Zero Charges on 28 Commonly Used Savings Account Services
Customer care hotlineCall 1800 10 888
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
The on-boarding vouchers/benefits offered in the first 30 days post Savings Account opening have been discontinued w.e.f .1st July'22
A Minor Savings Account is a Savings Account that is meant for children below the age of 18 years.
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.
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
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
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
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.
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.
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
With IDFC FIRST Bank, there is no minimum balance required to be maintained in your Minor Savings Account.
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 |
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
There are no charges levied on IDFC FIRST Bank Minor Savings Account for non-maintenance of average monthly balance.
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
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.