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.

 

[SSV]

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.

This generally indicates financial health of the organization.. please follow this time to time..if it goes down drastically find out the reason. Gave a look on gross NPA amd Net NPA.. like this there are many parameters to follow..but I will stop now..

At the moment it is safe, no need to worry ..

 

[Tejo]

for investors




for consumers
NO. 1 USELESS WORST BANK

 

[shrewdoc]

This is generally indicates financial health of the organization.. please follow this time to time..if it goes down drastically find out the reason. Gave a look on gross NPA amd Net NPA.. like this there are many parameters to follow..but I will stop now..

At the moment it is safe, no need to worry ..

View attachment 35781

Appreciate this approach, but IDFC First and IDFC are different listings 🙂
The relevant one here would be the IDFC First Bank Ltd.

 

[SSV]

Appreciate this approach, but IDFC First and IDFC are different listings 🙂
The relevant one here would be the IDFC First Bank Ltd.

View attachment 35783

Okay I didn't know this, thanks for highlighting.. I thought First was just a branding thing.
Not into the Indian market yet..
Will soon venture into it

 

[Mr. BeanMr. Bean is verified member.]

Okay I didn't know this, thanks for highlighting.. I thought First was just a branding thing.
Not into the Indian market yet..
Will soon venture into it

Both will be merged before the end of this financial year (from what I heard). So, you may not find the traditional IDFC in the near future. Only IDFC First Bank will be shown in the markets.

for consumers
NO. 1 USELESS WORST BANK

How can a bank be good for retail investors and at the same time bad for consumers?! I really don't understand the logic.

Every bank has some bad stories to share, though.

I have a SB account with Axis for over 15 years, but I'd never invest in Axis due to their poor customer service and due to how they treat their employees. My relationship manager changes every 3 months or so.

I don't have any relationship with IDFC, but I have a small holdings in it due to Vaidyanathan. I will stay invested as long as he is there.

 

[saucy]

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.

Upto 5 lakh is insured by the GOI in any commercial bank. May want to read about it

 

[vaibhav111vaibhav111 is verified member.]

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.

i have kept close to the amount you have mentioned and then 12 days later asked for wealth upgrade the branch person called me and said 75 lakhs even though it 10 lakhs. so you can put 10-15 lakhs in idfc. no worry. just for the sake of monthly 7% interest.

 

[Tejo]

i have kept close to the amount you have mentioned and then 12 days later asked for wealth upgrade the branch person called me and said 75 lakhs even though it 10 lakhs. so you can put 10-15 lakhs in idfc. no worry. just for the sake of monthly 7% interest.

he asked 75 lakhs for wealth upgrade?

 

[vaibhav111vaibhav111 is verified member.]

he asked 75 lakhs for wealth upgrade?

Yup! And then I said check again and haven’t received the call and that from nearest Idfc branch.

 

[thegame]

as per RBI, only 3 banks are rated as safe/important for economy - SBI/ICICI/HDFC so expecting them to be stable for a long time now as RBI doesn't want them to sink suddenly like the giant (once) Lehman Brothers and the recent Credit Suisse crisis, also we have the DICGC assurance upto 5L even for the 12 small finance banks so maybe you can open 3-4 bank accounts and have like 4L in FD which would fetch around 9.2-9.5% yield on 2-3yrs FDs

SBI, ICICI Bank, HDFC Bank continue to be too big to fail

D-SIBs are those interconnected entities, whose failure can impact the whole of the financial system and create instability

www.moneycontrol.com

DICGC - For Depositors - Insured Banks

 

[Sahilhenzy]

as per RBI, only 3 banks are rated as safe/important for economy - SBI/ICICI/HDFC so expecting them to be stable for a long time now as RBI doesn't want them to sink suddenly like the giant (once) Lehman Brothers and the recent Credit Suisse crisis, also we have the DICGC assurance upto 5L even for the 12 small finance banks so maybe you can open 3-4 bank accounts and have like 4L in FD which would fetch around 9.2-9.5% yield on 2-3yrs FDs

SBI, ICICI Bank, HDFC Bank continue to be too big to fail

D-SIBs are those interconnected entities, whose failure can impact the whole of the financial system and create instability

www.moneycontrol.com

DICGC - For Depositors - Insured Banks

Do You know it's a very lengthy process and from years DICGC has not released money because their Auditor has not provided them a report from years.

 

[Slayer]

Okay I didn't know this, thanks for highlighting.. I thought First was just a branding thing.
Not into the Indian market yet..
Will soon venture into it

Only need to buy AAPL and chill

 

[aayusharyan]

as per RBI, only 3 banks are rated as safe/important for economy - SBI/ICICI/HDFC so expecting them to be stable for a long time now as RBI doesn't want them to sink suddenly like the giant (once) Lehman Brothers and the recent Credit Suisse crisis, also we have the DICGC assurance upto 5L even for the 12 small finance banks so maybe you can open 3-4 bank accounts and have like 4L in FD which would fetch around 9.2-9.5% yield on 2-3yrs FDs

SBI, ICICI Bank, HDFC Bank continue to be too big to fail

D-SIBs are those interconnected entities, whose failure can impact the whole of the financial system and create instability

www.moneycontrol.com

DICGC - For Depositors - Insured Banks

Does opening 3-4 accounts work? I think the 5L insurance is per customer ID. No?
If I have 3x5L FDs, I don't get all 15L insured, the insurance is still 5L I think. Correct me if I;m wrong.

 

[Slayer]

Does opening 3-4 accounts work? I think the 5L insurance is per customer ID. No?
If I have 3x5L FDs, I don't get all 15L insured, the insurance is still 5L I think. Correct me if I;m wrong.

Aayush bhai 3-4 (different different bank) accounts he's talking about
Not different FD accounts

 

[shrewdoc]

Does opening 3-4 accounts work? I think the 5L insurance is per customer ID. No?

Yes, that works.

Check out this post, this person has done a good job summarising:

Is it safe to open FDs online?

I want to save my family’s money as FD in everyone’s account. Mostly HDFC and SBI bank. Making multiple FDs physically in bank is tedious task. Although I want to invest MF for better returns, my family members don’t want to take risk and only trust FDs (can’t expect any support from them in...

www.technofino.in

 

[Lobogris]

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.

It’s perfectly safe. 7% is only given on amounts above 5 lakhs. So if you keep 6 lakhs, just 1 lakh would earn 7%. So for small amounts, keep that in mind. If the amount is larger then it makes little difference.

 

[thegame]

Do You know it's a very lengthy process and from years DICGC has not released money because their Auditor has not provided them a report from years.

oh but DICGC is highlighting that once the bank is declared to be in trouble, RBI will mostly try to merge with other banks or worst case they will start returning people's money within 90days

 

[Trust Me]

It’s perfectly safe.

Even beyond 5L? How so?!

oh but DICGC is highlighting that once the bank is declared to be in trouble, RBI will mostly try to merge with other banks or worst case they will start returning people's money within 90days

Are they really?! In writing? That seems to suggest a guarantee of some sort. I don't know if they are even allowed to do that!

Any links?

 

[Lobogris]

Even beyond 5L? How so?!

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.