IDFC Bank offers a comprehensive suite of products and services in the personal banking arena. Let's look at how it can benefit you.
There are several banks in the country today, with more waiting in the wings to get their operating licenses from the RBI. However, while most struggle to get a stable customer base, some like IDFC Bank get off to a flying start.
Though a relatively new entrant in the Indian banking space, IDFC Bank has proved its credentials by offering cutting edge banking solutions to every kind of customer, whether an individual or a company. Its range of personal banking products and services are remarkably dense, and customers can benefit from partnering with this bank.
IDFC Bank currently offers these products in personal banking:
* Accounts: IDFC Bank is one of the few Indian banks to offer a wide range of savings accounts. Apart from the usual savings account and zero balance account, you can also open savings accounts for minors and senior citizens. There are other savings accounts that facilitate small businesses run by women (Shakti Savings Account), special banking needs (Vishesh Savings Account), easy banking (Param Savings Account) and quick account opening (Pratham Savings Account). Most other banks in India do not offer this much variety of accounts in the personal banking space.
* Loans: Just like with savings accounts, IDFC Bank also has a wide variety of loans to offer. These include personal loan, home loan, loan against property, Sakhi Shakti entrepreneur loan for women, commercial vehicle purchase loan, Equipment Hypothecation loan, Micro enterprise loan, two wheeler loan and business loan. These banking solutions are offered at competitive interest rates and low processing fees.
* Deposits: IDFC Bank has fixed and recurring deposits in its online personal banking suite. It offers a high 8% interest on FDs with a tenure of two years and one day, while you can start the RD with as little as Rs 2000 per month. The bigger advantage is that you can open the deposits online.
* Investments: The Bank offers three excellent investment opportunities in personal banking solutions: mutual funds, gold bonds and investment-linked insurance. It also assigns an experienced fund manager to oversee the growth of your investment.
* Insurance: IDFC Bank scores major points in terms of providing many banking solutions in the insurance arena. It offers insurance solutions in life (term policies), vehicle, health, home, travel, investment, etc. You can buy the insurance product of your choice via the online personal banking on the site.
* Online services: The Bank offers you 24/7 access to your money and continuous monitoring of all accounts and investments via its mobile banking and net banking services.
* Payments: Most leading banks in India do not offer as many banking solutions in the payments arena as IDFC Bank does. It offers solutions like micro ATMs, online funds transfer, bill payments and recharge, online shopping, POS (Point Of Sale) solutions for entrepreneurs, ATM cards, etc.
* Cards: The Bank offers a debit card with every savings account, which has frequent offers and discounts. It also has a wide range of prepaid cards, from employee benefit cards to overseas travelling cards.