Product Details
Bank Name
IDFC First Bank
Account Name
IDFC Minor Saving Account
Account Type
Saving
Interest Rate
Upto 10 Lakh - 4% Above 10 Lakh And Upto 50 Crore 6.25%
Free Debit Card
Yes. Visa Platinum Card
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Account Opening Fees
Nil
Annual Maintenance Fees
0
Minimum Account Balance
INR 25,000
Debit Card Charges
0
NEFT Charges
Free
IMPS Charges
Free
Fees and Charges
IDFC Minor Saving Account
Special Features
Monthly credit of interest.
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Interest is credited on a monthly basis.
Free Visa Platinum Debit card.
Free NEFT/RTGS/IMPS transactions.
Monthly credit of interest.
Cons
IDFC Minor Saving Account
The account comes with decent interest rate and also offers decent value add features. The account is one of the best accounts for minors.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
You can open an account with IDFC First Bank either online or offline. Here's how:
Online:
Visit the IDFC First Bank website: Go to the IDFC First Bank website and navigate to the "Open Account" section.
Choose the account type: Select the type of account you want to open (savings account, current account, etc.).
Enter your details: Fill in the required personal and financial information.
Verify your identity: Complete the KYC (Know Your Customer) process using your Aadhaar card and PAN card. You may need to do a video KYC as well.
Fund your account: Deposit the initial amount required to open the account.
Receive your account details: Once your account is opened, you will receive your account number, customer ID, and other relevant details.
Offline:
Visit a branch: Locate the nearest IDFC First Bank branch.
Collect the application form: Obtain the account opening form from the branch.
Fill in the form: Accurately fill in all the required details in the form.
Submit the form and documents: Submit the completed form along with the necessary documents (identity proof, address proof, etc.) to the bank official.
Verification: The bank will verify your documents and process your application.
Account opening: Once the verification is complete, your account will be opened, and you will receive your account details.