INDUSIND VS IDFC FIRST BANK- SAFETY BEYOND 5 LAKHS

[KGSIPO]

I want to park a good amoount of capital as deposits either in Indusind bank or IDFC First bank. Both are paying similar interest rates. Which bank is safer for the amount beyond 5 lakhs. The share price of Indusind bank is Rs.1548 and the share price of IDFC First bank is only Rs.83. Does it mean Indusind bank is safer than IDFC First bank. Based on your inputs, I will open a savings acount with them. Please do not advice to split the amount as I want to put the deposit in a single bank for some exclusive reasons.

 

[ritwik2000]

If the balance in IDFC savings account is 6 lakhs, will I get 7.25% on the entire 6 lakhs. Asking this because indusind has a slab system where only the amount above that slab will get the higher interest

nope slab system will be followed

 

[Vasuki]

If the balance in IDFC savings account is 6 lakhs, will I get 7.25% on the entire 6 lakhs. Asking this because indusind has a slab system where only the amount above that slab will get the higher interest

No only for 5-6 lakh u will get
7.25
So only for 1 lakh effective ly

 

[SonyTom]

Had opened an account a few days back. The manager is saying I will get 7.25% for the entire amount in savings account if my balance is even 5,00,001. I told him my info was that the slab system is followed. But he was very sure. Thats why I asked here.

Anyway have asked him to send me any evidence for the same.

 

[Vasuki]

Had opened an account a few days back. The manager is saying I will get 7.25% for the entire amount in savings account if my balance is even 5,00,001. I told him my info was that the slab system is followed. But he was very sure. Thats why I asked here.

Anyway have asked him to send me any evidence for the same.

Tell them here more knowledge PPL are there than their managers
About their own product

 

[SonyTom]

Tell them here more knowledge PPL are there than their managers
About their own product

Yes. Definitely 😁

 

[amitkssolanki]

Ask them to read details on their own website - https://www.indusind.com/in/en/personal/rates.html#saving-bank-account-interest-rate
The rates are incremental as per slab

 

[SonyTom]

Ask them to read details on their own website - https://www.indusind.com/in/en/personal/rates.html#saving-bank-account-interest-rate
The rates are incremental as per slab

I don’ understand, can managers be so ignorant OR was he trying to fool me🙄

 

[Vasuki]

I don’ understand, can managers be so ignorant OR was he trying to fool me🙄

Educated fool
Trying to woo customer

 

[TheGuy]

I fully agree that SBI is the most safe. I am not prefering SBI as i need a bank account which has linked FD or Flexi FD from which i can make IPO application. SBI / HDFC has sweep in /out FD but I cannot apply for IPO from such FDs

I don't think IDFC has this facility.|
Anyway, which way did you proceed and experience regarding the same?

 

[Dragon_slayer]

That might be because IDFC does not need to provide that feature, they already offer better interest rates than FD for >5L deposits

I don't think IDFC has this facility.|
Anyway, which way did you proceed and experience regarding the same?

 

[TheGuy]

IDFC does not need to provide that feature

what...
SA interest rates are temporary.
Also, what if I want to have better interest benefit for 5L only...

There is no excuse not to provide an option. The economics are such that it is profitable for bank (as other wise I would move to another bank). ICICI has this option since 2005.

 

[varun__goel_]

what...
SA interest rates are temporary.
Also, what if I want to have better interest benefit for 5L only...

There is no excuse not to provide an option. The economics are such that it is profitable for bank (as other wise I would move to another bank). ICICI has this option since 2005.

They offer sweep in out facility

Auto-Sweep Savings Account: Save More, Earn More | IDFC FIRST Bank

Open an IDFC FIRST Bank Auto-Sweep Savings Account and enjoy the benefits of a Fixed Deposit and a Savings Account in one. Get monthly interest credits, zero-fee banking, and more with auto sweep facility. Apply now!

www.idfcfirstbank.com

 

[chdguy1980]

I fully agree that SBI is the most safe. I am not prefering SBI as i need a bank account which has linked FD or Flexi FD from which i can make IPO application. SBI / HDFC has sweep in /out FD but I cannot apply for IPO from such FDs

@KGSIPO SBI has an account called Saving PLUS account which is by default sweeping/out account. Can you check if it supports applying IPOs against that amount?

 

[KGSIPO]

@KGSIPO SBI has an account called Saving PLUS account which is by default sweeping/out account. Can you check if it supports applying IPOs against that amount?

It doesn't support. Hdrc also doesn't support. No public sector banks support of apolying IPO with sweep in amount

 

[TheGuy]

@KGSIPO which bank are you using currently?

 

[KGSIPO]

@KGSIPO which bank are you using currently?

Icici bank fd

 

[Ak Singh]

Icici bank fd

I have also icici bank regular fd.
So do you have regular fd or sweeping fd.
And if yes for sweeping fd where is the option of sweep fd in iMobile app?

 

[KGSIPO]

Select Money multiplier FD Which is sweep FD in ICICI