IDFC FIRST Bank Savings Account for Minors

Updated: 31-07-2026 13:25:56 PM

IDFC FIRST Bank offers two types of savings bank accounts for minors, Minor’s Savings Account and FIRST Prodigy Savings Account. Depending on the minor account type, the account can either be operated by a parent/legal guardian or by the minor himself/herself. The facilities offered on these accounts are similar to those of a regular savings account. Additional benefits that come with these accounts include free insurance covers and monthly interest credits.

Types of Minor Savings Account by IDFC FIRST Bank

There are two types of minor savings accounts offered by IDFC FIRST Bank:

Minor’s Savings Account

• This account is for all minors below 18 years of age.
• To open this account, the parent/guardian should have a savings account with the bank.
• Interest Rate: Up to 6.50% p.a.
• Interest Payout: Monthly; the interest is calculated daily based on the end-of-day balance and is credited directly to the account every month.
• Amount required to open the account: Depends on the debit card variant you choose.
• Average Monthly Balance (AMB): Not required
• Sweep in facility: Available

At the time of opening the minor’s savings account, there are two distinct VISA debit card options offered, each providing specialised benefits and insurance coverage:

1. Minor’s Savings Account with VISA Platinum Debit Card

• This card is available to customers who open the account by making an initial deposit of Rs. 25,000 through a cheque or by setting up a standing instruction of Rs. 2,000 per month for 24 months.
• It offers complimentary domestic airport lounge access (once every quarter).
• It also offers various free insurance benefits:
  • Free child education cover of Rs. 5 lakh to secure the minor’s academic future.
  • Free personal accidental insurance cover of up to Rs. 30 lakh.
  • Air accident insurance cover of Rs. 1 crore.

2. Minor’s Savings Account with VISA Classic Debit Card

• This card is available to customers who open the account by making an initial deposit of Rs. 10,000 through a cheque or by setting up a standing instruction of Rs. 1,000 per month for 24 months.
• Daily ATM cash withdrawal and purchase limit is capped at Rs. 10,000 in this card.
• This card also offers insurance benefits:
  • Free personal accident insurance cover of Rs. 5 lakhs
  • Air accident insurance cover of Rs. 30 lakhs
  • Lost card liability protection of up to Rs. 4 lakhs against fraudulent usage.
  • Purchase protection of up to Rs. 50,000.

FIRST Prodigy Savings Account 

• This account can be operated by minors in the age range of above 10 years to 18 years.
• Minimum Monthly Balance: Rs. 10,000
• Interest Rate: Up to 6.5% p.a.
• Interest Payout: Monthly; the interest is calculated on a daily basis based on the end-of-day balance and is credited directly to the account every month.

IDFC FIRST Bank VISA Platinum Debit Card

The account also comes with a VISA Platinum Debit Card offering these benefits:

• The daily purchase limit and daily ATM withdrawal limit on this card is Rs. 10,000
• Free Personal Accident Insurance Cover of Rs. 35 lakhs 
• Complementary Child Education Cover of Rs. 5 lakhs
• Air Accident Insurance Cover of Rs. 1 crore
• Complimentary domestic airport lounge access once every quarter

Difference between Minor’s Savings Account and FIRST Prodigy Savings Account 

Feature	Minor’s Savings Account	FIRST Prodigy Savings Account
Who operates	Parent/Guardian	Minor
Age	Below 18	Above 10 to below 18
Interest rate	Up to 6.50% p.a.	Up to 6.50% p.a.
Debit Card	Visa Platinum Debit Card VISA Classic Debit Card	VISA Platinum Debit Card
Mobile and Internet Banking	Available	Available
Interest Credit Frequency	Monthly	Monthly
Minimum monthly balance	No Average Monthly Balance required	₹10,000
Minimum amount required to open the account	It depends on the debit card variant you choose. If you choose:   VISA Platinum Debit Card: A cheque of at least ₹25,000 in the guardian’s name or a standing instruction of ₹2,000 per month for 24 months. VISA Classic Debit Card: deposit a minimum of ₹10,000 via cheque under the guardian’s name or opt for a standing instruction of ₹1,000 per month over 24 months.	Customers are free to do the initial funding as per their choice.
Parents/Guardian Account Required	Mandatory	Not mandatory

Documents Required for Opening Savings Account for Minors at IDFC FIRST Bank

List of documents required for opening Minor’s Savings Account:

Documents for Minor

• • Recent passport-size photograph

• Age proof: Birth certificate

• Identity/Address proof: Aadhaar or Passport

Documents for Parent/Guardian

• • Recent passport-size photograph of parents or guardian
  • Application form duly filled and signed by the parent/guardian
• • Identity and Address proof: Aadhaar Card, PAN Card, Voter ID, Passport or Driving License etc.

H3: List of documents required for opening FIRST Prodigy Savings Account:

• Recent passport size photograph
• PAN card or Form 60
• Identity/Address proof: Letter issued by the National Population Register

How to Open a Minor Account at IDFC FIRST Bank?

You can open a minor bank account with IDFC FIRST Bank either online or offline with a simple process. 

Offline Process 

• Step 1:Visit the nearest branch of IDFC FIRST Bank. 
• Step 2: Fill and Submit the account opening form. 
• Step 3: Provide the required documents. 
• Step 4: Complete the verification process. 
• Step 5: Provide the initial funding if required and your account will be opened.

Online Process

IDFC FIRST Bank Minor savings accounts can easily be opened without visiting the bank. To open an account online, follow the steps given below: 

• Step 1: Visit IDFC FIRST Bank’s official website
• Step 2: Click on “Accounts” and then tap on “Savings Account”
• Step 3: Choose savings account type>minor savings account>Open instantly
• Step 4: Provide the details as asked and click on the ‘Send OTP’ Option
• Step 5: After entering the OTP, your form will be submitted.
• Step 6: Within 2 hours, you will receive a call from the bank, and they will assist you with account opening.

Note: The bank may ask for additional documents. 

FAQs

Does IDFC FIRST Bank offer savings accounts for minors?

Yes, IDFC FIRST Bank offers savings accounts specially designed for minors below the age of 18 years. The bank provides two types of minor accounts, one is a Minor’s Savings Account and the other FIRST Prodigy Savings Account.

What is the minimum age for a FIRST Prodigy Savings Account?

Minors must be over the age of 10 to open the FIRST Prodigy Savings Account. 

Do parents need to have an IDFC FIRST Bank account to open a savings account for their child?

If you’re opening a Minor’s Savings Account, it is mandatory for the parent or guardian to hold a savings account with the bank. However, for the FIRST Prodigy Savings Account, a parent or guardian account is not mandatory.

Is it possible to convert minor savings accounts to regular accounts when a child turns 18?

Yes, after the child turns 18, the minor account can be converted to a regular IDFC FIRST Bank Savings Account. For this, the account holder needs to visit the nearest branch with the required documents.

Is there a minimum balance requirement for minor accounts?

The Minor’s Savings Account requires no Average Monthly Balance, whereas the FIRST Prodigy Savings Account carries a ₹10,000 minimum requirement.

How to check the balance of a minor savings account?

You can easily check the balance via internet banking and the mobile banking app.

Is a sweep-in facility available with these accounts? 

Yes, the bank offers an Auto Sweep/Sweep-in facility with Minor’s Savings Accounts. If your child’s account balance goes above ₹15,000, the bank automatically transfers the excess amount (while keeping around ₹10,000 in the savings account) into a 370-day Fixed Deposit in multiples of ₹1,000.