Unlimited benefits with a start-to-finish digital process with IDFC First Bank Home Loans
The only FASTag with triple benefits
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 5% 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
Monthly Interest Credit on your Savings Accounts
IDFC FIRST Bank’s Minor Savings Account offers more than just industry-best interest rates, you also get the following benefits and much more.
· Free Visa Debit Card – When you open a savings account for your child, you also get a free Visa Debit Card which is valid for life.
· Unlimited Free Fund Transfers – Make hassle-free transfers with your IDFC FIRST Bank Minor Savings Account.
· Get up to 5% interest rate for your child
For the convenience of our customers, the Bank will credit interest to customers’ savings accounts on a monthly basis. The earlier facility of interest credit on quarterly basis on savings accounts will be discontinued from June 30, 2021. The Bank is among the few in the industry to offer monthly interest credit on savings accounts.
You can open a children savings account for children below the age of 18 years.
Yes, a parent's account has to be with IDFC FIRST Bank to open a Minor Savings Account. In case a parent does not have an account, both accounts can be opened together at the same time.
For Minor account with VISA Signature debit card: Initial payment cheque of min ₹25,000 in the name of the guardian or Standing Instruction of ₹2000 for 24 months
For Minor account with VISA Classic debit card: Initial payment cheque of min ₹10,000 in the name of the guardian or Standing Instruction of ₹1000 for 24 months
The minimum balance requirement is NIL for minor accounts.
Being one of the best bank for children’s savings accounts, we do not levy charges for non-maintenance of average monthly balance.
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.
IDFC FIRST Bank's Minor Savings Account is our testament to putting our customers first. We offer 5% p.a on Minor Savings account.
What's more, you earn this interest on progressive balances in each interest rate slab, as applicable. That means you earn every single day. We pay out this interest every month.
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Please note that interest rates are subject to periodic change.