Is idfc bank safe?

[niranjan0]

Hello,

Long story short, I had funds laying around in my current account, around 15L. And I came across IDFC bank with their 7% interest and it is paid monthly!

How is your experience with IDFC bank? Should I or should I not put my funds in IDFC Savings account?

I've already opened an account and transferred some funds there, but I just wanted to confirm if there's anything I should know!

Best Regards.

 

[paxauquabriba-4876]

Hello,

Long story short, I had funds laying around in my current account, around 15L. And I came across IDFC bank with their 7% interest and it is paid monthly!

How is your experience with IDFC bank? Should I or should I not put my funds in IDFC Savings account?

I've already opened an account and transferred some funds there, but I just wanted to confirm if there's anything I should know!

Best Regards.

If bank run happens then RBI via DICGC assures to safeguard max 5lacs/bank.
RBI's assurance comes from GovOfInd but then again it is common for countries to have gone bust in the past too including India, S.Korea etc before Big Bro IMF came to rescue or rescrew depending on who you are asking.
Short : 5lacs/bank
Long story : Time will tell

 

[Trust Me]

How? They don't seem to be in any financial trouble and are growing quite well. People keep 100s of crores in banks. You can't keep worrying, otherwise you would never be able to keep anything there.

"Perfectly safe" means "risk free" to me, which means upto 5L only.

Your viewpoint is valid only for people who can afford to risk substantial amounts without worrying much. IIRC, IDFC was not in great health not very long ago.

Also, the concept of having to take a "haircut" was floated and was subsequently put back under the wraps not too long back.

 

[Slayer]

"Perfectly safe" means "risk free" to me, which means upto 5L only.

Your viewpoint is valid only for people who can afford to risk substantial amounts without worrying much. IIRC, IDFC was not in great health not very long ago.

Also, the concept of having to take a "haircut" was floated and was subsequently put back under the wraps not too long back.

Keep your monies deposited with SBI vr0, it certainly cannot fail right

 

[Lobogris]

"Perfectly safe" means "risk free" to me, which means upto 5L only.

Your viewpoint is valid only for people who can afford to risk substantial amounts without worrying much. IIRC, IDFC was not in great health not very long ago.

Also, the concept of having to take a "haircut" was floated and was subsequently put back under the wraps not too long back.

Nothing is risk free. Even governments go bankrupt.

 

[Trust Me]

Nothing is risk free. Even governments go bankrupt.

Then we'd have much bigger problems to worry about!

 

[Lobogris]

Then we'd have much bigger problems to worry about!

A large bank like IDFC failing and the government not being able to prevent it means bigger problems. If you are so worried, buy physical gold and keep it safe.

 

[paxauquabriba-4876]

A large bank like IDFC failing and the government not being able to prevent it means bigger problems. If you are so worried, buy physical gold and keep it safe.

Govt does not care about bigger problems of /by/for the people. For instance Lakshmi Vilas Bank where a lot of people were affected.

It only cares about D-SIBs which may create problems for govt itself if not saved.

Thats what Central banks around the world have been doing since ages especially Russians

 

[Vasuki]

Don't fall for the trap
First 1 lakh is 3%
1-5 lakh is 4%
Above 5 is 7%

So like if u have 7 lakh
Only for 2 lakh above 5 lakh u will receive 7% .
Not for overall
Only psychological trick it plays is giving u small peanuts saving intrest monthly

Hello,

Long story short, I had funds laying around in my current account, around 15L. And I came across IDFC bank with their 7% interest and it is paid monthly!

How is your experience with IDFC bank? Should I or should I not put my funds in IDFC Savings account?

I've already opened an account and transferred some funds there, but I just wanted to confirm if there's anything I should know!

Best Regards.

 

[Vasuki]

Hello,

Long story short, I had funds laying around in my current account, around 15L. And I came across IDFC bank with their 7% interest and it is paid monthly!

How is your experience with IDFC bank? Should I or should I not put my funds in IDFC Savings account?

I've already opened an account and transferred some funds there, but I just wanted to confirm if there's anything I should know!

Best Regards.

FOR THE SAFTEY QUESTION . CURRENT MD of idfc is good .
If MD is good even banks like Bank of Maharashtra is showing phenomenal growth .

Service is worst but idfc ain't failing in next 1-2 year ..
And u should not be worried for 7 lakh as u can keep 5 lakh in a account stress free 🆓
Here unemployed are having 4-8 account & u thinking this much for parking money for short term 😅

 

[Quantum]

First 1 lakh is 3%
2-5 lakh is 4%
Above 5 is 6 %

So like if u have 7 lakh
Only for 2 lakh above 5 lakh u will receive 6% .

That's wrong.
Please refer: https://www.idfcfirstbank.com/personal-banking/accounts/savings-account/interest-rate

 

[Vasuki]

That's wrong.
Please refer: https://www.idfcfirstbank.com/personal-banking/accounts/savings-account/interest-rate

Remembered better than bank opening employee of idfc 🤣🤣

Edited there

 

[zomato]

Don't fall for the trap
First 1 lakh is 3%
1-5 lakh is 4%
Above 5 is 7%

So like if u have 7 lakh
Only for 2 lakh above 5 lakh u will receive 7% .
Not for overall
Only psychological trick it plays is giving u small peanuts saving intrest monthly

is it for all banks or IDFC first only?

 

[Vasuki]

is it for all banks or IDFC first only?

Other banks shit directly on your face with 3-3.5 % or 4 % intrest till 10 lakh
Idfc shits playing psychological tricks 😅

Refer bank website for accurate rates

 

[shrewdoc]

is it for all banks or IDFC first only?

Many banks offer this kind of structure apart from IDFC:

https://www.paisabazaar.com/rbl-bank/savings-account/

https://www.paisabazaar.com/au-small-finance-bank/savings-account/

 

[zomato]

Other banks shit directly on your face with 3-3.5 % or 4 % intrest till 10 lakh
Idfc shits playing psychological tricks 😅

Refer bank website for accurate rates

I thought it was a tier 🥲 flat 7% if balance above 5 lacs

indusind mein bhi yahi trick hai?

 

[Slayer]

I thought it was a tier 🥲 flat 7% if balance above 5 lacs

indusind mein bhi yahi trick hai?

Har bank mein yehi trick hai babu bhaiyya

 

[zomato]

Har bank mein yehi trick hai babu bhaiyya

why are we here just to suffer?.jpg

 

[pointhacker]

Even I had fell for this before but still using IDFC for occasional offers on CC

 

[Lobogris]

Govt does not care about bigger problems of /by/for the people. For instance Lakshmi Vilas Bank where a lot of people were affected.

It only cares about D-SIBs which may create problems for govt itself if not saved.

Thats what Central banks around the world have been doing since ages especially Russians

Laxmi Vikas was saved though.

 

[paxauquabriba-4876]

The devil is in the details.

The distress depositors as well as retail shareholders had to go through especially the shareholdres whose savings/investments vanished in thin air.

U can recheck & follow the whole saga to understand if it was really saved and or just an important none the less domestic financial institution was just sold off to a Singapore bank for peanuts.

Again to avoid fearmongering : YES our savings/investemnets are SAFE but sometimes u never know.