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IDFC First Bank saving account Review

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Santhosh

Santhosh

TF Select
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.
 
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Vasuki said:
Grapes are sour or u didn't get them

Idfc undoubtedly have problem with
High UPI transaction in their algorithm
Sometimes dc transaction fails too
Sometimes cc transactions too


But in hate you guys closed your eyes


Idfc dc is very good in terms of what it offers

1- reward structure ( if u can exploit and everyone knows it well )

2- Airport lounge ( not normal' lounge card u get access to even small lounge which aren't even in mid range paid cc
It has companion features too ( talking of select and wealth program)


3- insurance - yes it's tricky but if u count it it works

4- same treatment of account across branch


Their algorithm is fucked up but the cow is milking good so why close eye better be cautious
Click to expand...
On paper features of their acc might be good but coming to reality I can't trust IDFC
So, I've closed Idfc sb acc
After closing acc I got select cc
 
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harshn said:
Guys AU SFB toh thik hai na freeze ke mamle me ? I mean not unnecessarily due to high value or more no of transactions?
Click to expand...
Any online opened acc will have the threat of acc freeze
Mention your income according to ur high value transactions then ur acc will not get freezed
Currently using au digital sb acc from past 2 mons did not face any issue as of now
 
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TheTrickySid said:
I have an issue here.
The are deliberately only having the lowest denomination vouchers in stock on their rewards redemption portal.
Which indirectly force people to make redemption in multiple go thus charging a redemption fee for every redemption.
Just for my case I have 18k points
Want to redeem it for apay voucher
So in order to redeem all the points I have to make 4 to 5 cycles of redemption causing a redemption fee of 600.

Also they only stock in the lowest denomination vouchers. I've observing them since last 3 months and never ever the rest of the denomination voucher were in stock apart from the lowest ones.
Click to expand...
1k voucher are always available
U can redeem upto 20k points in a go

Yes it's a concern but there is no expiry on reward so u can wait if voucher not available especially 1k ones
 
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Santhosh said:
Any one using IDFC First bank saving account and what is your experience ?
Click to expand...
Worst
Santhosh said:
Planning to take this bank account for my investment SIPs and park some emergency fund.
Or any other suggestions are welcome.

Thank you.
Click to expand...
The IDFC First started to copy cat the things from other banks. Applicable for the products like Savings Accounts, Credit Cards, Reward Points System.

Even copied fintechs and launched pay later, even consumer Finance in offline.

They tried and even covered market in small time.

My savings account debit card got blocked, I closed account.

Now my txns on idfc credit card are being declined. Even I can't book movie tickets where the card featured with 25% off at paytm movies.
 
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I'm using IDFC savings account ( select) for 4 years. Good service. Using DC almost 3L for 2.2% CB every month. No account freezing issue.

I would suggest you go online.
If you want unwanted calls from branch (fund, insurance, sip) then go offline if don't then go online.
 
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Vasuki said:
Grapes are sour or u didn't get them

Idfc undoubtedly have problem with
High UPI transaction in their algorithm
Sometimes dc transaction fails too
Sometimes cc transactions too


But in hate you guys closed your eyes


Idfc dc is very good in terms of what it offers

1- reward structure ( if u can exploit and everyone knows it well )

2- Airport lounge ( not normal' lounge card u get access to even small lounge which aren't even in mid range paid cc
It has companion features too ( talking of select and wealth program)


3- insurance - yes it's tricky but if u count it it works

4- same treatment of account across branch


Their algorithm is fucked up but the cow is milking good so why close eye better be cautious
Click to expand...
Can you please elaborate more about dc rewards structure? Thanks
 
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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.
 
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