By opening an IDFC First Bank Minor Account, a parent can take a significant step toward securing their child’s future. IDFC First Bank offers a specialised account tailored for kids, helping parents save for their child’s long-term goals, be it higher education, a wedding, or simply building a financial safety net.
This blog covers all the essential information about the IDFC First Bank Minor Account, including key features, how to open a minor account, both the offline and online processes, interest rates, services and benefits for minors, documents required for opening the account, and more. Keep reading to know more!
Table of contents
- What is the IDFC First Bank Minor Account?
- Key Features of IDFC First Bank Minor Account
- Eligibility Criteria for IDFC First Bank Minor Account
- Types of IDFC First Bank Minor Accounts
- How to Open an IDFC First Bank Minor Account?
- Services for IDFC First Bank Minor Account
- Documents Required for IDFC First Bank Minor Account
- Transaction Limits for IDFC First Bank Minor Account
- FAQS on IDFC First Bank Minor Account
What is the IDFC First Bank Minor Account?
The IDFC First Bank Minor Account is a basic savings bank deposit account designed specifically for children under 18 years of age. It allows parents or guardians to open and manage the account until the child turns 18.
Once the child reaches adulthood, they gain full control over their account. This account ensures that the child’s financial needs are met, while also offering the convenience of a traditional savings account with additional benefits.
Key Features of IDFC First Bank Minor Account
The IDFC First Bank Minor Account comes with several key features designed to benefit both parents and children. It offers flexibility and growth opportunities for your child’s savings, along with various advantages. Below are the features that make it a great option for parents looking to secure their child’s financial future:
No Minimum Balance Requirement
One of the standout features of the IDFC First Bank Minor Account is the absence of a minimum balance requirement for minor Parents to start saving for their child’s future without the pressure of maintaining a specific balance, making it easier to manage.
Sweep Out Facility
The Sweep Out Facility is designed to automatically transfer surplus funds from a minor’s savings account into a Fixed Deposit (FD) when the balance surpasses a certain threshold. This is generally set at INR 15,000.
High-Interest Rate
With interest rates of up to 7.25%, this account provides excellent returns, helping your child’s savings grow faster. This is higher than many regular savings accounts, making it an attractive option for long-term savings.
Zero Fees on Transactions
The IDFC First Bank Minor Account comes with zero charges for essential banking services. This includes free ATM withdrawals, fund transfers, and access to other banking services like SMS alerts and chequebooks.
Free Debit Card
The account includes a free lifetime VISA debit card for your child, giving them easy access to their funds. The debit card can be used for online purchases, ATM withdrawals, and payments at stores. Parents can set transaction limits for their child’s safety. The Minor’s Savings Account offers two variants with exceptional benefits: the VISA Platinum Debit Card and the VISA Classic Debit Card. The table below outlines the features of these two debit cards. Please have a look!
| Feature | VISA Platinum Debit Card | VISA Classic Debit Card |
| ATM Transactions | Unlimited free ATM transactions across India | Unlimited free ATM transactions across India |
| ATM Withdrawal & Purchase Limit | N/A | INR 10,000 daily |
| Airport Lounge Access | Complimentary quarterly domestic lounge access | N/A |
| Personal Accident Insurance | INR 35 lakhs | INR 5 lakhs |
| Air Accident Insurance | INR 1 crore | INR 30 lakhs |
| Lost Card Liability Protection | N/A | INR 4 lakhs |
| Purchase Protection | N/A | INR 50,000 |
| Availability | INR 25,000 variant | Available with lower variants |
Unlimited Free Fund Transfers
Parents can send and receive funds from the IDFC First Bank Minor Account without any charges, ensuring the child’s savings grow smoothly without additional costs. Students can also learn about financial management and understand the transaction process.
Also Read: Check out the details on IDFC education loan to study abroad. Explore interest rates, eligibility, documentation, process, and more.
Eligibility Criteria for IDFC First Bank Minor Account
To open an IDFC FIRST Bank Minor Savings Account, certain eligibility criteria must be met depending on the type of account. These accounts offer minors the opportunity to start saving and learning financial responsibility, with the guidance and support of their parents or guardians. IDFC FIRST Bank provides two types of minor accounts:
| Account Type | Eligibility Criteria |
| Minor Savings Account (Under Guardian) | The child must be under 18 years of age, and the parent or guardian must have a savings account with IDFC FIRST Bank. |
| FIRST Prodigy (Minor Self-Operated Savings Account) | The child must be an Indian citizen or resident, aged between 10 and 18 years. |
Types of IDFC First Bank Minor Accounts
IDFC FIRST Bank offers two distinct types of Minor Savings Accounts, designed to help parents and guardians secure their child’s financial future. Each IDFC First Bank minor account comes with unique features tailored to meet the varying needs of minors, ensuring a safe and growing financial journey. Here’s an overview of the two types:
Minor Savings Account (Under Guardian)
This account is perfect for younger children, where the parent or guardian has full control over the account. The child can start saving early, and as the funds grow, parents can help manage the savings while providing guidance. The table below shows the key features, eligibility, and documentation required for minor savings account (under guardian):
| Category | Details |
| Key Features | – Attractive interest rates up to 7.25% – Unlimited free fund transfers- Free VISA Debit Card – Unlimited free ATM transactions at IDFC FIRST Bank ATMs – Access to secure banking with the guidance of parents or guardians |
| Eligibility | – The age of the child must be under 18 years – The parent or guardian must hold a Savings Account in IDFC FIRST Bank |
| Documentation | – Parent’s IDFC FIRST Bank Savings Account details – Passport-sized photograph of the child – Proof of the child’s date of birth |
FIRST Prodigy Savings Account
The FIRST Prodigy Savings Account is designed for children aged between 10 and 18 years, allowing them to have a more self-operated banking experience. This account offers a higher degree of financial independence for the minor while ensuring secure banking. The table below shows the key features, eligibility, and documentation required for the first Prodigy savings account:
| Category | Details |
| Features | – Attractive interest rates with monthly interest credits – A feature-loaded Visa Platinum Debit Card – High insurance cover – Exclusive offers and benefits |
| Eligibility | – The child must be an Indian citizen – Age between 10 to 18 years |
| Documentation | – Child’s Passport-sized photograph – PAN Card or Form 60 (mandatory) – One identity verification document (Aadhaar Card, Passport, or NPR letter) – Parent/Guardian’s KYC documents (for customer ID) |
How to Open an IDFC First Bank Minor Account?
Opening an IDFC First Bank Minor Account is a simple process that can be done both online and offline. Below, we will guide you through the easy steps for each method. Let’s explore both options one by one.
Online Process to Open an IDFC First Bank Minor Account
Opening a minor savings account with IDFC First Bank Minor Account is incredibly easy with their digital, paperless process. Here are the steps to follow:
- Go to the official IDFC First Bank website.
- On the homepage, find and click on the Personal Banking section.
- Under the Personal Banking section, click on Accounts.
- Look for the Minor Savings Account Types option and click on it.
- Provide basic details about the minor and the guardian i.e., name, DOB, address etc.
- Upload the required KYC documents for both the minor and the guardian.
- Choose the debit card option and make the initial online deposit.
- Set up the nomination and savings goal for the child.
- Verify the details and submit the application form online.
- The account will be activated instantly, and login credentials will be sent via SMS.
Offline Process to Open an IDFC First Bank Minor Account
Alternatively, you can open the IDFC First Bank minor account offline by visiting the nearest IDFC First Bank bank branch and filling out the account opening form. The steps include:
- Visit the nearby IDFC First Bank branch with the required KYC documents.
- Fill out the application form for both the minor and the guardian.
- Submit the documents along with the initial deposit.
- Choose the debit card option and set up the nomination.
- Receive login details via the registered contact information.
All these ways of opening zero balance accounts online for minors in IDFC First Bank make it a hassle-free process.
Services for IDFC First Bank Minor Account
The IDFC First Bank Minor Account offers a range of benefits and services to help manage your child’s finances effectively. These include a free debit card, online banking, SMS alerts, high interest rates, and more. Explore all the services and advantages that come with an IDFC First Bank Minor Account.
- Debit Card: The child receives a lifetime free VISA debit card that can be used for ATM withdrawals, online shopping, and payments.
- Online Banking: Manage the account through mobile and internet banking for 24/7 access.
- ATM Withdrawals: Enjoy unlimited free ATM withdrawals from IDFC First Bank and other ATMs in India.
- Cheque Book: IDFC First Bank minor account also gives free personalized chequebooks to make payments more convenient.
- IMPS/NEFT Transfers: Quick and secure money transfers between bank accounts.
- SMS Alerts: Get real-time alerts on transactions for enhanced security.
- High Interest Rates: Earn up to 7% interest based on the balance in the account.
Documents Required for IDFC First Bank Minor Account
To open an IDFC First Bank Minor Account, you will need to provide specific documents to complete the process smoothly. These documents help verify the identities of both the parent or guardian and the minor. Here’s a list of the essential documents required for opening the IDFC First Bank Minor Account.
- Child’s Date of Birth Proof: Birth certificate or passport.
- Address Proof of Guardian: Voter ID, Aadhaar, passport, or a utility bill.
- Child’s Passport Size Photo: A recent photo of your child.
- Signature: The parent or guardian’s signature is required
- Photograph: A photograph of the parent or guardian is required
- KYC documents: The parent or guardian’s KYC documents are required to create their customer ID
- PAN: The parent or guardian’s PAN is required
Please note: It is not mandatory for the Parent/Guardian to have an IDFC FIRST Bank Savings Account in order to open an IDFC FIRST Bank Minor Account. However, the details of the IDFC FIRST Bank Savings Account of parents are required if they have a savings account with IDFC FIRST Bank in order to open an IDFC FIRST Bank Minor Account.
Also Read: Check here all the details about the IDFC First Bank Forex card. Read the blog for detailed information on Forex cards.
Transaction Limits for IDFC First Bank Minor Account
IDFC First Bank Minor Account comes with certain transaction limits to ensure the security and safety of your child’s finances. These limits are designed to manage daily activities while providing a controlled environment for financial transactions. Let’s explore the key transaction limits for this account.
- ATM Withdrawal Limit: INR 10,000 per day.
- Debit Card Payment Limit: INR 10,000 per transaction.
- Fund Transfer Limit: INR 50,000 per day via net banking or mobile apps.
The IDFC First Bank Minor Account is a fantastic way for parents to start saving for their child’s future. With its high interest rates, zero fees on transactions, and easy account management options, it’s an excellent choice for securing your child’s financial future. Whether you open the account online or offline, you’ll be giving your child a solid foundation for their financial growth.
To learn more about the best bank accounts for students, education loans, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
FAQS on IDFC First Bank Minor Account
The IDFC First Bank Minor Account is a savings account designed for children under 18 years of age, allowing parents or guardians to manage their child’s finances until they turn 18.
A parent or guardian who holds an active account with IDFC First Bank can open a minor savings account for their child, provided the child is under 18 years of age.
There is no minimum balance requirement for the IDFC First Bank Minor Account, making it easy for parents to start saving without worrying about maintaining a specific balance.
The IDFC First Bank Minor Account offers an interest rate of up to 7.25%, helping your child’s savings grow faster.
No, there are no transaction fees for services like ATM withdrawals, fund transfers, or receiving SMS alerts, making it cost-effective for parents.
Yes, the minor receives a lifetime free VISA debit card, which can be used for ATM withdrawals, online shopping, and in-store payments. The card has an ATM withdrawal limit of INR 10,000 per day and a payment limit of INR 10,000 per transaction.
Parents can set daily and transaction-specific limits to ensure safe and secure usage of the debit card.
You can open the account either online or offline. The online process is simple, paperless, and can be completed via the IDFC First Bank website, while the offline process involves visiting the nearest branch.
Primarily, you will need the parent’s/guardian’s ID proof, the child’s birth proof, the guardian’s address proof, and a passport-size photo of the child. The bank representative will provide any additional documents or requirements.
The ATM withdrawal limit is INR 10,000 per day, the debit card payment limit is INR 10,000 per transaction, and the fund transfer limit via net banking or mobile app is INR 50,000 per day.
You can manage the account through mobile and internet banking, allowing for 24/7 access to account balances, transactions, and fund transfers.
No, the IDFC First Bank Minor Account comes with no charges for services like ATM withdrawals, fund transfers, or using a debit card.
Once the child turns 18, the account becomes an adult savings account, and the child gains full control over the account.
No, the parent or guardian manages the funds until the child turns 18, at which point they can take control of the account.
Yes, the account comes with security features like SMS alerts for all transactions, ensuring that both the parent and child are notified of any account activity.
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