Torus Digital v/s IDFC First Bank Savings Account
Interest Rates 2025
When choosing a savings account, interest rates are key. Here’s a comparison of Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) and IDFC First Bank savings account interest rates across balance slabs to help you decide.
| Savings Account Balance Slab Savings A/c Balance Slab | IDFC First Bank Savings Account IDFC First Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Up to ₹1 Lakh |  3.00% | 2.50% |
| >₹1L – 5L (incl.) | 3.00% | 4.00% |
| >₹5L – 10L (incl.) | 7.00% | 7.25% |
| >₹10L – 50L (incl.) | 7.00% | 7.50% |
| >₹50L – ₹5Cr (incl.) | 7.00% | 7.50% |
| >₹5Cr – 25Cr (incl.) | 6.50% | 7.75% |
| >₹25Cr | 6.00% | Contact Branch |
Open your Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) today and start earning up to 7.75% interest
Open Account NowCharges & Fees
Here’s a quick comparison of the fees and charges for the Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) and IDFC First Bank Account to help you decide.
| Charges / Fees Charges / Fees | IDFC First Bank Savings Account IDFC First Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Minimum Average Monthly/Quarterly Balance | ₹25,000 | NIL |
| Non-Maintenance Charges | 6% of the AMB shortfall or ₹500, whichever is lower | NIL |
| Cheque Bounce Charges (Insufficient Funds) | NIL | NIL |
| Cheque Bounce Charges (Technical Reasons) | NIL | NIL |
| Cheque Return | FREE (Both Issued & Deposited) | ₹200 |
| Cheque Book Charges | FREE (including re-issuance) | 20 leaves free per quarter, additional cheque fees- ₹2 per leaf |
| Account Closure Charges | NIL | NIL |
| ATM Withdrawals | FREE at IDFC ATMs; FREE at other bank ATMs also | Limit: ₹1,00,000/day |
Features of Saving Account
Let’s compare the key features of the Torus Digital savings account and the IDFC First Bank savings account to see which suits you best.
| Feature Feature | IDFC First Bank Savings Account IDFC First Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Interest rate | Up to 3% p.a. | Up to 7.75% p.a. |
| Interest payout | Monthly | Monthly |
| Minimum balance requirement | ₹25,000 | No minimum balance requirements |
| Penalty for non-maintenance | 6% of the AMB shortfall or ₹500, whichever is lower | No charges |
| Cheque book facility | FREE | Not applicable |
| Debit Card | Multiple variants, including RuPay and Visa, with associated benefits | Digital RuPay Debit Card |
| Investment Feature | Sweep-in facility for FD linkage | ‘Invest Your Interest’ feature to invest earned interest in selected ETFs |
| Stock Market Transactions | Not applicable | Block Funds Facility – trade in stocks directly from the savings account while earning interest |
| Fund Transfers | NEFT/RTGS/IMPS/UPI | NEFT/RTGS/IMPS/UPI |
| Cash Withdrawals | FREE | Digital-first approach |
| Banking Process | Physical & Online banking | Fully digital process, account opens in 6 minutes |
Open your Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) today and enjoy smarter banking with higher interest and zero hassle!
Open Account NowWhich Account Offers the Best Interest Rate? Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) vs IDFC First Bank Savings Account
For those seeking better interest on their savings, Torus Digital offers a clear advantage. While IDFC First Bank provides an interest rate of just 3% p.a., Torus Digital’s savings account features tiered interest rates that go up to 7.75% p.a.—outperforming traditional accounts across every slab. It’s an ideal choice for individuals who want to make the most of their idle money without locking it away, offering a smarter way to grow your savings effortlessly.
Documents Required
To open a savings account, whether with Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) or an IDFC First Bank account, having the right documents ready can make the process quick and hassle-free. Below is a comparison of the key document requirements to help you get started smoothly.
| Documents Required Documents Required | IDFC First Bank Savings Account IDFC First Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Proof of Identity & Address (Any one) | 2 passport photos, Address & ID proof (Aadhaar/Passport), both address proofs If mailing & permanent address differ, 1 copy suffices if a document covers both ID & address | Aadhaar Card (mandatory), Original PAN Card (mandatory); Aadhaar used for both ID & address verification |
| PAN Card | Required (part of identity documents) | Mandatory for onboarding and KYC verification |
| Photographs | Two recent passport-sized photographs | Not needed separately — live selfie captured digitally during onboarding Video KYC |
| Additional Documents | Duly filled account opening application form | No physical form needed — all details filled digitally in the app |
Eligibility Criteria
When choosing between a Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) and an IDFC First savings account, it’s important to understand the eligibility criteria for each. Knowing who can open these accounts helps you decide which option best fits your banking needs.
| Eligibility Criteria Eligibility Criteria | IDFC First Bank Savings Account IDFC First Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Account Holders | Resident Individuals (single/joint), Hindu Undivided Families (HUFs) and Foreign Nationals residing in India with valid documentation | Resident Individual (Single) |
| Minors | Minors above 10 years can open self-operated accounts with ATM/Debit Card | N/A |
| Senior Citizens | Senior citizen accounts available for those above 60 years and above | Age is no bar |
| Foreign Nationals | Eligible if residing in India with valid passport,visa, FRRO certificate, and residential permit | N/A |
| Residency Status | Resident individuals and foreign nationals residing in India | Resident individuals only |
Why Choose Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB)?
The Torus Digital Savings Account, powered by Suryoday Small Finance Bank (SSFB), offers a range of innovative features designed to give you the best banking experience with attractive returns and complete convenience
- High Interest Rates: Earn up to 7.75% p.a : Best in class interest rates available on savings accounts today.
- Monthly Interest Credit: Enjoy the benefit of monthly interest being credited directly to your account, helping your savings grow faster.
- Zero-Balance Account : Say goodbye to minimum balance requirements and maintenance fees - enjoy the freedom of a truly zero-balance account.
- Invest Your Interest : Boost your savings with the unique ‘Invest Your Interest’ feature, allowing you to invest your interest earnings in ETFs starting at just ₹27, potentially earning up to 15% extra.
- Digital RuPay Debit Card : Shop online and make secure transactions easily with the Torus Digital RuPay Debit Card, powered by SSFB.
- Block Funds Facility : Combine liquidity with growth by trading stocks directly from your savings account while still earning monthly interest.
- Instant Fund Transfers : Seamlessly transfer funds to your trading account without any delays.
- 24/7 Customer Support : Get round-the-clock assistance whenever you need help.
- Fully Digital Process : Open and manage your account entirely online quick, hassle-free, and paperless.
Additionally, you can explore the Torus Digital 3-in-1 Account that integrates your savings, trading, and demat accounts into one powerful platform, giving you seamless control over your finances with enhanced convenience.
About Suryoday Small Finance Bank
SSFB began its journey as a microfinance institution in November 2008 and transitioned into a Small Finance Bank in January 2017 after receiving its banking license. With a strong foundation in inclusive banking, SSFB today powers next-gen digital savings solutions through platforms like Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB).
Frequently Asked Questions
1. What are the IDFC First Savings Account interest rates?
- IDFC FIRST Bank offers up to 3% per annum interest on its savings account balances. The interest is calculated daily and paid out monthly, ensuring regular earnings on your deposits.
2. How can I open an IDFC First Savings Account?
- You can open an IDFC FIRST Savings Account easily online in just a few steps:
- Step 1:Click on the official IDFC FIRST Bank website or download the mobile banking app.
- Step 2:Fill in the online application form and verify your Aadhaar details.
- Step 3:Choose the type of savings account you wish to open.
- Step 4:Deposit the required amount as per the account type.
- Branch Visit:
- Step 1:Visit the nearest IDFC FIRST Bank branch with all the required documents (e.g., PAN, Aadhaar, photo ID proof, address proof, passport-size photo).
- Step 2:Fill out the account opening form provided by the bank.
- Step 3:Read the terms and conditions carefully and sign the completed form.
- Step 4:Submit the form along with the required documents to the branch staff for processing.
- After opening your account, you can log in via NetBanking or MobileBanking to start managing your funds.
3. How can I update my contact details for my IDFC First Savings Account?
- To update your mobile number linked to your IDFC FIRST Bank Savings Account, follow these steps using the Mobile Banking App:
- Step:1 Login to the IDFC FIRST Mobile Banking App and tap on the hamburger menu (three lines).
- Step:2 Select "Manage Profile" from the menu.
- Step:3 Next to your registered mobile number, tap the “Change” button.
- Step:4 Enter your new mobile number and confirm.
4. How to choose the right savings account?
- When selecting a Savings Account, consider these key factors:
- a. Assess your financial goals and banking needs.
- b. Compare interest rates offered by different banks.
- c. Check the minimum balance requirements to avoid penalties.
- d. Ensure the account provides easy access through online and mobile banking.
- e. Review the benefits of the debit card, such as cashback offers or transaction limits.
5. How to Choose Between IDFC First Savings Account and a Torus Digital Savings Account?
- When selecting a savings account, it's essential to compare features that align with your financial needs. If you're looking for traditional banking experience with branch access, the IDFC First Bank Account provides stability, multiple account variants, and additional banking privileges. On the other hand, Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB), part of the Torus Digital 3-in-1 Account,offers a fully digital experience with added investment benefits.
- Torus Digital stands out with a high savings account interest rate of up to 7.75% p.a., credited monthly instead of quarterly, helping your savings grow faster. Unlike conventional accounts, it has no minimum balance requirements or penalties, making it an excellent choice for those seeking flexibility.
- Beyond savings, Torus Digital integrates investment features. The ‘Invest Your Interest’ option allows you to automatically invest earned interest in selected ETFs, potentially yielding an additional 15% p.a. returns. The Block Funds Facility enables seamless stock market transactions directly from your savings account while continuing to earn interest.
- With a completely digital-first process, Torus Digital allows you to open an account in just 6 minutes. It offers a Digital RuPay Debit Card, smooth online fund transfers, and round-the-clock accessibility, making it an efficient and modern banking alternative.
