5 ways a banking app can help you maximize earnings

Mobile banking gives you the leverage of carrying out financial transactions at your convenience and without visiting a bank. People’s reliance on a banking application has been increasing since the coronavirus pandemic.

Banks are trying to keep up with the users growing appetite for mobile banking by providing innovative banking services. With a net banking app, you can open a savings bank account, transfer money, make payments, maximize earnings, and set personalized alerts. The IDFC FIRST Bank mobile app is well-designed to offer its users the latest mobile banking features, which help them manage their money effectively to maximize earnings.

Here’s how you can multiply your earnings on the IDFC FIRST Bank mobile app.

1. Start a savings bank account

With a savings bank account from IDFC FIRST Bank, you can keep your money safe and save it for the future. The app allows you to open a digital bank account in minutes by using your PAN Card and Aadhaar Card details and completing the eKYC process successfully. Some benefits of starting a savings account with IDFC FIRST Bank include:

• Free and limitless ATM transactions
• Cashback on activation
• The higher point of sale (POS) limits
• Interest on interest and monthly interest credits
• Higher ATM withdrawal limit and purchase limit on Signature or Classic Debit Card

2. Open a fixed deposit account

Another way of increasing your savings and returns is by opening a fixed deposit account. If you are salaried or self-employed, you can start an FD with IDFC FIRST Bank on its mobile app by just providing your full name, location, mobile number, and email address. It helps you to earn high interest and tax benefits if you opt for a bank deposit with a lock-in period of five years. With an FD account, you can also avail of the sweep-in facility by linking it with your savings account.

3. Open a recurring deposit account

You can use your idle funds to earn returns by starting a recurring deposit account. The IDFC FIRST Bank mobile app helps you choose from several RD schemes. You can find the most suitable scheme that helps realise your dream by giving more returns on your deposits. The app helps you to open an RD account for an instalment amount as low as Rs 100 for a 6-month period.

Choosing an RD scheme for three years will help realize your short-term goals like renovating your home, paying for your child’s higher education, and going on a vacation trip.

4. Making investments

A mobile banking app also helps manage your money by suggesting ways to invest your unused money in your savings account by setting up a SIP. Investing in equity, mutual funds, PPF, sovereign gold bonds, and unit-linked insurance plans can help you increase your returns.

A digital savings account with IDFC FIRST Bank also helps you open a 3-in-1 trading, investment, and Demat account to make investments in equity effectively.

5. Optimizing your money

With the IDFC FIRST Bank mobile app, you can manage the receipts and payments of your money. It helps organize your digital bank account by categorizing your expenses and sending alerts on excess expenditure. The income and expenses analyser helps save money by regulating expenses and putting in some investment products.

The IDFC FIRST Bank mobile banking app is designed to help you in several ways to save and use your money and get maximum returns on it.