{"id":16898,"date":"2025-01-11T11:25:44","date_gmt":"2025-01-11T05:55:44","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=16898"},"modified":"2025-01-11T11:25:45","modified_gmt":"2025-01-11T05:55:45","slug":"idfc-first-bank-minor-account-types-eligibility-documents-process","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/","title":{"rendered":"IDFC First Bank Minor Account: Types, Eligibility, Documents, Process"},"content":{"rendered":"\n<p>By opening an IDFC First Bank Minor Account, a parent can take a significant step toward securing their child\u2019s future. IDFC First Bank offers a specialised account tailored for kids, helping parents save for their child&#8217;s long-term goals, be it higher education, a wedding, or simply building a financial safety net.<\/p>\n\n\n\n<p>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!<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-what-is-the-idfc-first-bank-minor-account\" data-level=\"2\">What is the IDFC First Bank Minor Account?<\/a><\/li><li><a href=\"#h-key-features-of-idfc-first-bank-minor-account\" data-level=\"2\">Key Features of IDFC First Bank Minor Account<\/a><\/li><li><a href=\"#h-eligibility-criteria-for-idfc-first-bank-minor-account-nbsp\" data-level=\"2\">Eligibility Criteria for IDFC First Bank Minor Account\u00a0<\/a><\/li><li><a href=\"#h-types-of-idfc-first-bank-minor-accounts\" data-level=\"2\">Types of IDFC First Bank Minor Accounts<\/a><ul><li><a href=\"#h-minor-savings-account-under-guardian\" data-level=\"3\">Minor Savings Account (Under Guardian)<\/a><\/li><li><a href=\"#h-first-prodigy-savings-account\" data-level=\"3\">FIRST Prodigy Savings Account<\/a><\/li><\/ul><\/li><li><a href=\"#h-how-to-open-an-idfc-first-bank-minor-account\" data-level=\"2\">How to Open an IDFC First Bank Minor Account?<\/a><ul><li><a href=\"#h-online-process-to-open-an-idfc-first-bank-minor-account\" data-level=\"3\">Online Process to Open an IDFC First Bank Minor Account<\/a><\/li><li><a href=\"#h-offline-process-to-open-an-idfc-first-bank-minor-account\" data-level=\"3\">Offline Process to Open an IDFC First Bank Minor Account<\/a><\/li><\/ul><\/li><li><a href=\"#h-services-for-idfc-first-bank-minor-account\" data-level=\"2\">Services for IDFC First Bank Minor Account<\/a><\/li><li><a href=\"#h-documents-required-for-idfc-first-bank-minor-account\" data-level=\"2\">Documents Required for IDFC First Bank Minor Account<\/a><\/li><li><a href=\"#h-transaction-limits-for-idfc-first-bank-minor-account\" data-level=\"2\">Transaction Limits for IDFC First Bank Minor Account<\/a><\/li><li><a href=\"#h-faqs-on-idfc-first-bank-minor-account\" data-level=\"2\">FAQS on IDFC First Bank Minor Account<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-idfc-first-bank-minor-account\"><span id=\"what-is-the-idfc-first-bank-minor-account\">What is the IDFC First Bank Minor Account?<\/span><\/h2>\n\n\n\n<p>The IDFC First Bank Minor Account is a <a href=\"https:\/\/fly.finance\/blog\/student-account\/basic-savings-bank-deposit-accounts-for-sudents\/\"><strong>basic savings bank deposit account<\/strong><\/a> 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.&nbsp;<\/p>\n\n\n\n<p>Once the child reaches adulthood, they gain full control over their account. This account ensures that the child&#8217;s financial needs are met, while also offering the convenience of a traditional savings account with additional benefits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-features-of-idfc-first-bank-minor-account\"><span id=\"key-features-of-idfc-first-bank-minor-account\">Key Features of IDFC First Bank Minor Account<\/span><\/h2>\n\n\n\n<p>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&#8217;s savings, along with various advantages. Below are the features that make it a great option for parents looking to secure their child&#8217;s financial future:<\/p>\n\n\n\n<p><strong>No Minimum Balance Requirement<\/strong><strong><br><\/strong>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\u2019s future without the pressure of maintaining a specific balance, making it easier to manage.<\/p>\n\n\n\n<p><strong>Sweep Out Facility<\/strong><br>The Sweep Out Facility is designed to automatically transfer surplus funds from a minor&#8217;s savings account into a Fixed Deposit (FD) when the balance surpasses a certain threshold. This is generally set at INR 15,000.<\/p>\n\n\n\n<p><strong>High-Interest Rate<\/strong><strong><br><\/strong>With interest rates of up to 7.25%, this account provides excellent returns, helping your child&#8217;s savings grow faster. This is higher than many regular savings accounts, making it an attractive option for long-term savings.<\/p>\n\n\n\n<p><strong>Zero Fees on Transactions<\/strong><strong><br><\/strong>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.<\/p>\n\n\n\n<p><strong>Free Debit Card<\/strong><strong><br><\/strong>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\u2019s safety. The Minor&#8217;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!<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Feature<\/strong><\/td><td><strong>VISA Platinum Debit Card<\/strong><\/td><td><strong>VISA Classic Debit Card<\/strong><\/td><\/tr><tr><td>ATM Transactions<\/td><td>Unlimited free ATM transactions across India<\/td><td>Unlimited free ATM transactions across India<\/td><\/tr><tr><td>ATM Withdrawal &amp; Purchase Limit<\/td><td>N\/A<\/td><td>INR 10,000 daily<\/td><\/tr><tr><td>Airport Lounge Access<\/td><td>Complimentary quarterly domestic lounge access<\/td><td>N\/A<\/td><\/tr><tr><td>Personal Accident Insurance<\/td><td>INR 35 lakhs<\/td><td>INR 5 lakhs<\/td><\/tr><tr><td>Air Accident Insurance<\/td><td>INR 1 crore<\/td><td>INR 30 lakhs<\/td><\/tr><tr><td>Lost Card Liability Protection<\/td><td>N\/A<\/td><td>INR 4 lakhs<\/td><\/tr><tr><td>Purchase Protection<\/td><td>N\/A<\/td><td>INR 50,000<\/td><\/tr><tr><td>Availability<\/td><td>INR 25,000 variant<\/td><td>Available with lower variants<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Unlimited Free Fund Transfers<\/strong><strong><br><\/strong>Parents can send and receive funds from the IDFC First Bank Minor Account without any charges, ensuring the child\u2019s savings grow smoothly without additional costs. Students can also learn about financial management and understand the transaction process.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Check out the details on <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/idfc-education-loan\/\"><strong>IDFC education loan to study abroad<\/strong><\/a><strong>. Explore interest rates, eligibility, documentation, process, and more.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eligibility-criteria-for-idfc-first-bank-minor-account-nbsp\"><span id=\"eligibility-criteria-for-idfc-first-bank-minor-account\">Eligibility Criteria for IDFC First Bank Minor Account&nbsp;<\/span><\/h2>\n\n\n\n<p>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:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Account Type<\/strong><\/td><td><strong>Eligibility Criteria<\/strong><\/td><\/tr><tr><td>Minor Savings Account (Under Guardian)<\/td><td>The child must be under 18 years of age, and the parent or guardian must have a savings account with IDFC FIRST Bank.<\/td><\/tr><tr><td>FIRST Prodigy (Minor Self-Operated Savings Account)<\/td><td>The child must be an Indian citizen or resident, aged between 10 and 18 years.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-types-of-idfc-first-bank-minor-accounts\"><span id=\"types-of-idfc-first-bank-minor-accounts\">Types of IDFC First Bank Minor Accounts<\/span><\/h2>\n\n\n\n<p>IDFC FIRST Bank offers two distinct types of Minor Savings Accounts, designed to help parents and guardians secure their child\u2019s 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&#8217;s an overview of the two types:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-minor-savings-account-under-guardian\"><span id=\"minor-savings-account-under-guardian\">Minor Savings Account (Under Guardian)<\/span><\/h3>\n\n\n\n<p>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):<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td>Key Features<br><br><br><br><\/td><td>&#8211; Attractive interest rates up to 7.25%<br>&#8211; Unlimited free fund transfers- Free VISA Debit Card<br>&#8211; Unlimited free ATM transactions at IDFC FIRST Bank ATMs<br>&#8211; Access to secure banking with the guidance of parents or guardians<\/td><\/tr><tr><td>Eligibility<\/td><td>&#8211; The age of the child must be under 18 years<br>&#8211; The parent or guardian must hold a Savings Account in IDFC FIRST Bank<\/td><\/tr><tr><td>Documentation<\/td><td>&#8211; Parent\u2019s IDFC FIRST Bank Savings Account details<br>&#8211; Passport-sized photograph of the child<br>&#8211; Proof of the child\u2019s date of birth<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-first-prodigy-savings-account\"><span id=\"first-prodigy-savings-account\">FIRST Prodigy Savings Account<\/span><\/h3>\n\n\n\n<p>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:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td>Features<\/td><td>&#8211; Attractive interest rates with monthly interest credits<br>&#8211; A feature-loaded Visa Platinum Debit Card<br>&#8211; High insurance cover<br>&#8211; Exclusive offers and benefits<\/td><\/tr><tr><td>Eligibility<\/td><td>&#8211; The child must be an Indian citizen<br>&#8211; Age between 10 to 18 years<\/td><\/tr><tr><td>Documentation<\/td><td>&#8211; Child\u2019s Passport-sized photograph<br>&#8211; PAN Card or Form 60 (mandatory)<br>&#8211; One identity verification document (Aadhaar Card, Passport, or NPR letter)<br>&#8211; Parent\/Guardian\u2019s KYC documents (for customer ID)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-open-an-idfc-first-bank-minor-account\"><span id=\"how-to-open-an-idfc-first-bank-minor-account\">How to Open an IDFC First Bank Minor Account?<\/span><\/h2>\n\n\n\n<p>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\u2019s explore both options one by one.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-online-process-to-open-an-idfc-first-bank-minor-account\"><span id=\"online-process-to-open-an-idfc-first-bank-minor-account\">Online Process to Open an IDFC First Bank Minor Account<\/span><\/h3>\n\n\n\n<p>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:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Go to the official IDFC First Bank website.<\/li>\n\n\n\n<li>On the homepage, find and click on the Personal Banking section.<\/li>\n\n\n\n<li>Under the Personal Banking section, click on Accounts.<\/li>\n\n\n\n<li>Look for the Minor Savings Account Types option and click on it.<\/li>\n\n\n\n<li>Provide basic details about the minor and the guardian i.e., name, DOB, address etc.<\/li>\n\n\n\n<li>Upload the required KYC documents for both the minor and the guardian.<\/li>\n\n\n\n<li>Choose the debit card option and make the initial online deposit.<\/li>\n\n\n\n<li>Set up the nomination and savings goal for the child.<\/li>\n\n\n\n<li>Verify the details and submit the application form online.<\/li>\n\n\n\n<li>The account will be activated instantly, and login credentials will be sent via SMS.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-offline-process-to-open-an-idfc-first-bank-minor-account\"><span id=\"offline-process-to-open-an-idfc-first-bank-minor-account\">Offline Process to Open an IDFC First Bank Minor Account<\/span><\/h3>\n\n\n\n<p>Alternatively, you can open the IDFC First Bank minor account offline by visiting the nearest&nbsp; IDFC First Bank bank branch and filling out the account opening form. The steps include:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Visit the nearby IDFC First Bank branch with the required KYC documents.<\/li>\n\n\n\n<li>Fill out the application form for both the minor and the guardian.<\/li>\n\n\n\n<li>Submit the documents along with the initial deposit.<\/li>\n\n\n\n<li>Choose the debit card option and set up the nomination.<\/li>\n\n\n\n<li>Receive login details via the registered contact information.<\/li>\n<\/ol>\n\n\n\n<p>All these ways of <a href=\"https:\/\/fly.finance\/blog\/student-account\/zero-balance-minor-account-opening-online\/\"><strong>opening zero balance accounts online for minors<\/strong><\/a> in IDFC First Bank make it a hassle-free process.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-services-for-idfc-first-bank-minor-account\"><span id=\"services-for-idfc-first-bank-minor-account\">Services for IDFC First Bank Minor Account<\/span><\/h2>\n\n\n\n<p>The IDFC First Bank Minor Account offers a range of benefits and services to help manage your child\u2019s 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.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Debit Card:<\/strong> The child receives a lifetime free VISA debit card that can be used for ATM withdrawals, online shopping, and payments.<\/li>\n\n\n\n<li><strong>Online Banking:<\/strong> Manage the account through mobile and internet banking for 24\/7 access.<\/li>\n\n\n\n<li><strong>ATM Withdrawals:<\/strong> Enjoy unlimited free ATM withdrawals from IDFC First Bank and other ATMs in India.<\/li>\n\n\n\n<li><strong>Cheque Book:<\/strong> IDFC First Bank minor account also gives free personalized chequebooks to make payments more convenient.<\/li>\n\n\n\n<li><strong>IMPS\/NEFT Transfers:<\/strong> Quick and secure money transfers between bank accounts.<\/li>\n\n\n\n<li><strong>SMS Alerts:<\/strong> Get real-time alerts on transactions for enhanced security.<\/li>\n\n\n\n<li><strong>High Interest Rates:<\/strong> Earn up to 7% interest based on the balance in the account.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-documents-required-for-idfc-first-bank-minor-account\"><span id=\"documents-required-for-idfc-first-bank-minor-account\">Documents Required for IDFC First Bank Minor Account<\/span><\/h2>\n\n\n\n<p>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\u2019s a list of the essential documents required for opening the IDFC First Bank Minor Account.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Child\u2019s Date of Birth Proof:<\/strong> Birth certificate or passport.<\/li>\n\n\n\n<li><strong>Address Proof of Guardian:<\/strong> Voter ID, Aadhaar, passport, or a utility bill.<\/li>\n\n\n\n<li><strong>Child\u2019s Passport Size Photo:<\/strong> A recent photo of your child.<\/li>\n\n\n\n<li><strong>Signature: <\/strong>The parent or guardian&#8217;s signature is required<\/li>\n\n\n\n<li><strong>Photograph:<\/strong> A photograph of the parent or guardian is required<\/li>\n\n\n\n<li><strong>KYC documents:<\/strong> The parent or guardian&#8217;s KYC documents are required to create their customer ID<\/li>\n\n\n\n<li><strong>PAN: <\/strong>The parent or guardian&#8217;s PAN is required<\/li>\n<\/ul>\n\n\n\n<p>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.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Check here all the details about the <\/strong><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/forex-card\/idfc-first-bank-forex-card\/\"><strong>IDFC First Bank Forex card<\/strong><\/a><strong>. Read the blog for detailed information on Forex cards.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-transaction-limits-for-idfc-first-bank-minor-account\"><span id=\"transaction-limits-for-idfc-first-bank-minor-account\">Transaction Limits for IDFC First Bank Minor Account<\/span><\/h2>\n\n\n\n<p>IDFC First Bank Minor Account comes with certain transaction limits to ensure the security and safety of your child&#8217;s finances. These limits are designed to manage daily activities while providing a controlled environment for financial transactions. Let&#8217;s explore the key transaction limits for this account.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>ATM Withdrawal Limit:<\/strong> INR 10,000 per day.<\/li>\n\n\n\n<li><strong>Debit Card Payment Limit:<\/strong> INR 10,000 per transaction.<\/li>\n\n\n\n<li><strong>Fund Transfer Limit:<\/strong> INR 50,000 per day via net banking or mobile apps.<\/li>\n<\/ul>\n\n\n\n<p>The IDFC First Bank Minor Account is a fantastic way for parents to start saving for their child\u2019s future. With its high interest rates, zero fees on transactions, and easy account management options, it\u2019s an excellent choice for securing your child\u2019s financial future. Whether you open the account online or offline, you\u2019ll be giving your child a solid foundation for their financial growth.<\/p>\n\n\n\n<p>To learn more about the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>bank accounts for students<\/strong><\/a>, <a href=\"https:\/\/fly.finance\/loans\"><strong>education loans<\/strong><\/a>, <a href=\"https:\/\/fly.finance\/forex\"><strong>forex,<\/strong><\/a> banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs-on-idfc-first-bank-minor-account\"><span id=\"faqs-on-idfc-first-bank-minor-account\">FAQS on IDFC First Bank Minor Account<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1736573609331\"><strong class=\"schema-faq-question\">What is the IDFC First Bank Minor Account?<\/strong> <p class=\"schema-faq-answer\">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&#8217;s finances until they turn 18.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573610284\"><strong class=\"schema-faq-question\">Who can open an IDFC First Bank Minor Account?<\/strong> <p class=\"schema-faq-answer\">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.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573610813\"><strong class=\"schema-faq-question\">What is the minimum balance requirement for the IDFC First Bank Minor Account?<\/strong> <p class=\"schema-faq-answer\">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.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573611442\"><strong class=\"schema-faq-question\">What is the interest rate on the IDFC First Bank Minor Account?<\/strong> <p class=\"schema-faq-answer\">The IDFC First Bank Minor Account offers an interest rate of up to 7.25%, helping your child&#8217;s savings grow faster.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573612000\"><strong class=\"schema-faq-question\">Does the IDFC First Bank Minor Account have any transaction fees?<\/strong> <p class=\"schema-faq-answer\">No, there are no transaction fees for services like ATM withdrawals, fund transfers, or receiving SMS alerts, making it cost-effective for parents.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573668073\"><strong class=\"schema-faq-question\">Does the minor get a debit card?<\/strong> <p class=\"schema-faq-answer\">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.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573668501\"><strong class=\"schema-faq-question\">Can parents set transaction limits on the minor\u2019s debit card?<\/strong> <p class=\"schema-faq-answer\">Parents can set daily and transaction-specific limits to ensure safe and secure usage of the debit card.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573668885\"><strong class=\"schema-faq-question\">How can I open an IDFC First Bank Minor Account?<\/strong> <p class=\"schema-faq-answer\">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.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573669373\"><strong class=\"schema-faq-question\">What documents are required to open the IDFC First Bank Minor Account?<\/strong> <p class=\"schema-faq-answer\">Primarily, you will need the parent\u2019s\/guardian\u2019s ID proof, the child\u2019s birth proof, the guardian\u2019s address proof, and a passport-size photo of the child. The bank representative will provide any additional documents or requirements.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573669747\"><strong class=\"schema-faq-question\">What are the transaction limits for the IDFC First Bank Minor Account?<\/strong> <p class=\"schema-faq-answer\">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.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573741632\"><strong class=\"schema-faq-question\">How can I manage the IDFC First Bank Minor Account online?<\/strong> <p class=\"schema-faq-answer\">You can manage the account through mobile and internet banking, allowing for 24\/7 access to account balances, transactions, and fund transfers.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573750592\"><strong class=\"schema-faq-question\">Are there any charges for using the IDFC First Bank Minor Account?<\/strong> <p class=\"schema-faq-answer\">No, the IDFC First Bank Minor Account comes with no charges for services like ATM withdrawals, fund transfers, or using a debit card.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573750989\"><strong class=\"schema-faq-question\">What happens to the IDFC First Bank Minor Account when the child turns 18?<\/strong> <p class=\"schema-faq-answer\">Once the child turns 18, the account becomes an adult savings account, and the child gains full control over the account.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573751414\"><strong class=\"schema-faq-question\">Can the minor access the funds in their account directly?<\/strong> <p class=\"schema-faq-answer\">No, the parent or guardian manages the funds until the child turns 18, at which point they can take control of the account.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736573751954\"><strong class=\"schema-faq-question\">Is the IDFC First Bank Minor Account secure?<\/strong> <p class=\"schema-faq-answer\">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.<\/p> <\/div> <\/div>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background has-fixed-layout\"><tbody><tr><td colspan=\"2\"><strong>Additional Reads<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/idfc-first-bank-emi-payment-for-education-loans\/\"><strong>IDFC First Bank EMI Payment for Education Loans<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/idfc-first-bank-education-loan-disbursement\/\"><strong>IDFC First Bank Education Loan Disbursement<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/idfc-first-bank-loan-transfer\/\"><strong>IDFC First Bank Loan Transfer<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/idfc-credit-card-for-students\/\"><strong>IDFC Credit Card for Students to Study Abroad<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/indusind-bank-education-loan-processing-time\/\"><strong>IndusInd Bank Education Loan Processing Time<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/indusind-bank-personal-loan-for-education\/\"><strong>IndusInd Bank Personal Loan for Education<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/indusind-bank-education-loan-disbursement-process\/\"><strong>IndusInd Bank Education Loan Disbursement Process<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/sbi-student-account-opening-online-without-pan-card\/\"><strong>SBI Student Account Opening Online Without PAN Card<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/indusind-bank-forex-card\/\"><strong>IndusInd Bank Forex Card<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/indusind-bank-education-loan\/\"><strong>IndusInd Bank Education Loan<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Follow Us on Social Media<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-social-links is-layout-flex wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-instagram  wp-block-social-link\"><a href=\"https:\/\/instagram.com\/flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path 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IDFC First Bank offers a specialised account tailored for kids, helping parents save for their child&#8217;s long-term goals, be it higher education, a wedding, or simply building a financial safety net. This blog covers all &#8230; <a title=\"IDFC First Bank Minor Account: Types, Eligibility, Documents, Process\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/\" aria-label=\"Read more about IDFC First Bank Minor Account: Types, Eligibility, Documents, Process\">Read more<\/a><\/p>\n","protected":false},"author":34,"featured_media":16899,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[],"class_list":["post-16898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-student-account"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IDFC First Bank Minor Account: Types, Eligibility, Documents, Process<\/title>\n<meta name=\"description\" content=\"Learn about the features and benefits of IDFC First Bank Minor Account. 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I have had the privilege of collaborating with various esteemed organizations, consistently contributing to the advancement of learning. I am committed to continuously enhancing my knowledge and sharing insights on topics within my areas of expertise.","url":"https:\/\/fly.finance\/blog\/author\/kapil\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573609331","position":1,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573609331","name":"What is the IDFC First Bank Minor Account?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"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.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573610284","position":2,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573610284","name":"Who can open an IDFC First Bank Minor Account?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"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.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573610813","position":3,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573610813","name":"What is the minimum balance requirement for the IDFC First Bank Minor Account?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"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.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573611442","position":4,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573611442","name":"What is the interest rate on the IDFC First Bank Minor Account?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The IDFC First Bank Minor Account offers an interest rate of up to 7.25%, helping your child's savings grow faster.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573612000","position":5,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573612000","name":"Does the IDFC First Bank Minor Account have any transaction fees?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"No, there are no transaction fees for services like ATM withdrawals, fund transfers, or receiving SMS alerts, making it cost-effective for parents.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573668073","position":6,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573668073","name":"Does the minor get a debit card?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"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.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573668501","position":7,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573668501","name":"Can parents set transaction limits on the minor\u2019s debit card?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Parents can set daily and transaction-specific limits to ensure safe and secure usage of the debit card.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573668885","position":8,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573668885","name":"How can I open an IDFC First Bank Minor Account?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"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.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573669373","position":9,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573669373","name":"What documents are required to open the IDFC First Bank Minor Account?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Primarily, you will need the parent\u2019s\/guardian\u2019s ID proof, the child\u2019s birth proof, the guardian\u2019s address proof, and a passport-size photo of the child. The bank representative will provide any additional documents or requirements.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573669747","position":10,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573669747","name":"What are the transaction limits for the IDFC First Bank Minor Account?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"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.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573741632","position":11,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573741632","name":"How can I manage the IDFC First Bank Minor Account online?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"You can manage the account through mobile and internet banking, allowing for 24\/7 access to account balances, transactions, and fund transfers.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573750592","position":12,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573750592","name":"Are there any charges for using the IDFC First Bank Minor Account?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"No, the IDFC First Bank Minor Account comes with no charges for services like ATM withdrawals, fund transfers, or using a debit card.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573750989","position":13,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573750989","name":"What happens to the IDFC First Bank Minor Account when the child turns 18?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Once the child turns 18, the account becomes an adult savings account, and the child gains full control over the account.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573751414","position":14,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573751414","name":"Can the minor access the funds in their account directly?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"No, the parent or guardian manages the funds until the child turns 18, at which point they can take control of the account.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573751954","position":15,"url":"https:\/\/fly.finance\/blog\/student-account\/idfc-first-bank-minor-account-types-eligibility-documents-process\/#faq-question-1736573751954","name":"Is the IDFC First Bank Minor Account secure?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"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 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