What's special about us
Enjoy Zero Charges on All Commonly Used Savings Account Services
- About Us
- MD & CEO letter about the bank
- MD & CEO
- Our History
- Letter to Shareholders on the 1st Annual Report after Merger
- Letter to Shareholders on the 2nd Annual Report after Merger
- Letter to Shareholders on the 3rd Annual Report after Merger
- Letter to Shareholders on the 4th Annual Report after Merger
- Board of Directors
- Awards & Accolades
- News Room
- Investors
- Careers
- ESG
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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Presenting
Merchant Multiplier Account
Go cashless for your retail outlet, zoom your business
with Merchant Multiplier
Presenting
Merchant Multiplier Account
Go cashless for your retail outlet, zoom your business with Merchant Multiplier
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Free cash deposit up to 20 times of total (POS + UPI QR) collection (Up to ₹30 Lakhs)
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Start your online store with Zero set-up and Annual maintenance charges on Payment Gateway
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Preferential pricing on POS & Soundbox along with complementary QR standee
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No minimum average balance requirement
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Free cash deposit up to 20 times of total (POS + UPI QR) collection (Up to ₹30 Lakhs)
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Start your online store with Zero set-up and Annual maintenance charges on Payment Gateway
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Preferential pricing on POS & Soundbox along with complementary QR standee
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No minimum average balance requirement
Merchant Multiplier Account
IDFC FIRST Bank offers a first-of-its-kind comprehensive range of merchant account services, with a capability to handle higher cash deposit requirements linked to monthly POS and UPI QR collection.
Empower Your Enterprise with the Ultimate Current Account Solution
Digital Collection:Preferential pricing on POS & Soundbox along with complementary QR standee
Free Cash Deposit: Free cash deposit up to 20 times of total (POS + UPI QR) collection (Up to ₹30 Lakhs)
Zero Balance Account: There is no minimum average balance requirement for the current account
All-in-one app: A single app with 100+ features that meet both personal and business financial needs
WhatsApp Banking: Access your accounts anywhere, anytime. Just send a 'hi' to 95555 55555 to get started
Beyond Banking Services: We offer 100+ Beyond Banking offerings to suit your enterprise's needs, including ERP, HRMS, Payroll, Taxation, Legal, Cloud Services, CoWorking Spaces, etc.
ELIGIBILITY
Who can apply?
- Self Employed Professionals
- Hindu Undivided Family (H.U.F.)
- Sole proprietorship
- Partnership
- OPC / Private / Limited Company
- Limited Liability Partnership
Documentation
Sole proprietorship
- 2 documents in the name of Entity
- Address proof in the name of entity
- Proprietor Document – (Photo, PAN copy and 1 OVD document copy)
- Nature of Industry proof (In case not indicative in Entity documents, please check for Invoice Copy, Bill of Entry, Freight Invoice, Agreement Copy)
Partnership
- Partnership Deed/s
- Partnership Firm Declaration
- Entity PAN card copy
- Address Proof in the name of the Entity
- OVD copy of the Partners / Authorised Signatories / Beneficial Owners (Including Latest Photograph and PAN card copy)
Schedule of Charges
- Click here to read the Schedule of Charges
Frequently Asked Questions
What is a Current Account?
A Current Account is an account that is used by business enterprises or self-employed professionals to carry out business-related transactions. It allows businesses to carry out a higher number of transactions daily.
What is a Merchant Multiplier Account?
Merchant Multiplier Account is a type of a Current Account specially designed for Retail Segment keeping in mind their business requirement.
How do I open a Merchant Multiplier Account?
You can open an IDFC FIRST Bank Current Account by visiting your nearest bank branch or click here to apply online.
Who can apply for a Merchant Multiplier Account?
Merchant Multiplier Account is exclusively for retailers opting for POS and UPI QR. You can apply if you fall into the below mentioned criteria:
- Self Employed Professionals
- Hindu Undivided Family (H.U.F.)
- Sole proprietorship
- Partnership
- OPC / Private Limited Company
- Limited Liability Partnership
- Trust/Association/Club/Society
What are the documents required for opening a Merchant Multiplier Account?
The documents required to open a Current Account are based on your constitution type. Click here to view the list of documents.
Does a Merchant Multiplier Account earn interest?
Yes. With BRAVO feature, you can enjoy interest on Merchant Multiplier Current Account. BRAVO feature allows you to set up an Auto Sweep into FD limit, with no penalty on premature FD breakage. Click here to know more about the ‘BRAVO’ feature for Current Account
What is minimum Average Monthly Balance (AMB) required to be maintained in the IDFC FIRST Bank Merchant Multiplier Account?
Merchant Multiplier Account is a zero-balance account. You are not charged any fee for non-maintenance of minimum Average Monthly Balance
What are the benefits of opening a Merchant Multiplier Account?
After opening a Merchant Multiplier Account with IDFC FIRST Bank, you can avail of below benefits:
- Free Cash deposit limit of 20X of total POS + UPI QR throughput up to ₹30 Lakhs
- Enjoy Zero charges on non-maintenance of AMB
- Zero Charges on NEFT, RTGS, IMPS transactions
- State-of-the-art Mobile Banking App & Net Banking platform
- Anywhere banking without restrictions
What do I get after opening a Merchant Multiplier Account?
After opening a Merchant Multiplier Account with IDFC FIRST Bank you will receive a Welcome Kit which includes- Welcome Letter, Code of Conduct, Cheque book and Debit Card.
Can I apply for a Merchant Multiplier Account without opting for POS or UPI QR?
No, Merchant Multiplier Account is exclusively for retailers opting for POS and UPI QR services.
What is the free cash deposit limit in Merchant Multiplier Account?
Free cash deposit limit is 20 times of POS + UPI QR throughput for the current month up to ₹30 Lakh.
What is the base cash deposit limit for Merchant Multiplier Account if POS or UPI QR throughput is zero for the month?
If the monthly POS + UPI QR throughput is zero, then you will be charged for cash deposit transactions.
Which month’s throughput from POS + UPI QR will be considered for determining free cash deposit limit for Merchant Multiplier Account?
Current month’s throughput will be considered for determining free cash deposit limit for the month. For example: Cash free limit calculation for the month of June will be based on total throughput from POS + UPI QR for the month of June.
What if the POS or UPI QR is not installed or de-installed later for Merchant Multiplier Account holder?
The Merchant Multiplier Account will be switched to another suitable account variant. Your nearest bank Branch Manager or Relationship Manager (RM) can help you with more details.
What are the fees and charges on IDFC FIRST Bank Merchant Multiplier Account?
IDFC FIRST Bank has minimal and transparent fees & charges. Click here to view.
Can I deposit or withdraw cash in any IDFC FIRST Bank branch?
Yes, every Branch is a Home Branch with IDFC FIRST Bank which means you can get banking service like cash deposits or withdrawals at any IDFC FIRST Bank branch in the country. These services are provided without any additional charges.
What are the digital modes through which I can access IDFC FIRST Bank Merchant Multiplier Account?
Current Account can be accessed through the following digital modes:
- Internet Banking & Mobile Banking
- 24x7 Banker on Call1800-10-888
- Alerts through Email and SMS
- WhatsApp Banking & Bitly Banking
What all Beyond Banking offer will I get with my Merchant Multiplier Account?
IDFC FIRST Bank Beyond Banking offers premium banking services with 100+ partners. You can benefit from 150+ offers across offers across ERP & Accounting, HRMS Solutions, Legal, E-commerce, Logistics and Travel, and more.
Click here to view the Beyond Banking offers.
What are the digital Payment & Collection solutions available for my Merchant Multiplier Account?
Below are some of the digital payment and collection solutions available with IDFC FIRST Bank Merchant Multiplier Account:
| Payment Solutions | Collection Solutions |
| NEFT/RTGS/IMPS | UPI-QR |
| Debit Cards | POS Machine |
| E-commerce payments using Net Banking | Doorstep Banking services with live tracking facilities |
| Bill Payments | Payment Gateway |
| Bulk transaction facility on Net Banking | Virtual Accounts |
| GST/Direct Tax Payment | Collection API |
| Payment API | NACH/e-NACH |
What are the Trade & Forex solutions available with the Merchant Multiplier Account?
Below are the Trade & Forex solutions available to facilitate your international business requirements:
- Letter of Credit
- Bank Guarantee
- Document Collection
- Inward & Outward Remittance
- Hedging and Currency Protection
- FDI/ ODI/ ECB
- Escrow Services
Disclaimer
The applicable Fixed Deposit (FD) rates are notified on the Bank's official website and are subject to change from time to time. The interest rate mentioned herein is applicable as on date for the deposits having 370 days tenure. The depositors shall ascertain the FD rates on the value date of FD. In case of pre-closure of FD, applicable bucket rate as per tenure will apply. The services are being offered free in good faith. In case of abuse of services, the Bank reserve all the rights to charge fees, as applicable. T&C’s apply. All rights reserved.
