For a salaried individual, opening a salary account is an essential step towards efficient money management. IDFC FIRST Bank’s salary account is designed to offer numerous benefits, including attractive interest rates. The bank provides a competitive interest rate on salary accounts, which ensures that your savings grow steadily. This feature, combined with the convenience of managing your salary and day-to-day transactions, makes the IDFC FIRST Bank salary account a beneficial choice for salaried individuals.
How does a salary account gain interest?
Interest rates in salary accounts function similarly to those in savings accounts, wherein a specific percentage of the account balance is credited as interest over a designated period. The unique offering by IDFC FIRST Bank is the monthly interest payout facility, which means that instead of receiving interest quarterly or annually, you get the interest credited to your account every month. This facility enhances liquidity and allows you to enjoy the benefits of compounding more frequently, thereby maximising your savings-PTI.