Online account opening of savings account has made it possible for individuals to open a savings account from the comfort of their homes. IDFC First Bank is one bank that offers online account opening to their customers. Customers can open IDFC First Bank Savings account online after completing the video KYC process. Account holders receive their Customer ID, account number and IFSC code over email and SMS. After the online account opening process is open, customers can download the bank’s mobile banking and carry out banking transactions from anywhere and at any time.
What are the features of opening IDFC First Savings Account online?
You can open IDFC First Savings Account instantly through the online account opening process.
You get your account number instantly after completing the account opening process.
Access your savings account instantly through the IDFC FIRST Bank Mobile Banking app.
Video KYC process is available to get on a videoconference with a bank’s representative and complete the KYC formalities.
Who can open IDFC First Bank account online?
Here are the eligibility criteria and requirements that you need to keep in mind while opening an IDFC First Bank account online:
You have to be an Indian citizen living in India.
If you are a foreign national living in India, you need to meet the government of India’s criteria.
Keep an average balance of Rs.25,000 or Rs.10,000 in your savings accounts to avoid paying the penalty.
What do I need to open the savings account online?
You don’t have to submit any physical documents as it is a completely paperless journey.
You will need your PAN number, Aadhaar number and Aadhaar registered mobile number, and valid email to open an IDFC First Savings Bank account online.
How to open IDFC First savings account online?
You can complete the entire account opening process from the comfort of your home. Keep your PAN and Aadhaar card handy before initiating the journey.
Here are the steps that you can follow to open the account:
You can now fund your account from your other bank accounts.
Now, you have the option to complete your KYC formalities through Video KYC.
The bank will open your account after you fill up all the required information.
You can now download the mobile banking application to carry out banking transactions.
Do I need a PAN card to open IDFC First Savings Account online?
Yes, you need a PAN card to open an IDFC First bank account online.
What is Video KYC?
Video KYC is the process where you get on a video conference call with a bank agent to complete the KYC formalities. After the video KYC, your account is a full-fledged saving account with no limitations.
What documents do I need to open IDFC First account online?
You will need your PAN and Aadhaar card to open IDFC First account online.
Is there any minimum average balance requirement for the savings account?
Yes, you need to maintain a minimum average balance of Rs.10,000 or Rs.25,000.
Do I need to visit the bank branch to open the account?
You don’t need to visit the bank branch to open IDFC First savings account online.