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Savings Account: Open Bank Account Online or Offline

Open an IDFC FIRST Bank Savings Account and watch your savings grow rapidly by earning interest up to 7% per annum. Plus, enjoy monthly interest credits to reach your financial goals sooner.Read More

With us, you can open a savings account online seamlessly. It takes just a few minutes with our paperless and digital account opening process. What’s more? If you prefer to open a bank account offline, you can simply walk into your nearest branch and do so. Whether you open a bank account online or offline, the benefits you enjoy from your IDFC FIRST Bank Savings Account ensure that you get to save big and meet your financial goals easily.

Each Savings Account variant offers unique benefits to meet our customers' varying financial goals and requirements. You can perform digital transactions more securely and easily. Furthermore, you can unlock greater rewards from your spending and grow your money with high-interest rates and smart investing solutions with an IDFC FIRST Bank Savings Account.Read Less

Best Interest Rate on Savings Account

₹35 lakhs free personal accident insurance cover | ₹1 Cr free air accident insurance cover

Interest up to 7%

Savings Account Features

Zero-fee banking


Enjoy 28 commonly used banking services free of charge with our Savings Account’s zero-fee banking feature. These zero-fee services include bank transfers like IMPS, NEFT, and RTGS, SMS alerts, issuance of a debit card, demand draft, and interest certificate; ATM transactions, and more. Access all essential services with ease without hidden costs.

Monthly interest credits


Experience the peace of mind that a predictable source of additional income provides with monthly interest credits on your savings account balance. The interest is calculated daily, based on your end-of-day balance, and is credited to your account monthly. Enjoy the rewards of your savings more often.

Competitive interest rates


Enjoy competitive interest rates and earn interest on your savings account balance of up to 7% per annum. Such a high interest rate ensures that your money works hard for you. Watch your savings grow rapidly and meet various financial goals with ease.

Free and unlimited ATM withdrawals


Transact with ease and access your funds anytime with free and unlimited ATM withdrawals. This ensures that you can maintain complete liquidity and control over your savings account balance.

Tailored savings account options


Choose from multiple savings account variants offered, including those designed for minors, women, and senior citizens. Each variant is suited to meet specific financial needs.

Open a savings account online


Open a savings account online with ease and at the convenience of your home. While you can also open a savings account offline, the online option is quicker and requires zero paperwork . Within just a few simple steps, all completely digital, you can open a bank account online with IDFC FIRST Bank anytime anywhere and start enjoying the power-packed benefits it comes with.

Zero-fee banking

Zero-fee banking


Enjoy 28 commonly used banking services free of charge with our Savings Account’s zero-fee banking feature. These zero-fee services include bank transfers like IMPS, NEFT, and RTGS, SMS alerts, issuance of a debit card, demand draft, and interest certificate; ATM transactions, and more. Access all essential services with ease without hidden costs.

Monthly interest credits

Monthly interest credits


Experience the peace of mind that a predictable source of additional income provides with monthly interest credits on your savings account balance. The interest is calculated daily, based on your end-of-day balance, and is credited to your account monthly. Enjoy the rewards of your savings more often.

Competitive interest rates

Competitive interest rates


Enjoy competitive interest rates and earn interest on your savings account balance of up to 7% per annum. Such a high interest rate ensures that your money works hard for you. Watch your savings grow rapidly and meet various financial goals with ease.

Free and unlimited ATM withdrawals

Free and unlimited ATM withdrawals


Transact with ease and access your funds anytime with free and unlimited ATM withdrawals. This ensures that you can maintain complete liquidity and control over your savings account balance.

Tailored savings account options

Tailored savings account options


Choose from multiple savings account variants offered, including those designed for minors, women, and senior citizens. Each variant is suited to meet specific financial needs.

Open a savings account online

Open a savings account online


Open a savings account online with ease and at the convenience of your home. While you can also open a savings account offline, the online option is quicker and requires zero paperwork . Within just a few simple steps, all completely digital, you can open a bank account online with IDFC FIRST Bank anytime anywhere and start enjoying the power-packed benefits it comes with.

Savings Account Benefits

High savings growth

All the features of an IDFC FIRST Bank Savings Account make it easy to meet your savings goals. With a high interest rate of 7% p.a., monthly interest credits, and no charges on 28 commonly used Savings Account services , you save in every way when banking with us. What’s more, the revolutionary mobile banking app helps analyse and plan your finances with tools like expense tracking, cashflow analysis, and more.

Discounts and cashbacks

Enjoy several discounts and cashback offers on your savings account debit card. From instant discounts and deals on various restaurants and brands, save big each time you spend. IDFC FIRST Bank also has one of the most rewarding loyalty program in place for you. As a FIRST Rewards member, earn points on everyday purchases and redeem them with ease on our portal through various exciting options.

User-friendly digital banking platforms

Not only can you open a bank account online with IDFC FIRST Bank, but also bank with ease 24x7 using our intuitive Internet banking platform and mobile banking app. Seamlessly manage your savings account, initiate bank transfers, check balances, and more with our cutting-edge digital solutions. You can track spends, earn rewards, and invest in mutual funds all in just a few clicks. So, with both savings and investing, your savings bank account has got you covered. You can also make use of the cash flow analysis feature that can help you budget and plan financially in a more effective manner.

24x7 Customer support

Enjoy 24x7 customer support for all your savings account banking needs and have your queries addressed with efficiency and care. Whether you want to get your queries solved on a phone call or on WhatsApp, receive quick assistance and have a smooth banking experience.

Savings Account Interest Simulator

Choose account balance

1L 2cr

Choose your existing bank interest rate

2.5 % 6 %

Simulation Results(for a period of 1 year):

* Interest you earn with IDFC FIRST Bank –

** Interest you earn with your Bank –

Additional Interest you earn with us –

* Interest calculated on progressive balances in each interest rate slab, as applicable
** Interest calculated on flat rate basis

  • Pitruprasad Dash
    Pitruprasad Dash

    “Recently I opened a savings account with IDFC FIRST Bank. Firstly, in terms of the process to open savings account, it is truly hassle-free. Thanks for being ahead in terms of customer satisfaction and banking services, making it easy for new customers like me. I wish IDFC FIRST Bank a great future and looking forward to a long term association.”

  • Sougata Das
    Sougata Das

    “I recently opened a Savings Account with IDFC FIRST Bank, and I must tell you that I'm really happy with the features and benefits offered by the bank. The netbanking services are quite advance which makes the process easy. Also, the IDFC FIRST Bank employees are cordial and helpful, making the overall experience a pleasant one.”

ATM Card VISA Classic Debit Card

VISA Platinum Debit Card with ₹25K average monthly balance

  • Free and unlimited ATM transactions: at any bank, anywhere in India
  • Higher daily purchase limit of ₹6 lakh and higher daily ATM withdrawal limit of ₹2 lakh
  • 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
Visa Platinum Debit Card VISA Classic Debit Card

VISA Classic Debit Card with ₹10K Average Monthly Balance

  • Daily ATM cash withdrawal limit of ₹1 lakh and higher purchase limit of ₹4 lakhs
  • 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

Hot Deals on Savings Accounts

12% discount on Yatra

Offer Details:(Expires on March 31, 2024)
Domestic Flights: 12% instant discount up to ₹1,200, Minimum Purchase : ₹5,000

International Flights: 10% instant discount up to ₹6,000, Minimum Purchase : ₹30,000

Domestic Hotels: 20% instant discount up to ₹4,800, Minimum Purchase : ₹5,000

yatra

15% discount on Zomato

Offer Details:(Expires on March 31, 2024)
15% Instant discount up to Rs. 125 at select restaurants & Get flat Rs. 75 off on other restaurants on orders above ₹499

Terms & Conditions

  • Offer applicable only on weekend and once per user per month
  • Offer applicable on minimum transaction value of Rs. 499
  • Other T&Cs may apply
Zomato

10% discount on Myntra

Offer Details:(Expires on March 31, 2024)
10% Instant discount on a minimum transaction value of INR 2500 up to a maximum discount of INR 1000 every Wednesday

Terms & Conditions

  • Offer applicable once per user per month
  • Offer applicable on minimum transaction value of Rs. 2500
  • Other T&Cs may apply
Myntra

10% discount on Ajio

Offer Details:(Expires on March 31, 2024)
10% Instant Discount up to Rs. 1000
Terms & Conditions

  • Offer applicable only on Wednesday and once per user per month
  • Offer applicable on minimum Order Value Rs. 3999
  • Other T&Cs may apply
AJIO
12% discount on Yatra

Offer Details:(Expires on March 31, 2024)
Domestic Flights: 12% instant discount up to ₹1,200, Minimum Purchase : ₹5,000

International Flights: 10% instant discount up to ₹6,000, Minimum Purchase : ₹30,000

Domestic Hotels: 20% instant discount up to ₹4,800, Minimum Purchase : ₹5,000

15% discount on Zomato

Offer Details:(Expires on March 31, 2024)
15% Instant discount up to Rs. 125 at select restaurants & Get flat Rs. 75 off on other restaurants on orders above ₹499

Terms & Conditions

  • Offer applicable only on weekend and once per user per month
  • Offer applicable on minimum transaction value of Rs. 499
  • Other T&Cs may apply
10% discount on Myntra

Offer Details:(Expires on March 31, 2024)
10% Instant discount on a minimum transaction value of INR 2500 up to a maximum discount of INR 1000 every Wednesday

Terms & Conditions

  • Offer applicable once per user per month
  • Offer applicable on minimum transaction value of Rs. 2500
  • Other T&Cs may apply
10% discount on Ajio

Offer Details:(Expires on March 31, 2024)
10% Instant Discount up to Rs. 1000
Terms & Conditions

  • Offer applicable only on Wednesday and once per user per month
  • Offer applicable on minimum Order Value Rs. 3999
  • Other T&Cs may apply

Introducing the most Rewarding Loyalty Program

As a FIRST Rewards member, you earn points on everyday purchases made with your IDFC FIRST Bank Debit Card. Redeem them for maximum value from a range of options and partners.

Rewarding Loyalty Program
Digital Bank Account

Experience a Mobile Banking revolution

Do more with your mobile banking app! Experience Google-like search, track your spends and rewards, check your risk profile, invest in mutual funds, and much more!

The welcome vouchers/benefits offered upon opening an account have been discontinued w.e.f. 1st July 22

 

Monthly Interest Credits on your Savings Accounts

  • Enjoy monthly interest credits versus the industry norm of quarterly interest credits 
  • Compound your money faster by earning interest on interest every month 

 

Open Bank Account Online

ELIGIBILITY

Who Can Apply?

  • Indian citizens
  • Residents of India
  • Foreign nationals residing in India and meeting GOI criteria

Documentation

To open a savings account online:

  • Aadhaar Number
  • PAN number

To open a savings account at branch:

  • Passport-size photograph
  • PAN Card or filled Form 60
  • Any one of the following document:

    - Aadhaar Card

    - Passport

    - Voter’s Identity Card (Election Card)

    - Permanent and valid driving license with photograph

    - Job Card issued by NREGA duly signed by an officer of the State Government

    - Letter issued by the National Population Register containing details of name and address

Savings Account Eligibility

Steps to Open a Savings Account

Follow the below steps to open an IDFC FIRST Bank Savings Account:

FEES & CHARGES

Find out about our minimal and transparent fees & charges

View Fees & Charges

Bank Account Charges


*IDFC FIRST Bank offers Zero Fee Banking on all Savings Accounts, subject to maintenance of required Average Monthly Balance in the account. These services are being offered free in good faith, and in case of abuse, the bank reserves the right to charge fees as per market norms. All rights reserved.

FREQUENTLY ASKED QUESTIONS

What is a Savings Account?

A Savings Account is a product offered by banks to help save money, and earn interest on it. IDFC FIRST Bank offers 24x7 access to your Savings Account so you can access your funds anytime and make withdrawals whenever you need funds.

How to open a savings account online?

You can seamlessly open an IDFC FIRST Bank Savings Account both online and offline. To open a savings account online in less than two minutes, click here. If you want to open a savings account offline, simply walk in to your nearest IDFC FIRST Bank branch.

Did you know? IDFC FIRST Bank offers Monthly Interest Credits on Savings Account, as against quarterly interest payouts offered by most banks. Open a Savings Account in less than 2 minutes here.

Who is eligible to open Savings Accounts online and offline?

To be eligible for IDFC FIRST Bank Savings Account, you should be above 18 years of age and belong to one of the below categories:

- Indian citizens

- Residents of India

- Foreign nationals residing in India and meeting the Government of India criteria

What documents do I need to open a Savings Account?

To open an IDFC FIRST Bank Savings Account, you need the following documents:

- To open savings accounts online: Aadhaar & PAN details

- To open savings accounts at a bank branch:  

*Passport-sized photo

*PAN/Form 60

* Proof of Identity & Address like Aadhaar Card, Passport, Valid Driving License, Voter ID, etc.

IDFC FIRST Bank offers 28 commonly used Savings Account services like IMPS, NEFT, RTGS, ATM transactions, Cheque book issuance, SMS alerts and more at ZERO CHARGES*. Open a Savings Account in 2 minutes here.

*T&C Apply

What do I get on opening an IDFC FIRST Bank Savings Account?

After successfully opening your IDFC FIRST Bank Savings Account, you will get a personalized cheque book and your Debit Card.

How does the Monthly Interest Credits feature work and how will I benefit from it?

With an IDFC FIRST Bank Savings Account, experience the joy of earning Monthly Interest Credits on your Savings Account. You earn 'interest on interest' with the power of monthly compounding. IDFC FIRST Bank is one of the only universal banks to offer this feature, against the standard practice of crediting interest on your Savings Account every quarter.

Monthly compounding interest payout is better for you than Quarterly interest payout because when you get interest credit in Month 1, the interest for Month 2 is paid on your opening balance + interest received in Month 1 and so on. So, you earn more on your savings! 

Can you afford to not have an IDFC FIRST Bank Savings Account? Open a Savings Account in just a few simple steps here.

What does the Zero Charges feature mean?

With IDFC FIRST Bank Savings Account you pay Zero Charges* on 28 commonly used Savings Account services like IMPS, NEFT, RTGS, ATM transactions, Cash transactions, Cheque book issuance, SMS alerts and more.

You can know more about services offered at Zero Charges here: www.idfcfirstbank.com/zerofeebanking 

Open an IDFC FIRST Bank Savings Account here.

*T&C Apply

Are there any charges on non-home branch transactions?

With IDFC FIRST Bank Savings Account, non-home branch transactions are offered at ZERO Charges.

What is the Average Monthly Balance I would be required to maintain in an IDFC FIRST Bank Savings Account?

The Average Monthly Balance (AMB) you need to maintain in your IDFC FIRST Bank Savings Account would depend on the account variant you have opted for.

How is the Average Monthly Balance calculated for Savings Account?

Average Monthly Balance in an account is calculated by dividing the sum of each day’s balance in the Account and the number of days in the particular month.
 

Account Statement Sample
Transaction Date and Time Date Transaction Details Debit  Credit  Balance (Rs.)
    Opening Balance     200,000.00
11-06-2023  11:01 6/11/2023 EMI Debit 957067 50,000.00    150,000.00
21-06-2023   13:30 6/21/2023 UPI/MOB/2359575837/UPI   50,000.00  2,00,000.00 

 

Descritpion End of day account balance (Rs.) Sum of balance (Rs.)
EOD Balance from 1st June'23 to 10th June'22 200000 200000 x 10 = 20 lakhs
EOD Balance from 11th June'23 to 20th June'22 150000 150000 x 10 = 15 lakhs
EOD Balance from 21st June'23 to 30th June'22 200000 200000 x 10 = 20 lakhs
Sum of end of day balance of all days of the month   20 lakhs + 15 lakhs + 20 lakhs = 55 lakhs
Average Monthly Balance = (Sum of end of day balance of all days of the month) / (no. of days of the month) 
= 55 lakhs / 30 days
= Rs. 1,83,333.33

Will I be charged any fees/penalty for non-maintenance of Average Monthly Balance in the Savings Account?

Yes, there are nominal charges levied for not maintaining Average Monthly Balance on your Savings Account. Click here to know more about the applicable non-maintenance charges on your Savings Account

What are the different ways I can add money/transfer funds to my savings account?

You can add funds to your Savings Account by one of the following ways:

- Via any other bank’s NetBanking/Mobile app. Simply add your IDFC FIRST Bank account details – Account number and IFSC code

- Through our Mobile app by clicking on the “Add funds” option which lets you transfer money from your other bank accounts

- Depositing a cheque/cash at any of our branches

- Depositing a cheque (in drop box)/cash at any IDFC first bank ATM

- Using any UPI app using your UPI ID

What are the modes through which I can access and keep a track on transactions in my IDFC FIRST Bank Savings Account?

We offer multiple methods to track your IDFC FIRST Bank Savings Account. Here are a few ways you can do it:

- NetBanking

- Mobile App

- WhatsApp Banking

- Monthly Account statements sent to your registered email ID

Can I add a nominee to my Savings Account? How many nominees can I add?

Yes, you can add one nominee to your Savings Account.

How can I add a nominee to my IDFC FIRST Bank Savings Account?

You can add a nominee to your Savings Account in one of the following ways:

- At the time of opening your Account

- Via NetBanking and our Mobile App

- By visiting your nearest IDFC FIRST Bank branch

Can I open a joint Savings Account at IDFC FIRST Bank?

Yes, you can open an IDFC FIRST Bank Savings Account in joint mode of operation by visiting your nearest branch.

What Debit Card will I get with my IDFC FIRST Bank Savings Account?

The Debit Card you get on opening an IDFC FIRST Bank Savings Account depends on the account variant you've opted for. You can view the benefits offered with each card variant here.

More FAQs

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