IDFC First Bank Children’s Savings Accounts

IDFC First Bank offers a dedicated savings bank product for children, simply called the Minor's Savings Account

IDFC First Bank Children’s Savings Accounts

One of the newer banks in the country, IDFC First Bank, offers a dedicated savings bank product for children, simply called the Minor’s Savings Account.

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Minor’s Savings Account

The account is available to all children below 18 years of age provided the parent or guardian has an account with the bank.

Features

  • Children accountholders above 10 years of age can open and operate the account in their own name
  • The bank requires a minimum deposit of Rs. 25,000 at the time of opening the account
  • There is no obligation to keep a minimum balance but there is a mandatory stipulation under which a sum of Rs. 2,000 per month must be transferred for a period of 2 years from the parent’s account to the child’s account
  • A debit card is only provided if it is opted for. Plus, the Minor’s Savings Account comes  with specific limits of Rs. 10,000 each at domestic ATMs and POS sales
  • The account comes with a sweep facility under which when the account balance crosses Rs. 15,000, the balance over and above Rs. 10,000 is transferred into a fixed deposit with a tenure of one year and one day

Reference Facts

  • IDFC First Bank Website: www.idfcbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 419 4332