- To open a Minor’s Savings Account for your child, you need to have a Savings Account with us.
- You must also provide a passport size photograph and the proof of your child's date of birth.
Start saving for your beloved minor and watch your funds flourish with time.
|Balance in ₹|
|<= 1 Lac|
|> 1 Lac <= 1 Cr|
|Rate of Interest (% p.a.)|
Minor account can be opened for children below the age of 18 years.
Minor above 10 years, can open self-operated account or under guardianship account. For minor below 10 years account can be operated only through guardian.
Yes, parent's account has to be with IDFC FIRST Bank to open a Minor’s Account. In case parents do not have an account both accounts can be opened together at the same time.
An initial pay-in of Rs. 25,000 is required to open a minor account with IDFC FIRST Bank
The minimum balance requirement is NIL for minor accounts; however a standing instruction from the parent's account to the minor’s account for a period of 2 years with minimum amount as Rs 2,000 per month is mandatory. More means your child saves more!
No charges are levied for non-maintenance of average monthly balance.
Yes, once the balance in the minor's exceeds Rs. 15,000, the amount in excess of Rs. 10,000 can be automatically transferred to a Fixed Deposit for tenure of 1 year and 1 day.
IDFC FIRST Bank's Savings Account is our testament to putting our customers first. We offer one of the industry’s best savings account interest rates at 7% p.a. for Rs 1 lac+ balance, starting at an assured interest rate of 6% p.a.
What's more, you earn this interest on your entire balance, starting from the first rupee. That means you earn every single day. We pay out this interest every 3 months.
Hurry and make the most of this unique opportunity. Click here to know more.
Please note that interest rates are subject to periodic change.
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