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Minor's Savings Account

Planning for the future of your child is something that's always on your mind. We're here to help you make sure that your child's future is secure. Our Minor's Savings Account offers interest rates up to 7% so you can watch their funds grow.Read More

But that's not all. It also offers multiple features such as Unlimited Free Fund Transfers, free VISA Debit Card, Unlimited free ATM Transactions at IDFC FIRST Bank ATMs, and lots more. Secure your child's future with an IDFC FIRST Bank Minor's Savings Account.Read Less

Free Visa Card 

Unlimited free ATM Transactions on IDFC FIRST Bank ATMs | Free VISA Card valid for life

Interest up to 7%

Monthly Interest Credit on your Savings Accounts

  • Earn interest on interest with IDFC FIRST Bank
  • Monthly interest credits versus the industry norm of quarterly interest credit

 

Monthly Interest Credit on your Savings Accounts
Visa Platinum Debit Card Visa Classic Debit Card

Minor's Savings Account With VISA Platinum Debit Card

  • Free and unlimited ATM transactions at any bank, anywhere in India
  • Complimentary domestic airport lounge access, once every quarter
  • Free Personal Accident Insurance Cover of Rs. 35 lakhs and Air Accident Insurance Cover of Rs. 1 crore
  • Available with the ₹25k variant
Visa Platinum Debit Card Visa Classic Debit Card

Minor's Savings Account With VISA Classic Debit Card

  • Daily ATM cash withdrawal and purchase limit of ₹10,000
  • Free and unlimited ATM transactions at any bank, anywhere in India
  • Free Personal Accident Insurance Cover of ₹5 lakhs and Air Accident Insurance Cover of ₹30 lakhs
  • Lost card liability protection of up to ₹4 lakhs
  • Purchase Protection of up to ₹50,000
Digital Bank Account

Experience a Mobile Banking revolution

Track spends, earn rewards, check your risk profile, invest in Mutual Funds in a click, experience Google-like search, cash flow analysis

The on-boarding vouchers/benefits offered in the first 30 days post Savings Account opening have been discontinued w.e.f .1st July'22

ELIGIBILITY

Who Can Apply?

  • A Minor Savings Account can be opened for your child as long as your child is up to 18 years of age and you (the parent or guardian) hold a Savings Account with the bank.
  • If you do not have a savings account with IDFC FIRST Bank then you will need to open one, before you open a Minor’s Account.

Documentation

  • Details of IDFC FIRST Bank Savings Account held by the parent
  • Passport-sized photograph
  • Proof of the child’s date of birth

Minor Savings Account Eligibility

FREQUENTLY ASKED QUESTIONS

What is a Minor Savings Account?

A Minor Savings Account is a Savings Account that is meant for children below the age of 18 years. 

What is the eligibility criteria for opening an IDFC FIRST Bank Minor Savings Account?

You can open a Minor Savings Account for your child if they are below 18 years of age and you have a Savings Account with IDFC FIRST Bank.

In case you do not have an IDFC FIRST Bank Savings Account already, you will need to open one before you can open a Minor Savings Account.

What are the documents required to open a Minor Savings Account?

To open a Minor Savings Account for your child, you would need the following:

- Details of your IDFC FIRST Bank Savings Account 

- Passport-sized photograph of your child

- Proof of your child’s date of birth

Why should I opt for an IDFC FIRST Bank Minor Savings Account?

The Minor Savings Account from IDFC FIRST Bank is an offering specifically designed to help you plan and secure your child's future with benefits such as:

o Attractive interest rates on your savings so you can earn more

o Zero charges on 28 commonly used Savings Account services like IMPS, NEFT, RTGS, ATM transactions, Cheque book issuance, SMS alerts, Cash transactions, etc..

o Monthly Interest Credits so you can earn 'interest on interest'

o Unlimited hassle-free fund transfers

o Exciting offers on food, shopping, travel, & more with Debit Card

o And much more

What is the interest rate applicable on IDFC FIRST Bank Minor Savings Account?

The interest rate on Minor Savings Account would vary depending on the balance slab in which your Average Monthly Balance falls. You can visit this page to know more about the latest interest rates offered by IDFC FIRST Bank 

What is the frequency of interest pay-out?

Interest earned on your IDFC FIRST Bank Minor Savings Account balance is credited to your account on a monthly basis. 

We offer Monthly Interest Credits on your Average Monthly Balance, as opposed to the common practice of crediting interest on a quarterly basis by most banks.

How does the Monthly Interest Credits feature work and how will I benefit from it?

With an IDFC FIRST Bank Savings Account, experience the joy of earning Monthly Interest Credits on your Savings Account. You earn 'interest on interest' with the power of monthly compounding interest. IDFC FIRST Bank is one of the only universal banks to offer this feature, against the standard practice of crediting interest on your Savings Account every quarter.

Monthly compounding interest payout is better for you than Quarterly interest payout because when you get interest credit in Month 1, the interest for Month 2 is paid on your opening balance + interest received in Month 1 and so on. So, you earn more on your savings! 

Can you afford to not have an IDFC FIRST Bank Savings Account? Open a Savings Account in just a few simple steps here. 

What is the initial pay-in amount required for opening IDFC FIRST Bank Minor Savings Account?

The initial pay-in amount required for a Minor Account is as follows:

Minor Account with VISA Signature Debit Card: Initial payment cheque of minimum ₹25,000 in the name of the guardian or Standing Instruction of ₹2000 for 24 months

Minor Account with VISA Classic Debit Card: Initial payment cheque of minimum ₹10,000 in the name of the guardian or Standing Instruction of ₹1000 for 24 months

What is the minimum account balance required to be maintained monthly in the IDFC FIRST Bank Minor Savings Account?

With IDFC FIRST Bank, there is no minimum balance required to be maintained in your Minor Savings Account.

How would the Average Monthly Balance of my IDFC FIRST Bank Minor Savings Account be calculated?

Average Monthly Balance in an account is calculated by dividing the sum of each day’s balance in the account and the number of days in the particular month

Every day, from the 1st to the end of the month, we take the balance in your Savings Account at the end of the day. We total them all up and divide by the number of days in the month. That’s it! Example: Lets consider a month of 30 days.

Account Statement Sample
Transaction Date and Time Date Transaction Details Debit  Credit  Balance (Rs.)
    Opening Balance     200,000.00
11-06-2023  11:01 6/11/2023 EMI Debit 957067 50,000.00    150,000.00
21-06-2023   13:30 6/21/2023 UPI/MOB/2359575837/UPI   50,000.00  2,00,000.00 

 

Descritpion End of day account balance (Rs.) Sum of balance (Rs.)
EOD Balance from 1st June'23 to 10th June'22 200000 200000 x 10 = 20 lakhs
EOD Balance from 11th June'23 to 20th June'22 150000 150000 x 10 = 15 lakhs
EOD Balance from 21st June'23 to 30th June'22 200000 200000 x 10 = 20 lakhs
Sum of end of day balance of all days of the month   20 lakhs + 15 lakhs + 20 lakhs = 55 lakhs
Average Monthly Balance = (Sum of end of day balance of all days of the month) / (no. of days of the month) 
= 55 lakhs / 30 days
= Rs. 1,83,333.33

Are there any fees & charges associated with IDFC FIRST Bank Minor Savings Account?

With IDFC FIRST Bank Savings Account you pay Zero Charges* on 28 commonly used Savings Account services like IMPS, NEFT, RTGS, ATM transactions, Cash transactions, Cheque book issuance, SMS alerts and more. We have been offering these services for free to customers maintaining Average Monthly Balance as low as ₹10,000, for the past 4 years.

You can know more about services offered at Zero Charges here: www.idfcfirstbank.com/zerofeebanking 

Open an IDFC FIRST Bank Savings Account here.

*T&C Apply

Are there any fees/penalty for non-maintenance of Average Monthly Balance in the Minor Citizen Savings Account?

There are no charges levied on IDFC FIRST Bank Minor Savings Account for non-maintenance of average monthly balance.

What are the different ways I can add money/transfer funds to my account?

You can add funds to your Savings Account by one of the following ways:

- Via any other bank’s NetBanking/Mobile app. Simply add your IDFC FIRST Bank Savings Account details – Account number and IFSC code

- Through the “Add funds” option in our Mobile app which lets you add transfer money from your other bank accounts

 Depositing a cheque/cash at any of our branches

- Depositing a cheque (in drop box)/cash at any IDFC first bank ATM

- Using any UPI app using your UPI ID

Will there be an option to transfer excess funds available in IDFC FIRST Bank Minor Savings Account to Fixed Deposit and earn higher rate of interest?

Yes, once the balance in the minor's exceeds ₹15,000, the amount in excess of ₹10,000 can be automatically transferred to a Fixed Deposit for tenure of 1 year and 1 day.

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