IDFC Bank Salary Account - Benefits, Interest Rate & How to Open Online

Choosing the right salary account is pivotal for effective financial management. IDFC FIRST Bank's Salary Account is designed to cater to modern banking needs, offering a zero-balance facility and competitive interest rates up to 7% per annum. Beyond the attractive interest, account holders benefit from zero-fee banking services, monthly interest credits, and a suite of exclusive perks. 

These features collectively ensure that your salary not only remains secure but also grows, providing a comprehensive banking experience. ​

IDFC FIRST Bank Salary Account Benefits

These are the IDFC salary account benefits:

No Minimum Balance Requirement

• As long as your salary is credited to the account, you do not need to maintain a minimum balance.

Flexibility with Job Changes

• Keep using your account even after changing jobs. Make sure to notify your new employer.

Competitive Interest Rates

• Earn attractive interest rates on the savings in your salary account.

Free Fund Transfers

• Transfer funds online without any charges.

Unlimited ATM Withdrawals

• Enjoy unlimited cash withdrawals with no extra fees.

Debit Card Perks

• Choose between VISA Platinum or Classic Debit Cards, offering personal accident insurance coverage up to ₹50 lakhs and ₹35 lakhs respectively.

Comprehensive Insurance Coverage

• Benefit from wide-ranging insurance coverage, including air accident cover, personal accident cover, lost card liability, and purchase protection.

Dining Discounts

• Access exclusive dining offers when using your debit card.

Mobile Banking

• Manage your account anytime with the easy-to-use IDFC FIRST Bank mobile app.

Exclusive Memberships

With IDFC salary accounts, you will get exclusive memberships such as–

• TimesPrime membership for 1 year with your first salary credit of ₹25,000 or more. 
• Swiggy One Flagship membership every quarter for spends of ₹5,000 (via UPI/DC) and consistent salary credits for 3 months.
• Amazon Prime membership is renewed quarterly, including three months of regular salary credits and Standing Instructions (MF SIP/EMI/CC Payments).

No Charges for Common Banking Services

• Enjoy no fees on online fund transfers, cash deposits at branches, free debit cards, demand drafts, cheque re-issuance, and SMS alerts.

IDFC FIRST Bank Salary Account Eligibility

To qualify for an IDFC salary account, you must be an Indian citizen or a foreign national residing in India in compliance with Indian government regulations. To open different types of salary accounts, the salary criteria are also critical:

• Platinum Plus Salary Account: Requires a minimum net monthly salary credit of ₹50,000.
• Classic Plus Salary Account: Requires a minimum net monthly salary credit of ₹25,000.
• Documentation: You will need a valid proof of identity and employment, typically an Aadhaar number and PAN card or Form 60.

IDFC FIRST Bank Salary Account Opening Documents Required

To open an IDFC salary account, you will need to submit the following documents:

Proof of Identity

• Aadhaar Card
• PAN Card

Proof of Employment 

• Employee ID Card issued by your employer
• Self-attested Appointment Letter from your employer
• Employment confirmation letter or email from your employer

IDFC FIRST Bank Salary Account Opening Charges

IDFC FIRST Bank Salary Accounts have no initial opening fees or minimum balance requirement, provided your salary is credited consistently. However, salary credits are not available for three consecutive months. In that case, you must maintain an Average Monthly Balance (AMB) according to your account type, or applicable charges may apply.

IDFC FIRST Bank Salary Account Opening Minimum Balance

IDFC FIRST Bank Salary Accounts do not require a minimum balance if you receive your salary regularly. However, suppose there are no salary credits for over three consecutive months. In that case, you must maintain an Average Monthly Balance (AMB) based on your account type, or applicable charges may apply. 

IDFC FIRST Bank Salary Account Maintenance Charges

As discussed above, IDFC FIRST Bank Salary Accounts incur no maintenance charges if you get a salary in this account. However, suppose there are no salary credits for three consecutive months. In that case, you must maintain an Average Monthly Balance (AMB) based on your account type, or non-maintenance charges will be applied.

Non-Maintenance Charges (NMC)

• AMB between ₹20,000 and ₹25,000: ₹50
• AMB between ₹15,000 and ₹20,000: ₹100
• AMB between ₹10,000 and ₹15,000: ₹150
• AMB between ₹5,000 and ₹10,000: ₹200
• AMB below ₹5,000: ₹400

IDFC Salary Account Interest Rate

IDFC FIRST Bank provides attractive interest rates on its Salary Accounts, up to 7.25% per annum. The interest is calculated daily on your account balance and credited monthly, helping you maximise your savings.

How to Open an IDFC FIRST Bank Salary Account Online?

Follow the steps given below to open an IDFC FIRST Bank Salary Account online:

• Visit the official IDFC FIRST Bank website and go to the "Salary Account" section
• Click on "Open Salary Account" and fill in your personal and employment details
• Upload necessary documents like Aadhaar card, PAN card, and proof of employment
• Complete the KYC process through a video call or OTP-based Aadhaar verification
• Receive confirmation via email and SMS once your account is activated

How to Open IDFC FIRST Bank Salary Account Offline?

To open an offline IDFC FIRST Bank Salary Account, 

• Visit a nearby branch during working hours.
• Request the application form, complete it with your personal and employment details, and submit the required documents, such as your PAN card, Aadhaar card, address proof, and a passport-sized photo. 
• After document verification, your account will be activated, and you'll receive a welcome kit.

How to Close Salary Account in IDFC Bank?

If you change your employer, you may ask your new organisation to continue with the same salary account. If it is mandatory to close the account, you can close your IDFC salary account. Download the Account Closure Request form from the bank’s portal or get it at a branch. Please complete the necessary details and submit it to the branch. Ensure you have another bank account for fund transfer, as closure proceeds are sent there. In-person verification may be required. The process usually takes 3 days, and the account will be closed automatically. 

Final Word

Hence, you have all the relevant information about the IDFC salary account at this point in this blog. If you want to open a new account, follow the steps above. On the other hand, if you face any problems regarding any services of IDFC First Bank, you can contact their customer support team at 1800 10888.

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