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Saving Account For Minor - Open Savings Account for Minor Online

Helping your child build a secure financial future starts with teaching them the value of saving early. Our Minor's Savings Account is here to not only help you grow their savings but also guide them through the basics of managing money. With simple online access and real-time tracking, it’s the perfect way for your child to learn how to save, spend wisely, and plan for what’s aheadRead More

So, what exactly is a Minor’s Savings Account? It’s a savings account created specifically for children under 18, offering attractive interest rates and plenty of great features. With perks like Unlimited Free Fund Transfers, a free VISA Debit Card, and Unlimited free ATM Transactions at IDFC FIRST Bank ATMs, it helps secure your child’s financial future while teaching them the essentials of smart money management.Read Less

Free Visa Card 

Unlimited free ATM Transactions on IDFC FIRST Bank ATMs | Free VISA Card valid for life

Interest up to 7.25%

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Monthly Interest Credit on your Savings Accounts

  • Earn interest on interest with IDFC FIRST Bank
  • Monthly interest credits versus the industry norm of quarterly interest credit

 

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Monthly Interest Credit on your Savings Accounts
Visa Platinum Debit Card Visa Classic Debit Card

Minor's Savings Account With VISA Platinum Debit Card

  • Free and unlimited ATM transactions at any bank, anywhere in India
  • Complimentary domestic airport lounge access, once every quarter
  • Free Personal Accident Insurance Cover of Rs. 35 lakhs and Air Accident Insurance Cover of Rs. 1 crore
  • Available with the ₹25k variant
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Visa Platinum Debit Card Visa Classic Debit Card

Minor's Savings Account With VISA Classic Debit Card

  • Daily ATM cash withdrawal and purchase limit of ₹10,000
  • Free and unlimited ATM transactions at any bank, anywhere in India
  • Free Personal Accident Insurance Cover of ₹5 lakhs and Air Accident Insurance Cover of ₹30 lakhs
  • Lost card liability protection of up to ₹4 lakhs
  • Purchase Protection of up to ₹50,000
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Digital Bank Account

Experience a Mobile Banking revolution

Track spends, earn rewards, check your risk profile, invest in Mutual Funds in a click, experience Google-like search, cash flow analysis
Download IDFC First Bank MobileBanking App on App Store

The on-boarding vouchers/benefits offered in the first 30 days post Savings Account opening have been discontinued w.e.f .1st July'22

ELIGIBILITY

Who Can Apply?

  • A Minor Savings Account can be opened for your child as long as your child is up to 18 years of age and you (the parent or guardian) hold a Savings Account with the bank.
  • If you do not have a savings account with IDFC FIRST Bank then you will need to open one, before you open a Minor’s Account.

Documentation

  • Details of IDFC FIRST Bank Savings Account held by the parent
  • Passport-sized photograph
  • Proof of the child’s date of birth

Minor Savings Account Eligibility

FREQUENTLY ASKED QUESTIONS

What are the main features and benefits of an IDFC FIRST Bank Minor Savings Account?

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

·         Unlimited Free Fund Transfers – Make hassle-free transfers with your IDFC FIRST Bank Minor Savings Account.

·        Get up to 7.25% interest rate for your child 

How does the monthly interest credit for savings account work?

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.

What is the age criterion for opening a minor savings account?

You can open a children savings account for children below the age of 18 years.

Is it mandatory to open a parent's account with IDFC FIRST Bank, prior to opening a minor account?

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.

What is the initial pay in amount required for opening a Minor savings account with IDFC FIRST Bank?

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

What is the minimum balance required to be maintained in a Minor savings account?

The minimum balance requirement is NIL for minor accounts.

What are the charges levied for non-maintenance of average monthly balance (AMB)?

Being one of the best bank for children’s savings accounts, we do not levy charges for non-maintenance of average monthly balance.

Will there be an option to transfer excess funds available in minor’s account to Fixed Deposit and earn higher rate of interest?

In case you opt for auto sweep facility, once the balance in the minor's account exceeds ₹15,000, the amount in excess of ₹10,000 will be automatically transferred to a Fixed Deposit in multiples of Rs. 1,000 for tenure of 370 days. 

How can I learn more about IDFC FIRST Bank Minor Savings Account Interest Rates

IDFC FIRST Bank's Minor Savings Account is our testament to putting our customers first. We offer up to 7.25% 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.

Hurry! 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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