IDFC First Bank Savings Account Minimum Balance, Interest Rate, Benefits, Charges

Open a savings account with IDFC First Bank and enjoy premium banking benefits. IDFC First Bank also offers A zero-balance savings account. Let’s Check out IDFC First Bank Savings Account Interest Rate, Minimum Balance, Types, features, benefits, charges, limits, Debit Cards, and More.

IDFC Bank Savings Account

IDFC First Bank is an Indian private-sector bank that operates in the Finance, institutional broking, investment banking, and asset management sectors. Infrastructure Development Finance Company (IDFC) First Bank has 809 Branches and 925 ATMs. IDFC First Bank is India’s seventh-largest private sector bank by market capitalization and provides hassle-free banking services.

IDFC First Bank has become a well-known name in the private banking sector. IDFC First Bank Provides Services like Corporate banking, Retail banking, Private banking, Wholesale banking, Savings Accounts, Current Accounts, Fixed Deposits, Recurring Deposit, Personal Loan, Home Loan, Two Wheeler Loan, Education Loan, New Car Loan, Credit Cards, Investment & Asset Management, Mutual funds, and Insurance.

IDFC First Bank offers 9 to 10 types of savings accounts to its customers. Also, IDFC First Bank’s savings account interest rate starts from 3.00% and goes up to 7.00%. This interest rate is higher than the State Bank of India. SBI provides a 2.70% to 3.00% interest rate.

IDFC First Bank also provides a zero-balance savings account like Future FIRST Savings Account, in that you don’t need to maintain a minimum monthly average balance. As of February 2024, IDFC First Bank’s total market capitalization is $7.00 Billion, and the seventh-largest private sector bank.

So let us know IDFC First Bank’s zero balance account opening process, Digital Savings Account Types, Interest Rate, Minimum Balance, features, charges, benefits, limits, Debit Card, and account closure process.

IDFC First Bank Savings Account interest rate

Let us know what interest rate the IDFC First Bank gives you for a Savings Account. IDFC First Bank gives you interest ranging from 3.00% to 7.00% annually, this interest rate is based on the amount you deposited. IDFC First Bank provides interest monthly. For more details, you can refer to the table given below.

Balance	Rate of Interest (2024)
Deposits Less Than Rs.1 lakh	3.00% p.a
Deposits between Rs. 1 lakh to Rs. 5 lakh	4.00% p.a
Deposits between Rs. 5 lakh to Rs. 50 crore	7.00% p.a
Deposits between Rs. 50 crore to Rs. 100 crore	5.00% p.a
Deposits between Rs. 100 crore to Rs. 200 crore	4.50% p.a
Deposits Rs.200 crore and above	3.50% p.a

* These charges may differ with time.

IDFC First Bank Savings Account minimum balance

IDFC First Bank has many types of Savings Accounts and they all have different Minimum Monthly Average balances. But generally, The minimum balance amount ranges from as low as Rs.5000 to Rs.25,000 depending on account type. But there is a zero-balance Future FIRST Savings Account in which you don’t need to maintain a Monthly average balance.

Read More: ICICI Bank Savings Account Opening, Interest Rate, Minimum Balance, types, Charges

IDFC First Bank Savings Account types

IDFC First Bank Savings Account is very beneficial for businesspeople, salaried class, professionals, self-employed people, business executives, housewives, defence people, senior citizens, students, and minors over the age of 10.

IDFC First Bank offers 9 to 10 types of savings accounts like Regular Savings Accounts, IDFC First Power, Future FIRST Savings Accounts, IDFC FIRST Corporate Salary Accounts, Minor Savings Accounts, Shakthi Savings Accounts, Senior Citizens Savings Accounts, IDFC FIRST Salary Booster Accounts, Vishesh Savings Account, Pratham Savings Account (BSBDA) for customers.

Let’s get more details on IDFC First Bank’s savings account Features, Monthly Average Balance, Interest Rate, Eligibility Criteria, and other requirements.

1. IDFC First Regular Savings Accounts

With IDFC First Regular Savings Accounts grow your savings rapidly with 7% interest per annum. you can open this savings account online. you can unlock greater rewards, grow your money, and smart investing solutions with This savings account. Also gets features like a Visa Platinum Debit Card & Visa Classic Debit Card, mobile banking, low maintenance fees, and many more benefits.

Features: Internet Banking, Mobile Banking, Free IMPS, NEFT, and RTGS, SMS alerts, issuance of a debit card, demand draft, Monthly Interest Credit, Free & unlimited ATM withdrawals, ₹35 lakhs free personal accident insurance cover, ₹1 Cr free air accident insurance cover, Enjoy 24×7 customer support.

Eligibility: Citizen of India, Hindu undivided family (HUF), The applicant should be 18 years or older, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.

Initial Account Opening Funding: Rs. 10,000.

Monthly Average Balance: Rs. 25,000.

Debit Card: Visa Platinum Debit Card & Visa Classic Debit Card (Issuance Fee: ₹0)

Interest Rate: 3.00% to 7.00% Per Annum.

Limits: ₹2 lakhs daily ATM withdrawal limit and ₹6 lakhs Purchase limit.

2. IDFC First Power Savings Account

IDFC Bank’s First Power Savings Account is specially designed for women to take care of their financial well-being and give superior benefits. This power-packed savings account comes with Internet Banking, Free UPI, NEFT & RTGS transactions, a plethora of add-on benefits, Complimentary Health Benefits for 1 year, and Debit Card facilities.

Features: Internet Banking, Mobile Banking, Monthly Interest Credit, Free UPI, NEFT & RTGS transactions, Cheque book issuance, SMS alerts, ₹6 lakhs Purchase limit & ₹2 lakhs daily ATM withdrawal limit, Unlimited free ATM transactions at any bank, Air accident cover up to ₹1 Cr and free personal accident insurance of ₹35 lakhs, exclusive offers on lifestyle, dining, shopping, travel and more.

Eligibility: Citizen of India, The applicant should be 18 years or above, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.

Initial Account Opening Funding: ₹10,000.

Monthly Average Balance: Rs. 10,000 to Rs. 25,000.

Debit Card: VISA Signature Debit Card & VISA Classic Debit Card (Issuance Fee: ₹0).

Interest Rate: 3.00% to 7.00% Per Annum.

Limits: Daily ATM cash withdrawal limit of ₹1 lakh and higher purchase limit of ₹4 lakhs If Monthly Average Balance of Rs. 10,000. Daily ATM cash withdrawal limit of ₹2 lakh and higher purchase limit of ₹6 lakhs If Monthly Average Balance of Rs. 25,000.

3. Future FIRST Savings Account

IDFC Bank Future FIRST Savings Account comes with more exclusive benefits for students. This is a zero-balance savings account and no need to maintain a minimum balance. This savings account comes with Internet Banking, Mobile Banking, Monthly Interest Credit, Visa Signature Debit Card, free fund transfers, and free general banking services.

Features: Internet Banking, Mobile Banking, free fund transfers, free general banking services, Personal accident cover is 35 Lakhs, air accident insurance is 1 crore, Airport lounge access, Free and unlimited ATM transactions.

Eligibility: Citizen of India, Hindu Undivided Families (HUFs), Graduate and postgraduate students, The applicant should be 18 years or above and foreign Nationals Residing in India.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Nil.

Debit Card: Visa Signature Debit Card (Issuance Fee: ₹0)

Interest Rate: 3.00% to 7.00% Per Annum.

4. IDFC FIRST Corporate Salary Account

IDFC First Bank’s Corporate Salary Account is an Employee Reimbursement Account. With this account, you can maximize your income and enjoy a variety of benefits. This account comes with a high-interest rate, free general banking services, and no charges for fund transfers. The best part is this account is This savings account can be opened online and is a Zero Balance Account with unlimited ATM access.

Features: Free UPI, RTGS, NEFT Transaction, Net Banking and Mobile Banking, Internet Banking, personal accident death cover of Rs. 35 lakhs, air accidents of up to ₹1 Crore.

Eligibility: Citizen of India, Hindu Undivided Families (HUFs), The applicant should be 18 years or above, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.

Initial Account Opening Funding: Rs. 10,000.

Monthly Average Balance: Rs. 5,000 to Rs. 25,000.

Debit Card: VISA Platinum Debit Card, VISA Classic Debit Card, and Rupay Platinum Debit Card.

Interest Rate: 3.00% to 7.00% Per Annum.

Limits: Monthly Average Balance of Rs. 10,000: Daily ATM cash withdrawal limit of ₹1 lakh and higher purchase limit of ₹4 lakhs.

Monthly Average Balance of Rs. 25,000: Daily ATM cash withdrawal limit of ₹2 lakh and higher purchase limit of ₹6 lakhs.

5. Minor Savings Account

IDFC First Bank’s Minor Savings Account is specially designed for minors in the age range of above 10 and below 18 years of age. The parent should be Planning for the future of their child.

You can get features like Visa Platinum Debit Card and Unlimited, Free Personal Accident Insurance Cover of Rs. 35 lakhs, Air Accident Insurance Cover of Rs. 1 crore, and free ATM transactions at any bank.

Features: Internet Banking, Visa Platinum Debit Card, Free Personal Accident Insurance Cover of Rs. 35 lakhs, Air Accident Insurance Cover of Rs. 1 crore.

Eligibility: Citizen of India, Hindu Undivided Families (HUFs), The applicant should be above 10 years and below 18 years of age, Foreign Nationals Residing in India, and KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Rs. 10,000 to Rs. 25,000.

Debit Card: Visa Platinum Debit Card.

Interest Rate: 3.00% to 7.00% Per Annum.

Limits: Daily Total Debit Limit – Rs. 40,000, Daily purchase limit of ₹10,000, and daily ATM withdrawal limit of ₹10,000.

Read More: Bank of Baroda (BOB) Savings Account Opening, Interest Rate, Minimum Balance, Charges

6. Pratham Savings Account (BSBDA)

IDFC First Bank Pratham Savings Account (BSBDA) is a zero-balance savings account and gets up to 7% interest rate. Pratham Savings Account is a Basic Saving Bank Deposit Account. To open this account user should not have an existing savings account with IDFC FIRST Bank.

This Savings Account also provides Free UPI, NEFT & RTGS transactions, Rupay Classic Debit Card, Unlimited ATM Transactions, Interest rates of up to 7%, Free cash withdrawals, and many such benefits.

Features: Free Internet Banking, Higher interest rates, Rupay Classic Debit Card, Unlimited ATM Transactions, Free UPI, NEFT & RTGS transactions, Free personal accidental insurance cover of ₹2 lakhs.

Eligibility: Citizen of India, Women only, The applicant should be 18 years or above, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Nil.

Debit Card: Free Rupay Classic Debit Card (Issuance Fee: ₹0)

Interest Rate: 3.00% to 7.00% Per Annum.

Limits: Daily ATM Withdrawal limit of ₹25,000/-, Daily POS limit of ₹1,00,000/-.

7. Senior Citizens Savings Account

Manage your financial needs anytime with the IDFC First Bank Senior Citizens Savings Account with an Interest Rate of 3.00% to 7.00% Per Annum. You can open this account online and your age should be above 60 years. This account provides Free UPI, NEFT & RTGS transactions, free doorstep banking, preferential rates on fixed, and recurring deposits, priority service, and life insurance.

Features: Internet Banking, Mobile Banking, Free UPI, NEFT & RTGS transactions, free doorstep banking, a Higher Cash Deposit limit, Free Personal Accident Insurance Cover of Rs. 35 lakhs, Air Accident Insurance Cover of Rs. 1 crore.

Eligibility: Citizens of India, Senior Citizens, Hindu undivided family (HUF), The applicant should be 60 years or above, KYC documents Like an Aadhaar Card, PAN Card, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Rs. 10,000 to Rs. 25,000.

Debit Card: Visa Platinum Debit Card and Visa Classic Debit Card.

Interest Rate: 3.00% to 7.00% Per Annum.

Limits: Daily ATM cash withdrawal limit of ₹2 lakh and higher purchase limit of ₹6 lakhs If Monthly Average Balance of Rs. 25,000, Daily ATM cash withdrawal limit of ₹1 lakh and higher purchase limit of ₹4 lakhs If Monthly Average Balance of Rs. 10,000.

8. IDFC FIRST Salary Booster Account

IDFC Bank FIRST Salary Booster Account is specially designed for employees. simply straightening out everyday cash flow issues with this account. No documentation, no collateral, and no guarantee is required for opening this account.

You can easily apply for a Salary Booster through your mobile. Your Corporate Salary must be a minimum of Rs.20,000. This Savings Account also provides Free UPI, NEFT & RTGS transactions, and a Pre-approved Overdraft facility.

Features: Internet Banking, a Pre-approved Overdraft facility, Pay only for the amount utilized.

Eligibility: Citizen of India, The applicant should be 18 years or above, KYC documents Like an Aadhaar Card, PAN Card, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Corporate Salary must be a minimum of Rs.20,000.

Debit Card: Visa Platinum Debit Card.

Interest Rate: 3.00% to 7.00% Per Annum.

9. Vishesh Savings Account

IDFC First Bank Vishesh Savings Account gives you access to a strong and secure banking experience. This account comes with the best offers, higher interest rates, Free UPI, NEFT & RTGS transactions, Personal Accidental Insurance Cover of ₹2 lakhs, and debit card facilities.

Features: Internet Banking, Personal Accidental Insurance Cover of ₹2 lakhs, Free UPI, NEFT & RTGS transactions, Platinum Rupay Debit Card, Monthly Interest Credit, Mobile Banking, WhatsApp Banking, Monthly Account statements.

Eligibility: Citizen of India, The applicant should be 18 years or above, KYC documents Like an Aadhaar Card, PAN Card, and address proofs.

Initial Account Opening Funding: Rs. 5,000.

Monthly Average Balance: Rs. 5,000.

Debit Card: Platinum Rupay Debit Card (Issuance Fee: ₹0)

Interest Rate: 3.00% to 7.00% Per Annum.

Limits: Daily ATM withdrawal limit of ₹50,000 and POS limit of ₹1 lakh.

IDFC First Bank Savings Account zero balance

Future FIRST Savings Account is a zero-balance account and you don’t need to maintain a Monthly Average Balance. Get a 3.00% to 7.00% Interest Rate Per Annum with monthly pay, Internet Banking, email statements, and more. For more details check out account types.

Read More: Kotak Mahindra Bank Savings Account Minimum Balance, Interest Rate, Charges, zero-balance

IDFC First Bank Savings Account Opening Process

You can open a savings account in the IDFC First Bank via offline or online mode. You can go to the nearest IDFC First Bank branch or just request to open a Savings Account or go to a web portal or App to open your savings account.

Open an IDFC First Bank savings account online:

1. Visit the IDFC First Bank web portal.
2. Go to “Accounts” and choose “Savings Account”.
3. Agree to all the terms and conditions, Enter your basic details like email, phone number, PAN card, and Aadhaar Card details.
4. Check your details and Verify OTP.
5. After Verification, your account will be opened.
6. You will get a Welcome Kit through the post.

IDFC First Bank Savings Account Opening Offline:

1. Just Visit the nearest branch of the IDFC First Bank.
2. Fill out the application form to open a savings account.
3. Provide your documents Aadhaar card, PAN card, and address documents with the application form.
4. Deposit the minimum amount, if required.
5. Once your documents are verified, your account will be activated.

Read More: HDFC Savings Account Charges, Interest Rate, Minimum Balance, types

IDFC First Bank Savings Account charges

IDFC First Bank is operating in the private sector. For any bank To maintain their services they need to cut healthy charges from customers. Please read the Pricing & Charge documents carefully before opening an account in a bank.

Charges	Prices
Non Maintenance Charges of AMB	1. >= 20000 to < 25000 – ₹50/- 2. >= 15000 to < 20000 – ₹100/- 3. >= 10000 to < 15000 – ₹150/- 4. >= 5000 to < 10000 – ₹200/- 5. < 5000 – ₹400/-
Re-issue of Cheque Book	Rs. 50 per cheque book
Replacement of Debit Card	Rs. 100
Annual Debit Card fees	Rs. 100
Account Closure charges	Free

* These charges may be different with time.

Document Required for Open Saving Account in IDFC First Bank

If you are a citizen of India, a Hindu undivided family (HUF), or Foreign Nationals Residing in India, 18 years or above, and Minors above 10 years are also eligible, then you can open a savings account in IDFC First Bank. But for this, you need KYC documents and address proof for account opening.

But if you want to Open a Digital Account like a Future FIRST Savings Account, then you only need to PAN Card and an Aadhaar card with a registered mobile number, That’s it.

Required Document for Open Saving Account:

• Latest passport-size photographs
• Identity Proof – Aadhaar Card, Driving License, Passport
• Address Proof – Passport, Driving License, Voter’s ID, Utility Bill, Bank Statement, Bank Account Passbook
• 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.

IDFC First Bank Savings Account features

IDFC First Bank has some unique features for Savings Accounts that can increase a seamless and hassle-free banking experience.

• IDFC First Bank provides A secure and complete banking solution.
• Free Net Banking and Mobile Banking.
• Monthly interest credit on savings.
• Attractive interest rate.
• Enjoy 24×7 customer support.
• Complimentary domestic airport lounge access.
• Widest ATM networks across the country.
• Free personal accidental insurance.
• Men, Women, senior citizens, and children can own accounts.
• Enjoy seamless banking transactions anywhere in the world.
• The daily ATM withdrawal limit is Rs. 2,00,000.
• The daily POS limit is Rs. 6,00,000.

Read More: Axis Bank Savings Account types, Interest Rate, Minimum Balance & More

IDFC First Bank Savings Account statement

IDFC First Bank’s new and existing users can easily download e-statements online, It is time to save papers and move on to E-Statement.

Bank’s Web Portal:

1. Just log in to IDFC First Bank’s net banking portal.
2. Navigate to the ‘Accounts’ Tab and click on the ‘Download Account Statement’ option.
3. Choose the date range for the Statement.
4. Choose the .pdf file format and ‘Download’.
5. You will get the IDFC Bank savings account statement at your registered email ID.

On Mobile App:

1. Log in to the IDFC FIRST Bank Mobile Banking app.
2. Navigate to the ‘Accounts’ Tab and click on the ‘Download Statement’ option.
3. Choose the time period for the Statement.
4. Choose the .pdf file format and ‘Download’.
5. You will get the statement at your registered email ID.

Also, You can visit your nearest IDFC First Bank branch and ask for a statement as per your preference.

IDFC First Bank Savings Account closure form

Yes, you can close an IDFC First Bank account offline, Online Savings Account closure service is not available. For account closure, You must fill in the necessary details on the account closing form. Submit this form to your nearest branch along with the  Passbook, Debit Card, and any remaining cheques to finalize the process.

If you close your IDFC First Bank Account you don’t need to pay the Account closure charges, whereas other banks Savings Account closure charge between Rs. 200 to Rs. 1000.

Here are the Savings Account Closure Charges:

1. Within 14 days – No Charge.
2. 14 days to 1 year – No Charge.
3. Beyond 1 year – No Charge.

Read More: Canara Bank Savings Account Opening, Interest Rate, Minimum Balance, Limits, Charges

Services Provide By IDFC First Bank

Services like Corporate banking, Retail banking, Wholesale banking, Savings Accounts, Current Accounts, Personal Loan, Home Loan, Two Wheeler Loan, Education Loan, New Car Loan, Fixed Deposits, Recurring Deposit, Credit Cards, Investment & Asset Management, Mutual funds, and Insurance Provided by IDFC First Bank.

For More Information: IDFC First Bank

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