IDFC First Bank Zero Balance Savings Account

Last Updated : March 27, 2025, 3:45 p.m.

IDFC First Bank is a private-sector bank in India, formed by the merger of IDFC Bank (a banking arm of the Infrastructure Development Finance Company) and Capital First (a non-banking financial company) in December 2018. Headquartered in Mumbai, Maharashtra, it aims to deliver customer-centric banking services with a strong focus on digital innovation, high interest rates, and zero-fee banking.

In this blog, we aim to focus on the zero balance savings accounts offered by IDFC First Bank and their features and benefits. We will also look at the account opening process and the related documentation for this account. Read on!

Features & Benefits of IDFC First Bank Zero Balance Savings Account

The IDFC First Bank Prathama Savings Account, a zero-balance option, requires no minimum balance and is accessible to resident Indians without another BSBDA elsewhere. It is a top zero balance savings account accessible to the public at large.

Prathama Savings Account

• This account comes with a free RuPay Classic Debit Card, offering daily ATM withdrawals of up to ₹25,000 and POS transactions of up to ₹1,00,000.
• You also get free digital banking services, including mobile and internet banking, and personal accident insurance cover of ₹2,00,000.
• Interest rates are competitive, ranging from 3.00% to 7.25% p.a. depending on your balance, calculated on progressive slabs.
• IDFC First Bank savings account mini statement number.

Eligibility For an IDFC First Zero-Balance Savings Account

• You’re likely eligible if you’re a resident Indian and don’t hold another BSBDA with any bank.
• Opening can be done online through Video KYC with Aadhaar and PAN or offline by visiting a branch with full KYC documents.
• There are no charges for basic services, enhancing its appeal.

Documents Required for an IDFC First Bank Zero-Balance Savings Account

For opening the Prathama Savings Account:

• Proof of Identity: Aadhaar card, PAN card, passport, voter ID, or driving license.
• Proof of Address: Aadhaar card, utility bill (not older than 3 months), passport, or ration card.
• Photograph: Two recent passport-sized photographs.
• These align with standard KYC norms, as per Paisabazaar’s documentation list, ensuring compliance with RBI regulations.

How to open an IDFC First Bank Zero Balance Savings Account?

The account can be opened through two primary methods:

• Offline (Branch Visit):
  • Visit an IDFC First Bank branch, available across India with over 1,000 branches.
  • Fill out the account opening form, submit KYC documents (Aadhaar, PAN, address proof, photograph), and no initial deposit is needed.
  • Account activation typically takes 1–2 days, with a debit card issued shortly after.
• Online (Video KYC):
  • Access the bank’s website Savings Account and select the online opening option.
  • Enter Aadhaar number, verify with OTP, provide PAN, and complete a video call (available Monday–Saturday, 10 AM–6 PM IST) to show documents and sign on camera.
  • Account number is issued instantly or within hours, suitable for tech-savvy customers.
  • Note: While the bank allows online opening for savings accounts, it’s advisable to confirm if BSBDA specifically supports this, as some resources suggest branch visits for BSBDA, but recent trends lean toward digital inclusion.

Maximum Limit for IDFC First Bank Zero Balance Savings Account

No Maximum Limit:

• Unlike some other savings accounts or BSBDA accounts, there's no cap on the amount you can hold in this account.

UPI Transaction Limit of IDFC First Bank Zero Balance Savings Account

• Per-day limit: Rs. 1,00,000 for person-to-non-verified merchant and person-to-person transactions.
• Person to verified merchant: Rs. 2,00,000.
• Per-transaction limit: Rs. 1,00,000 for person-to-person transactions.

What is the Withdrawal Limit Per Day for IDFC First Zero Balance Savings Account?

• Daily ATM Withdrawal Limit: You can withdraw up to ₹2 lakhs from ATMs daily.
• Daily POS Limit: You can make purchases up to ₹6 lakhs through POS terminals (for offline and online transactions).
• Unlimited Free ATM Transactions: You can make unlimited free ATM transactions at any bank's ATM in India.