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IDFC First Bank Savings Account

IDFC First Bank offers interest rate of up to 7% on savings account. The minimum average balance depends on the account & the selected debit card.

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IDFC First Bank offers different financial products such as savings accounts to its customers. The bank offers an attractive interest rate of up to 7% on IDFC First savings account. There are different types of savings account such as zero balance account, minor savings account, etc. The minimum average balance of IDFC First savings account depends on the bank account and the debit card selected to open the account. 

Interest Rate on IDFC First Savings Account

IDFC First Bank offers attractive interest rates of up to 7% interest per annum on savings account. The interest rate starts at 6%.

Balance in rupeesInterest rates
Equal to or less than Rs.1 lakh6%
More than Rs.1 lakh7%
IDFC First Savings Account

IDFC First Bank account opening

Who can open IDFC First savings account?

  • Should be an Indian resident citizen
  • Foreign nationals who are living in India should meet the required criteria as per the regulations laid by the government of India.

What documents are needed to open IDFC First bank account?

  • Passport-size photograph
  • PAN card. PAN card is required to book deposits greater than Rs. 50,000, buy and sell mutual funds and shares, etc.
  • One of the following address proof:
  • Aadhaar card
  • Passport
  • Voter’s Identity Card (Election Card)
  • Permanent and valid driving license with photograph.
  • Job Card issued by NREGA duly signed by an officer of the State Government.

How to open IDFC First savings bank account

Open IDFC First Bank account online

Customers can open their savings account by filing up the online form in just few simple steps.

  1. To proceed with the online application, fill up the online application with your name, phone number and email id. Click here to start the process.

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  2. Enter your Aadhaar number. If you don’t want to use your Aadhaar card, you can proceed further by adding your PAN card.

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  3. Enter the OTP sent to your Aadhaar number.

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The bank officials will contact you to complete the account opening process.

Open bank account through video KYC      

Keeping in mind the current scenario, IDFC First Bank has introduced video KYC online account opening process for its customers. This start-to-finish digital account opening journey is paperless and customers can open it within a few minutes.

Through the video KYC process, customers can open a full-fledged savings account from the comfort of their home.

Minimum average balance requirements

The minimum average of IDFC First bank accounts will depend on the savings account and the debit card chosen to open the account.

IDFC FIRST Bank Pratham–Savings Account is a zero balance savings account with no monthly minimum average balance requirement.  Vishesh Savings Account meant for rural customers have a minimum balance requirement of Rs.5,000.

Similarly, customers who avail signature debit card or classic debit card needs to maintain a monthly minimum average balance of Rs.25,000 or Rs.10,000 respectively.

The charges on the non-maintenance of the minimum average balance vary between the debit card selected.

Here are the charges:

Savings account with signature debit card

Average Monthly Balance AmountNon Maintenance Charges
From Rs.20,000 to less than Rs.25,000Rs.50
From Rs.15,000 to less than Rs.20,000Rs.100
From Rs.10,000 to less than Rs.15,000Rs.150
From Rs.5,000 to less than Rs.10,000Rs.200
Less than Rs.5,000Rs.400
IDFC First Savings Account Minimum Balance for Signature debit card

Savings account with classic debit card

Average Monthly Balance AmountNon Maintenance Charges
From Rs.7,500 to less than Rs.10,000Rs.50
From Rs.5,000 to less than Rs.7,500Rs.250
Less than Rs.5,000Rs.500
IDFC First Savings Account Minimum Balance for Classic debit card

Types of IDFC Bank Savings Account

IDFC First Bank offers a few types of savings accounts. Bank offers six types of savings account to resident individuals. Savings Account, Minor’s Savings Account, Senior Citizens Savings Account, Pratham Savings Account, Vishesh Savings Account and Health First Savings Account are the savings account.

Savings account customers except Vishesh Savings Account and Health First Savings Account have the option to open the savings account with the help of Signature Debit Card and Classic Debit Card.

Signature debit card users get added benefits of cashback, free accident insurance cover, airport lounge access, etc. However, customers of signature debit card need to maintain a minimum average balance of Rs.25,000.

With a classic debit card, customers can do unlimited free fund transfer. The card is free for life. The minimum average balance that customers need to keep is Rs.10,000.

IDFC First Savings Account

IDFC First Savings Account is the regular savings account from IDFC First Bank.

Features of the IDFC First bank account:

  • Earn attractive interest rate on deposits
  • Transfer funds multiple times with no cost
  • Get free Visa Debit card
  • The account comes with minimal charges
  • Customers have the option to open the savings account with signature debit card or classic debit card.

Savings Account with Signature Debit Card

  • The average monthly balance requirement of the account is Rs.25,000.
  • Cardholders of the debit card get Rs.250 cash back every month on movies, plays or events on BookMyShow.
  • Free personal accident insurance cover for death or permanent disability of Rs. 25 lakh is applicable.
  • Customers get free airport lounge access twice every quarter in major cities.  
  • Make free ATM transactions at any bank and on any network
  • The free visa debit card is valid for life.
  • The account has minimal charges, and charges are transparent.

Savings Account with Classic Debit Card

  • The minimum average of this savings account is Rs.10,000.
  • Customers can do unlimited free fund transfer.
  • The Visa Classic Debit Card is free for life.
  • The account has minimal charges.

IDFC FIRST Bank Pratham–Savings Account

IDFC FIRST Bank Pratham–Savings Account is a zero balance savings account.

  • Customers can use the account with no minimum balance requirement.
  • Account holders can earn an attractive interest rate on their account balance with no need to maintain average balance.
  • Individuals have the option to choose whether to open the zero balance savings account with platinum debit card or with no deliverables.
  • Customers opening the account with VISA Platinum card need to make an initial payment requirement of Rs.250. The issuance fee and the annual fee of the debit card is Rs.100.
  • In case of customers opting to open with no deliverables such as debit card and cheque book, customers don’t have to pay any initial deposit along with no minimum average balance. 
  • NEFT/RTGS transfer through net banking and bank branch is free.
  • Pay bills online through bank account.  
  • Get mini-statements and account balances.
  • Customers get any multiple channels of banking.
  • Account holders can make quick transactions at any microATM.

IDFC FIRST Bank Minor Savings Account

IDFC FIRST Bank Minor Savings Account is a kids saving account that parents can open for their children up to 18 years of age. This account is meant to boost your child’s confidence in money matters and inculcate saving habit among children.

  • The minor savings account can be opened for children up to 18 years of age.
  • Parents need to open a regular savings account with the bank to open the kids savings account.
  • Customers have to provide a passport size photograph and the age proof of the child.
  • Account holders have the option to choose between Signature Debit Card or Classic Debit Card.
  • Individuals can sweep out funds when needed.

IDFC FIRST Bank Senior Citizen’s Savings Account

IDFC FIRST Bank Senior Citizen’s Savings Account is the senior citizen savings account.

  • Account holders should be at least 60 years of age.
  • Customers can avail free Doorstep Banking.
  • Senior citizens get higher rates on fixed and recurring deposits.
  • They also receive preferential treatment at the bank.

IDFC FIRST Vishesh Savings Account

  • Vishesh Savings Account is available for customers living in rural areas.
  • The average monthly balance of the account is Rs 5,000.
  • Customers get a RuPay Platinum debit card through which customers can access funds and manage their banking needs.
  • Card holders get up to 1% surcharge waiver on fuel.
  • Customers can get 5% cashback when paying their utility bills through their account.
  • Account holders get online fraud insurance cover and personal accidental insurance cover of Rs.2 lakh each. 
  • Individuals can avail Rs 25 cashback on train ticket booking through IRCTC.co.in.
  • Cardholders get lounge access at domestic airports.
  • 15% discount is available on minimum billing of Rs. 300 on food and beverages at Café Coffee Day.

Health First Savings Account

This account is a two-in-one product that offers the benefits of savings account along with a super top-up health insurance plan.

  • It covers health insurance costs of above Rs.2 lakhs and up to Rs.12 lakhs.
  • The premium for the health insurance cover starts at Rs.3,750 per annum.
  • The cover is valid for a 1 year and renewed annually.
  • No pre-policy medical examination is required.
  • Cashless and reimbursement methods are available for claim settlement.
  • It covers day care treatment.
  • Pre-hospitalisation charges for 30 days and post hospitalization charges for 60 days are covered.
  • The premium charged will be based on the age of the applicant.

Snapshot of the different types of IDFC First savings account

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FAQs

What is the interest rate offered IDFC First Bank savings account?

IDFC First Bank offers an interest rate of up to 7% on its savings account. Customers holding more than Rs.1 lakh get 7% interest rate while account holders with less than Rs.1 lakh get 6%.

What is the minimum balance in IDFC First Bank savings account?

The minimum balance requirement in IDFC First Bank savings account depends on the savings account and the debit card opted while opening the savings account.
IDFC First Bank zero savings account doesn’t have any minimum balance requirement. While customers selecting classic debit card or signature debit card has to maintain a minimum balance of Rs.10,000 and Rs.25,000 respectively.   

Can I open zero balance account in IDFC Bank?

Yes. You can open Pratham savings zero balance account with IDFC Bank.  

Can I open IDFC First bank account online?

You can open Savings Account, Minor’s Savings Account, Senior Citizens Savings Account are the IDFC First savings account that can be opened online. 

How can I open a savings account in IDFC Bank?

You can open a savings account in IDFC First Bank by visiting the nearest bank branch, online or through video KYC.

What documents do I need to open IDFC First savings account?

Customers need to provide identity and address proof documents to open account.
Bank require PAN card or Form 16.
Aadhaar Card, Passport, Voter’s Identity Card (Election Card),Permanent Driving License valid with the photograph affixed, Job Card issued by NREGA duly signed by an officer of the State Government can act as an identity and address proof.

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