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How To Open Savings Account
A savings account serves as the primary avenue to save money, grow it over the period by earning interest and meet your daily expenses by offering instant access to your funds. Opening a savings account is an important step to start building and securing your 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
IDFC FIRST Bank offers a quick, simple, and convenient process to open a bank account, and you can apply for a saving account from the comfort of your home anytime. With one of the highest interest rates, monthly interest pay-outs, zero fees on all commonly used savings account services, and quick digital access, you can take full control of your finances and save for your fruitful future. Read less
Steps to open a savings bank account
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. With IDFC FIRST Bank's savings account interest calculator, you can easily find out how much interest you can earn and even compare your yield with other banks.
Visit a bank branch or fill out an application form online
Visit a bank branch or fill out an application form online
You can open a bank account either by visiting a bank branch or the bank's website/mobile app. With IDFC FIRST Bank, you get multiple channels to apply online and offline via the website, mobile app, and visiting your nearest branch.
Submit the required KYC proof documents
Submit the required KYC proof documents
When considering how to open a bank account online and offline, it's imperative to understand the prerequisites. Ensure you have your Original PAN Card and Aadhaar card handy, as well as an Aadhaar-linked mobile number and valid email address. Also, check for additional Officially Valid documents (OVDs) that you may require to open a bank account. IDFC FIRST Bank offers a completely online verification process through V-KYC (Video KYC). You can schedule a video call with a bank representative anytime.
Receive your account details
Receive your account details
After completing these steps to open a bank account, your documents will be evaluated. the bank then opens your savings account and communicates the status via SMS and sends account credentials through email.
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 from the comfort of your home without queuing up at a bank branch.
Use your savings account
Use your savings account
After successfully opening your savings account Start by depositing an initial amount. Familiarise yourself with the online banking platform and mobile app.. 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.
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. With IDFC FIRST Bank's savings account interest calculator, you can easily find out how much interest you can earn and even compare your yield with other banks.
Visit a bank branch or fill out an application form online
You can open a bank account either by visiting a bank branch or the bank's website/mobile app. With IDFC FIRST Bank, you get multiple channels to apply online and offline via the website, mobile app, and visiting your nearest branch.
Submit the required KYC proof documents
When considering how to open a bank account online and offline, it's imperative to understand the prerequisites. Ensure you have your Original PAN Card and Aadhaar card handy, as well as an Aadhaar-linked mobile number and valid email address. Also, check for additional Officially Valid documents (OVDs) that you may require to open a bank account. IDFC FIRST Bank offers a completely online verification process through V-KYC (Video KYC). You can schedule a video call with a bank representative anytime.
Receive your account details
After completing these steps to open a bank account, your documents will be evaluated. the bank then opens your savings account and communicates the status via SMS and sends account credentials through email.
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 from the comfort of your home without queuing up at a bank branch.
Use your savings account
After successfully opening your savings account Start by depositing an initial amount. Familiarise yourself with the online banking platform and mobile app.. 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.
How to open a savings bank account online
Step 1
Click here to open a IDFC FIRST Bank savings account or download the mobile app.
Step 2
Fill up the online form and verify your Aadhaar.
Step 3
Choose the type of savings account you wish to open.
Step 4
Deposit the amount in your account as per the requirement.
Step 5
Complete the V-KYC (Video 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 the nearest IDFC FIRST Bank branch with the required documents.
Step 2
Fill up the account opening form.
Step 3
Sign the form after reading the terms and conditions.
Step 4
Submit the form attached with the required documents.
ELIGIBILITY
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. IDFC FIRST Bank, offer both online and offline options to open a savings account. You can open a bank account with your Original Pan Card and 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. IDFC FIRST Bank offers two variants of regular savings accounts: The 10K AMB and 25K AMB savings accounts, where AMB stands for average monthly balance. You can choose the savings account that suits your financial requirements and objectives.
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 with higher interest compared to various banks. It helps you grow the money in your digital savings account faster with higher compounding frequencies.
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. You can also opt for SMS alerts and e-statements to track your expenses. IDFC FIRST Bank offers Zero charges for all commonly used savings account services.
What is the easiest way to open a bank account?
Using the completely online application process such as the one offered by IDFC FIRST Bank is the easiest way to open a bank account. You can apply online anytime and anywhere without visiting the branch and require minimal documentation to open an account.
Can I open a bank account in one day?
Yes, with the IDFC FIRST Bank digital account opening process, you can open a savings account online instantly. The process is quick and simple and can be completed within minutes. With Video KYC, you can verify your KYC details and get full access to your account within 24 to 48 hours.