Kids Bank Account - Open Bank Account for Minors

The initial amount depends on the Debit Card variant you opt for. You can select between:

• A minor account with a 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.

• A minor account with a VISA Classic Debit Card: Either 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 two years.

There is no minimum balance requirement, so you do not have to worry about maintaining a fixed amount every month. No matter if you are just getting started or using the account for occasional deposits like allowances or gifts, it remains active without penalties.

It is designed to offer high flexibility while helping your child learn the basics of saving without pressure. They can concentrate on building good financial habits without meeting minimum balance rules.

Being one of the best banks for children’s Savings Accounts, IDFC FIRST Bank imposes no charges for non-maintenance of the average monthly balance. It’s completely free of such conditions.

If you opt for the auto-sweep facility, whenever the balance in the minor’s account exceeds ₹15,000, the excess amount over ₹10,000 will automatically be transferred to a Fixed Deposit in multiples of ₹1,000 for a period of 370 days. This option helps your child earn a higher interest rate on surplus funds without manual intervention.

IDFC FIRST Bank offers interest rates of up to 7.25% per annum on Minor’s Savings Accounts. The interest is calculated daily based on progressive balance slabs, so different portions of the balance may earn different rates. What makes it even more rewarding is that interest is credited every month, not quarterly, like most other banks. This helps the deposited balance grow faster and lets you see returns more frequently. 

Rates may change from time to time, so it is advisable to check the latest rates before applying.

It is a dedicated Savings Account for children under 18 years. It helps them build the habit of saving early and offers key banking features like high interest rates, rewarding Debit Cards, monthly interest payouts, and full online access, all under a guardian’s supervision.

You can open a Savings Account for a child under 18 years of age. From age 10 onwards, the child may be allowed to operate the account independently, depending on the bank’s policy and the parent's or guardian’s consent. It’s a practical way to teach children how banking works, from using a Debit Card to tracking their savings, while still having adult supervision in place. 

A guardian can operate the Minor’s Savings Account until the child turns 18. Your name will be linked to the account, and you will be responsible for all transactions and account-related decisions. While children aged 10 and above may be eligible to use banking services like a Debit Card, full account control legally stays with the guardian until the minor reaches 18 years of age.  

When your child turns 18, the Minor’s Savings Account needs to be converted into a regular Savings Account in their name. At this stage, they must complete a new KYC process with valid ID and address proofs. Once done, they get full control of the account, including access to funds and banking services. This marks their transition from a guardian-managed account to full financial independence.

The Minor’s Savings Account is well-suited for setting aside funds specifically for your child’s education. You can use it to allocate money for school fees, textbooks, online classes, or other academic needs. It also allows you to transfer regular allowances and give your child a fixed amount of money to manage each month. This gives your child a space to save, spend, and learn money habits under your guidance all in just one convenient, accessible place.

IDFC FIRST Bank offers a VISA Debit Card with the Minor’s Savings Account. You can select between the Classic or Platinum variants. 

The Classic card includes a ₹10,000 daily limit, unlimited free ATM withdrawals, ₹5 lakh personal accident cover, ₹30 lakh air accident cover, ₹4 lakh lost card liability, and ₹50,000 purchase protection. 

The Platinum card, offered with a ₹25,000 balance, includes ₹5 lakh child education cover, ₹30 lakh personal accident cover, ₹1 crore air accident cover, and quarterly airport lounge access.  

There are no charges for maintaining a Minor’s Savings Account with IDFC FIRST Bank. The account has zero minimum balance requirement and no penalties for non-maintenance. Basic services like ATM withdrawals and fund transfers are offered at no extra cost. It is designed to give your child a high-quality banking experience without hidden fees.

The Minor’s Savings Account gives you full access to net banking and mobile banking. As a parent or guardian, you can track transactions, check balances, download statements, and even set up standing instructions using the IDFC FIRST Bank app or website. The account also supports real-time fund transfers through NEFT, RTGS, and IMPS. 

Such access enables you to keep track of your child’s savings and spending habits properly while introducing them to the concept of digital banking under your supervision.

There’s no fixed cap on the number of transactions a child can make with a Minor’s Savings Account at IDFC FIRST Bank. They can enjoy unlimited free ATM withdrawals at any bank across the country. They can even make transfers via NEFT, RTGS, IMPS, or UPI without any transaction limits. That said, since it’s a Savings Account, very frequent or high-value transactions may be reviewed as per standard banking regulations.

IDFC FIRST Bank offers up to 7.25% interest per annum on the Minor’s Savings Account. The interest is calculated daily based on the closing balance and credited to the account every month. The rate depends on the balance maintained, with different slabs applying as the amount grows. This means your kid's savings don’t just sit idle but grow steadily every month. It is a great way to teach them the value of saving while benefiting from one of the highest rates in the industry.

The interest earned on a Minor’s Savings Account is taxable. As per Section 64(1A) of the Income Tax Act, this income is included in the parent’s or guardian’s income, and they are obligated to declare it while filing taxes. This is called the “clubbing of money.” To ease the tax impact, Section 10(32) allows a yearly exemption of ₹1,500 per child for up to two minor children.

It is entirely possible to set up standing instructions or auto-debits from a Minor’s Savings Account via the internet or mobile banking portals. These are usually allowed for basic transactions like transferring a fixed amount to another account each month.

With IDFC FIRST Bank, interest on the Minor’s Savings Account gets credited every month. The interest is calculated daily on the closing balance and added to the account once every month. This monthly credit cycle lets the savings grow more steadily compared to quarterly payouts. It also enables your child’s account to benefit from faster compounding and makes even small deposits more effective over time.

Whether both parents can be added as joint account holders for a minor’s account depends on the bank’s internal policy. Most banks only allow a single parent or legal guardian to be included as the authorised signatory for clear control and accountability. Hence, the ideal course of action is to personally approach the bank before you open the account.

As per the guidelines of the Reserve Bank of India (RBI), a minor can operate their Savings Account independently after the age of 10. IDFC FIRST Bank offers children between the ages of 10 and 18 the option to open a self-operated Minor’s Savings Account. For children below 10, the account must be handled by a parent or guardian.

KYC is required for both the minor and the guardian while opening a Minor's Savings Account. As a guardian, you will have to submit your ID and address proofs. For the child, documents proving the date of birth and a recent photo are often needed. This process helps the bank verify both parties and comply with regulatory guidelines. Once the minor turns 18, a fresh KYC in their own name is required to convert the account into a regular Savings Account.

You can easily check your child’s IDFC FIRST Bank Minor’s Savings Account balance using two modes, namely, internet banking and the mobile banking app linked to the parent or guardian’s account. The balance is visible under the linked accounts section. 

Alternatively, you may even consider visiting the nearest IDFC FIRST Bank branch or using the bank’s customer care services to get an update. This allows you to stay informed about the account activity and savings status at all times.

To open an IDFC FIRST Bank Minor's Savings Account, basic details such as the parent or guardian’s IDFC FIRST Bank Savings Account details are required. A passport-sized photo of the minor and proof of the child’s birth date like a birth certificate is also required. These documents ensure the account is opened securely and in compliance with KYC norms.

When the child holding an IDFC FIRST Bank Minor’s Savings Account turns 18, the account must be converted into a regular IDFC FIRST Bank Savings Account. To do so, the account holder needs to visit the nearest branch with valid ID proof, address proof, and a recent passport-sized photo. 

The Bank will update the KYC details based on the individual's documents. Once verified, the account is converted to a standard individual Savings Account with full access.