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Enjoy Zero Charges on All Commonly Used Savings Account Services
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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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Savings starts here
Open Saving Account with IDFC FIRST Bank
Savings starts here
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Monthly Interest Credit on Savings Account
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Paperless digital A/C opening with Video KYC
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₹6 lakhs daily Purchase limit & ₹2 lakhs daily ATM withdrawal limit
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Unlimited Free ATM transactions at any bank’s ATM
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Monthly Interest Credit on Savings Account
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Paperless digital A/C opening with Video KYC
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₹6 lakhs daily Purchase limit & ₹2 lakhs daily ATM withdrawal limit
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Unlimited Free ATM transactions at any bank’s ATM
How To Open Savings Account
A savings account is an excellent way to start saving money, have access to funds when you need them, and earn interest on your deposits. Opening a savings account is an important step in establishing a secure financial future. It helps you build a financial cushion, so you have a safety net in case of an emergency. It also helps you save for future goals, such as buying a house or retirement.Read More
You can open a savings account online or offline. The steps for opening a savings account are outlined below.Read Less
Steps to open a savings bank account
Use a savings account interest calculator online
It’s essential to understand what interest you will receive from a savings account. Savings account interest calculators help you do just that. A savings account interest calculator allows you to compare the interest earnings from different savings accounts. You need to enter two values in the calculator - the balance in your account and the interest rate you are receiving from the current bank. It then automatically displays the total amount of interest you will earn. With IDFC FIRST Bank's savings account interest calculator, you can find out how much interest you can earn. Once you have this information, you can open a bank account more confidently.
Visit a bank branch or fill out an application form online
Once you have checked the interest rates, you might be wondering how to open a bank account. The process of opening an account can be initiated through either a branch visit or the bank's website/mobile app. A digital version of the account opening form can be accessed on the bank's website. Application forms require information such as your name, permanent address, date of birth, parent(s), or spouse's name, and other details. You must sign the form to commit to the bank's terms and conditions.
Submit the required KYC proof documents
When considering how to open a savings account online and offline, it's imperative to understand the prerequisites. Whether you opt for the offline method by visiting a bank branch or the online process via a bank's website or app, submitting the required documents for KYC (Know Your Customer) is a critical step. Ensure you have your PAN and Aadhaar card handy, as well as an Aadhaar-linked mobile number and valid email address.
Your ID proof could be your Aadhaar card, voter ID, passport, or any government-issued identification. Ensure that your passport-size photograph is a recent one and adheres to the bank's specified dimensions.
Wait for the bank to respond
Once you have submitted the KYC documents, you need to wait for the bank to reply.
If there are any discrepancies or additional clarifications needed, the bank might contact you. It's essential to provide accurate and up-to-date information to ensure a smooth process. Remember, banks follow these procedures to maintain security and adhere to regulations. Be patient and wait for the bank to contact you.
Once the assessment is completed successfully, you will receive an update regarding your account opening. This is how you can open a bank account instantly without hassles!
Receive your account details
After completing these steps to open a bank account, your documents will be evaluated . Upon completion of the evaluation process, the bank opens your savings account and communicates the status via SMS or email. Please note that your bank representatives are not authorised to contact you using their personal numbers. You will receive your account details such as customer ID and account number via e-mail. In addition, you will also get a welcome kit that contains your debit card and other account-related information delivered to your registered mailing address.
You can access your account instantly when you open a savings account online. The process being real-time, you don’t have to wait for your documents to be evaluated. You can open an account instantly at the comfort of your home without queuing up at a physical bank branch.
If you ever need guidance on how to open an account for your kids, family, or elders, refer to the bank's official guidelines or consult with their customer service for clear instructions.
Use your savings account
After successfully opening your savings account, it's time to make the most of it. Start by depositing an initial amount. Familiarise yourself with the online banking platform and mobile app, if available. Set up fixed deposits, automate bill payments, and regularly monitor your transactions. Additionally, consider linking your account to budgeting tools or apps to optimise your savings strategy. Remember, now that your savings account is active, you can use it not just to store money, but also manage and keep growing it.
Use a savings account interest calculator online
Use a savings account interest calculator online
It’s essential to understand what interest you will receive from a savings account. Savings account interest calculators help you do just that. A savings account interest calculator allows you to compare the interest earnings from different savings accounts. You need to enter two values in the calculator - the balance in your account and the interest rate you are receiving from the current bank. It then automatically displays the total amount of interest you will earn. With IDFC FIRST Bank's savings account interest calculator, you can find out how much interest you can earn. Once you have this information, you can open a bank account more confidently.
Visit a bank branch or fill out an application form online
Visit a bank branch or fill out an application form online
Once you have checked the interest rates, you might be wondering how to open a bank account. The process of opening an account can be initiated through either a branch visit or the bank's website/mobile app. A digital version of the account opening form can be accessed on the bank's website. Application forms require information such as your name, permanent address, date of birth, parent(s), or spouse's name, and other details. You must sign the form to commit to the bank's terms and conditions.
Submit the required KYC proof documents
Submit the required KYC proof documents
When considering how to open a savings account online and offline, it's imperative to understand the prerequisites. Whether you opt for the offline method by visiting a bank branch or the online process via a bank's website or app, submitting the required documents for KYC (Know Your Customer) is a critical step. Ensure you have your PAN and Aadhaar card handy, as well as an Aadhaar-linked mobile number and valid email address.
Your ID proof could be your Aadhaar card, voter ID, passport, or any government-issued identification. Ensure that your passport-size photograph is a recent one and adheres to the bank's specified dimensions.
Wait for the bank to respond
Wait for the bank to respond
Once you have submitted the KYC documents, you need to wait for the bank to reply.
If there are any discrepancies or additional clarifications needed, the bank might contact you. It's essential to provide accurate and up-to-date information to ensure a smooth process. Remember, banks follow these procedures to maintain security and adhere to regulations. Be patient and wait for the bank to contact you.
Once the assessment is completed successfully, you will receive an update regarding your account opening. This is how you can open a bank account instantly without hassles!
Receive your account details
Receive your account details
After completing these steps to open a bank account, your documents will be evaluated . Upon completion of the evaluation process, the bank opens your savings account and communicates the status via SMS or email. Please note that your bank representatives are not authorised to contact you using their personal numbers. You will receive your account details such as customer ID and account number via e-mail. In addition, you will also get a welcome kit that contains your debit card and other account-related information delivered to your registered mailing address.
You can access your account instantly when you open a savings account online. The process being real-time, you don’t have to wait for your documents to be evaluated. You can open an account instantly at the comfort of your home without queuing up at a physical bank branch.
If you ever need guidance on how to open an account for your kids, family, or elders, refer to the bank's official guidelines or consult with their customer service for clear instructions.
Use your savings account
Use your savings account
After successfully opening your savings account, it's time to make the most of it. Start by depositing an initial amount. Familiarise yourself with the online banking platform and mobile app, if available. Set up fixed deposits, automate bill payments, and regularly monitor your transactions. Additionally, consider linking your account to budgeting tools or apps to optimise your savings strategy. Remember, now that your savings account is active, you can use it not just to store money, but also manage and keep growing it.
How to open a savings bank account online
Step 1
Click here to open a IDFC FIRST Bank Savings Account
Step 2
Fill up the form fields carefully and verify your Aadhaar
Step 3
Choose the type of savings account you wish to open
Step 4
Fund your account
Step 5
Complete the KYC process
How to open a savings bank account offline
Here's how to open a savings account at a physical bank branch
Step 1
Visit your nearest IDFC FIRST Bank branch
Step 2
Fill up the account opening form
Step 3
Sign the form after reading the terms and conditions
Step 4
Submit the form at the branch
ELIGIBILITY
Who Can Apply?
Documentation
For Digital Bank Account Opening:
- Aadhaar Number
- PAN number
For Physical Bank Account Opening:
- Passport-size photograph
- If you have a PAN Card, it is mandatory to provide it while opening your account
- Any one of the following documents:
- Aadhaar Card
- Passport
- Voter’s Identity Card (Election Card)
- Permanent and valid driving licence with a photograph
- Job Card issued by NREGA duly signed by a State Government
- Letter issued by the National Population Register containing details of name and address
Features & Benefits of an online bank account
An online bank account has several benefits, such as:
No lengthy steps to open a bank account, ensuring a quick and instant setup
Instant fund access and money transfers online
Hassle-free account management through net banking/mobile banking
Convenient withdrawals at ATMs across the country using your debit card
Exciting debit card offers
Pay bills online anywhere and anytime
Receive real-time alerts about account activity, including deposits, withdrawals, and other transactions
A secure and reliable way of enjoying online banking services
Invest conveniently in FDs, mutual funds, and other investment opportunities
FREQUENTLY ASKED QUESTIONS
Why do I need a bank account?
A bank account helps you save and grow your money by earning interest and allowing you to access your money when you need it. Most banks including IDFC FIRST Bank, offer both online and offline options to open a savings account. You can open a bank account with your Aadhaar card choosing any of these modes depending on your preference.
What is the minimum amount required for opening a savings account?
The minimum amount required for account opening varies from bank to bank. For an IDFC FIRST Bank Savings Account, you need to deposit either ₹25,000 or ₹10,000 depending on the type of savings account you choose.
What is the frequency of interest payouts in a savings bank account?
Most banks offer a quarterly interest payout, meaning, accrued interest is paid at the end of every three months. IDFC FIRST Bank offers monthly interest credits to savings accounts. It helps you grow the money in your digital savings account faster than with other banks thanks to the higher interest paid out every month.
Do I need to maintain an average monthly balance in my savings account?
Yes, depending on the bank's terms and conditions, you need to maintain an average monthly balance. If you fail to meet this balance requirement, you might face penalties or charges. So, before you open a bank account, it's essential to review these specific requirements to ensure hassle-free banking.
How can I track my savings account?
You can conveniently access your savings account through net banking or mobile banking and track your account activities. Banks also provide periodic notifications via SMS, WhatsApp and e-mail. Additionally, most banks offer monthly account statements, which can be downloaded or accessed online, detailing all transactions and account balances.
