Indeed.

Also, people transact in weird ways and then blame the bank for freezing their account, which they are obligated to under law, given their transacting patterns.

 

[sjmajumder]

I am having worst experience with IndusInd Exclusive account, opened in Apr'24. Customer service is absolute trash.

I don't need customer service 😀

All transactions are online. Once requested for doorstep banking which they delayed by 5 days and paid me a compensation of 2K.

 

[phoenix1386]

I don't need customer service 😀

All transactions are online. Once requested for doorstep banking which they delayed by 5 days and paid me a compensation of 2K.

Next time you need doorstep service, remind them of the last time. If they value their jobs, they will be prompt this time around.

 

[Aniket]

I don't need customer service 😀

All transactions are online. Once requested for doorstep banking which they delayed by 5 days and paid me a compensation of 2K.

So you won that case ?

Was waiting for an update...😐

 

[Aniket]

Account freeze is happening for the accounts which were opened online. Offline accounts are never getting freezed. Agent comes to home, fills up application in tab and its done. Been using their account for 2 years + as main account never faced any problem.

Have been using this account mainly for UPI transactions. My experience is good but could varies from Branch and location.

Never really?😐

Those who opened through offline mode were also complaining. 😑

 

[sjmajumder]

So you won that case ?

Was waiting for an update...😐

Thread has been updated long time ago...where have you been bro?

Please check it out https://www.technofino.in/community/threads/i-am-on-a-spree.26449/

 

[Aniket]

Thread has been updated long time ago...where have you been bro?

Please check it out https://www.technofino.in/community/threads/i-am-on-a-spree.26449/

I didn't get any alert. 🤭


You just edited your original post. 😐
Also, you have posted as comment but no fault lies on my part, I had clicked on "watch" however I didn't receive any alert for any new post/ comment.

 

[Mohan71]

Any one using IDFC First bank saving account and what is your experience ?
Planning to take this bank account for my investment SIPs and park some emergency fund.
Or any other suggestions are welcome.

Thank you.

Be very careful with this bank. If you use SIP for anyone other than IDFC, they freeze your account and you won’t have access to your own funds. Same thing for UPI transactions. They are only out to get you to in est money in their schemes. I closed my account within 4 months

 

[jacky]

IDFC First Bank is a great option for SIPs and emergency funds, offering high savings account interest (6-7%) and a user-friendly app for managing investments. Many users praise its competitive rates and excellent customer service, though checking for charges on services like ATM withdrawals is advised.

Alternatively, Up Bank is ideal for a digital-first approach, offering zero fees, intuitive tools, and automation, as highlighted in many Up Bank reviews. Your choice depends on whether you prefer traditional banking or fintech innovation.

 

[Aniket]

IDFC First Bank is a great option for SIPs and emergency funds, offering high savings account interest (6-7%) and a user-friendly app for managing investments. Many users praise its competitive rates and excellent customer service, though checking for charges on services like ATM withdrawals is advised.

Alternatively, Up Bank is ideal for a digital-first approach, offering zero fees, intuitive tools, and automation, as highlighted in many Up Bank reviews. Your choice depends on whether you prefer traditional banking or fintech innovation.

Original account se aao freeze 🥶 bank

 

[Cc_creditguy]

IDFC First Bank is a great option for SIPs and emergency funds, offering high savings account interest (6-7%) and a user-friendly app for managing investments. Many users praise its competitive rates and excellent customer service, though checking for charges on services like ATM withdrawals is advised.

Alternatively, Up Bank is ideal for a digital-first approach, offering zero fees, intuitive tools, and automation, as highlighted in many Up Bank reviews. Your choice depends on whether you prefer traditional banking or fintech innovation.

Can you explain the 6 - 7 % interest