- 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.
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.
KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
Bandra East, Mumbai - 400051,