IDFC FIRST Bank (Now issuing interest on monthly basis)

Sushubh

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this is the page i was talking about. Instead of going through multiple bank sites to locate the messy pdf files... This provide concise information for the cards they have data on.

allowed me to do one search before the spammy popup asking me to make an account. idiocy. someone should just create a wiki instead.
 
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@Smh A fixed deposit of 7 lacs will give you Rs. 9450* in interest per quarter. And you can sweep in the amount to your own account any time. I'm talking about HDFC.

I remember what happened with Yes Bank when it had to be rescued. I hope the same doesn't happen with IDFC. 👀
 

Smh

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for sweep in it works like you set minimum balance for your account ex - 15k and you have a FD of 1lakh. Now you withdraw 5k from ATM, if sweep in is enabled bank will take 5k from your FD of 1lakh and add it to your acc balance. On this 5k you will get less interest because you have withdrawn it before the maturity.

This is my understanding of sweep in never used it. On HDFC site there is no specific fees mentioned though.

Can we select to interest quarterly for FD with 3yrs maturity?

P.S. are you talking about doing 'sweep in' manually? Any red flag news about IDFC I missed? :unsure:
 
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I'm talking about breaking the FD manually, which you can do by logging into your account. You can break an FD at any time, but that incurs a fine which is 1%. If you were supposed to get 5.5%, you'll get 4.5%.

Bankers lie all the time. My relationship manager at HDFC moved to Axis and now she's telling me that I can create an FD in Axis and if I break it, there will be no charges. While I'll have to pay a fee in HDFC.

When I told this to my existing relationship manager at HDFC, she started laughing because every bank has different terms and conditions and there's always some catch. Here's the catch at Axis.

You can now withdraw your deposits after 15 months, without paying any penalty.

And here I'm talking about normal FDS, sweep-in basically means withdrawing your invested amount. You can opt if you want to get interest every month, quarterly or annually.

HDFC also offers a Savings Max account for which the MAB is 25k. 4% annual interest.
 

Smh

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oh okay I have used that feature with HDFC. They also have auto sweep in, the advantage is you don't have to break whole FD so less loss of interest. For manual sweep in you have to keep multiple FD of small amount.

Surprisingly not all bank offer this specially PSU ones.
 
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Less than 5 lacs, 0.05% penalty. Over 5 lacs, 1%.

So as IDFC is offering marginally better interest rate than other banks, are you guys sticking to it or moving your funds to other banks?
 


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@Samuel I guess for FD's larger then 5L one should always stick with D-SIB banks such which are (HDFC, SBI & ICICI).
I personally moved from SBI to HDFC due to poor services of SBI.
IDFC or INDUSIND etc are good banks but not larger in size then these too big to fail banks so i would advice to keep 5L or below. Also as per DICGC rules each depositor's 5L is insured.
 

Smh

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Less than 5 lacs, 0.05% penalty. Over 5 lacs, 1%.

So as IDFC is offering marginally better interest rate than other banks, are you guys sticking to it or moving your funds to other banks?
hdfc penalty is 1% for all sweep in?

For Premature Closure (for all amounts, and for including Sweep In / Partial Withdrawal), the final rate applicable will be 1% Below that of the lower of either: a) the rate for the original /contracted tenor for which deposit has been booked or b) the base rate applicable for the tenor for which the deposit has been in force with the bank except for the deposits booked with tenor 7-14 days.

I have not read any concerning news about IDFC recently. Upto 5 lakhs in insured anyway so keeping 5-10 lakhs should be safe. For amount higher than that I don't think savings acc or FD gives much return.
 

Sushubh

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the article was so painful to read. one line news they have which they repeated like 4-5 times. and provided nothing useful like what it means for the bank and the customers.
 

mikrotik

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These days content for most of the news article is not more than 1-2 lines. Rest is twisting those lines again n again.
The more time a person spends on a news article the better is the ad revenue I guess :/
 

mhsabir

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Looks like a school kid knowing 1 or 2 lines of a topic in a text book and is trying to answer a 5-mark question.
 
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I'm talking about breaking the FD manually, which you can do by logging into your account. You can break an FD at any time, but that incurs a fine which is 1%. If you were supposed to get 5.5%, you'll get 4.5%.

Bankers lie all the time. My relationship manager at HDFC moved to Axis and now she's telling me that I can create an FD in Axis and if I break it, there will be no charges. While I'll have to pay a fee in HDFC.

When I told this to my existing relationship manager at HDFC, she started laughing because every bank has different terms and conditions and there's always some catch. Here's the catch at Axis.



And here I'm talking about normal FDS, sweep-in basically means withdrawing your invested amount. You can opt if you want to get interest every month, quarterly or annually.

HDFC also offers a Savings Max account for which the MAB is 25k. 4% annual interest.

3% since mid-2020, not 4%. Maybe after UP elections we will see a rise in acche din to 2.5% instead of 3%.
 
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oh okay I have used that feature with HDFC. They also have auto sweep in, the advantage is you don't have to break whole FD so less loss of interest. For manual sweep in you have to keep multiple FD of small amount.

Surprisingly not all bank offer this specially PSU ones.

I suppose in cases where you might need a small amount of the money from the FD, it might be better to go for an Overdraft FD product, the entire FD keeps earning interest but you pay 1% above that interest rate on the amount you withdrew.

For cases where you just want a buffer in the account for cheques or anything, that seems to be a good way to go.
 

Smh

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I updated their app, now it ask for new permission sms and contacts to assess you credit worthiness.
They want to read your sms "only financial" no clue how they can segregate personal sms without reading and processing them.

This is borderline spyware to read all sms for assessing credit. I guess cred also does this right? God knows what they will do with contact info. Call them if u default like Chinese shady apps?

Fortunately only phone permission is required to identify your device and mobile no. and rest are optional.