IDFC FIRST Bank Account Opening Online | IDFC FIRST Bank Account Opening Form | IDFC FIRST Bank Account Opening Minimum Balance
Individuals can choose from a variety of savings accounts offered by IDFC First Bank to satisfy their banking needs. The bank also offers savings accounts targeted to senior adults, women, and minors, and accounts with premium features and advantages, and others offering basic features and incentives. Let’s have a look at the many types of IDFC First Bank savings accounts available, as well as their features and perks and the IDFC FIRST Bank Account Opening Process.
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IDFC FIRST Bank Account Opening Process
Customers can open a savings bank account with IDFC First Bank in two ways: online or offline. IDFC First Bank’s savings accounts are divided into two categories: online and offline.
- Savings Account on the Internet
- Digital Savings Account
This is digital savings account from IDFC First Bank that can be opened instantaneously online with Aadhaar-based eKYC. You will not be required to provide any physical documentation or visit your bank location. This account has minimum and transparent fees, as well as a free VISA signature debit card for life, which offers value-added features such as discounts and rewards, among other things.
Features & Benefits of IDFC FIRST Bank Account Opening
The IDFC First Bank savings account is jam-packed with features and rewards that make banking a breeze and unlike anything you’ve ever experienced.
- Use Aadhaar-based eKYC to swiftly open an account.
- Any bank, any network ATM transaction is free.
- Get an unlimited number of free fund transfers
- Get a free VISA Signature Debit Card for the rest of your life.
- Earn up to 7% p.a. in interest.
- 10% cashback on your first POS transaction above Rs 1000.
- There is no additional fee for petrol.
- Accident, lost card, and purchase protection are all fantastic insurance options.
- Open a savings account with IDFC First Bank and enjoy up to 40% more benefits* with an initial deposit of Rs 25000.
Eligibility for IDFC FIRST Bank Account Opening
IDFC First Bank welcomes all Indian residents to open a savings account.
Required Documents for IDFC FIRST Bank Account Opening
You must have a PAN card and an Aadhaar card, as well as a mobile number linked to your Aadhaar number, to apply for digital savings, account with IDFC First Bank. You can provide your Aadhaar Enrolment Number with any of the following documents if you have not received your Aadhaar card:
- Permanent Driving License
- Voter ID card
- Job card issued by NREGA duly signed by an officer of the State Government
Fees & Charges on IDFC FIRST Bank Account Opening
|Average Monthly Balance Requirement
|Debit Card Type
The following are the transactions and services for which you will not be charged by the bank.
|Passbook Issuance & Printing
|Stop Payment on Cheques
|Electronic Funds Transfer (NEFT/RTGS/IMPS) Inward & Outward
|Cash Deposit/Withdrawal at our branches by the customer
|Alerts for transactions on your account
|Standing Instruction- Set-Up/Execution/Amendment
|Balance Confirmation Certificate
|DD – Duplicate Issuance
|Balance Enquiry (Branch/Channels)
|DD Cancellation/ revalidation
The following transactions or events in your account will incur charges from IDFC First Bank.
|Cheque Return – Deposited
|Cheque Return – Issued
|International ATM or POS transaction
|Free, only forex mark up 2% of the transaction value will be applicable
If your account balance goes below Rs. 25,000, the bank will charge you to recoup the cost only when you make the following transactions. If you keep a balance of Rs. 25,000 in your account, these transactions will continue to be free.
|Re-issue of Cheque Book
|Rs. 50 per checkbook
|DD payable at branch locations
|Replacement of Debit Card
|Annual Debit Card fees
|ATM Transaction Charge at any ATM in India
|First 5 ATM transactions – Free.6th transactions onwards:
Rs. 20 + taxes for every cash withdrawal.Rs. 8 + taxes for any other transactions (e.g. balance inquiry)
IDFC Savings Account Types
Minor Savings Account
A savings account is for youngsters under the age of 18 years old from IDFC First Bank. This savings bank account helps children learn the fundamentals of money management. The characteristics are as follows:
Get 4% interest on your daily end-of-day balances, paid quarterly.
When you need to, use the sweep-out option.
You must have an IDFC First Bank Savings Account in order to open a Minor’s Savings Account for your child. You must also submit a passport-size image of your child as well as verification of his or her date of birth.
Senior Citizen’s Savings Account
An account for senior citizens that includes the following features:
- Banking at your doorstep for free
- Fixed deposit and recurring deposit rates are preferential.
- For the rest of your life, you’ll get a free VISA Signature Debit Card.
- At the bank, you’ll get special treatment.
This account can be opened by anyone who is 60 years old or older and has a photograph, proof of identity, and address.
Pratham Savings Account (BSBDA)
IDFC First Bank’s Pratham Savings Account offers a variety of banking services, including the following benefits and features:
- Use your Aadhaar number to open an account at an IDFC First Bank microATM or branch near you.
- Enjoy a Zero Balance Savings Account with no strings attached.
- There are no hidden fees.
- You can access your account using a variety of banking channels, including branches, ATMs, and microATMs.
- At any MicroATM, you can make rapid transactions.
IDFC First Bank welcomes all Indian residents to open a savings account. However, you can only open a Pratham Savings Account if you do not already have one with the same bank.
Shakti Savings Account
Shakti Savings Account is a savings account with a low minimum balance and the flexibility to meet all of your financial needs. The following are some of its features and advantages:
- A savings account with a monthly average balance of Rs 100.
- On a debit card, you can get Rs 2 lakhs of online fraud insurance and Rs 1 lakhs of personal accidental insurance.
IDFC First Shakti Savings Account can be opened by the following people:
- Resident Individual
To run this account, you must maintain a monthly average balance of Rs. 100. A fee of Rs 20 each quarter will be imposed if the average balance is not maintained.
Param Savings Account
- IDFC First Bank offers a simple savings account that assists you in banking and includes the following features and benefits:
- A param savings account must maintain an average quarterly balance of Rs. 1,000/-.
- On debit cards, benefits include an online fraud cover of Rs. 2 lacs and a personal accidental insurance cover of Rs. 1 lac* (yearly charges applicable)
- IDFC First Bank allows the following individuals to create a Param Savings Account:
- Resident Individual/HUF
- Sole Proprietorship concern
You must maintain a quarterly balance of Rs. 1000/- on an average basis. If the average balance is between 500 and 1000, there will be a charge of Rs 100 per quarter if it is not maintained. If the balance is less than Rs 500, a non-maintenance charge of Rs 200 each quarter will be applied.
Vishesh Savings Account
IDFC First Bank’s Vishesh Savings Account offers a variety of banking services, including the following benefits and features:
- A Vishesh savings account must maintain an average quarterly balance of Rs. 5,000/-.
- On debit cards, benefits include an online fraud cover of Rs. 2 lakhs and a personal accidental insurance cover of Rs. 2 lakhs* (yearly charges applicable)
IDFC First Bank offers Vishesh Savings Accounts to the following individuals:
- HUF/Resident Individual
- Concern with a sole proprietorship.
To operate this account, you must maintain an average quarterly balance of Rs. 5000 per quarter. If the balance maintained is between Rs 2500 and Rs 5000, non-maintenance of the stipulated average balance will result in a fee of Rs 300 every quarter. If the balance is less than Rs 2500, there will be a non-maintenance charge of Rs 500 per quarter.
Interest Rates on IDFC First Bank Account Opening Offline
The interest rate for IDFC First Bank savings accounts for offline accounts is 4% per year on daily end-of-day balances, paid quarterly.
Applying for an IDFC First Bank Offline Savings Account
If you want to open any of the IDFC First Bank’s offline savings accounts listed above, you can do so by going to the local bank branch.