IDFC Current Account Opening, Minimum Balance, Benefits & How to Apply Online

IDFC FIRST Bank offers a variety of current account options for startups, professionals, traders, and large businesses. Each current account is designed with features like zero balance options, high cash deposit limits, free RTGS/NEFT, overdraft facilities, and the BRAVO auto-sweep feature that earns interest on surplus funds. You can open an IDFC current account online in minutes or visit a branch for the same. 

How to Open a Current Account in IDFC ?

To open an IDFC FIRST bank current account online, you have to complete the following steps:

• Open any browser on your mobile or desktop and visit the official website of IDFC First Bank.
• Find the ‘Current Account’ option in the popular section and click the ‘Apply Now’ option.
• Here, you will find 10+ different types of current accounts. You can also filter the accounts based on the parameters, such as Professionals, Startups, Retailers, Service Providers, Traders, etc.
• After choosing the account, you have to click on the ‘Apply Now’ button.
• Enter your business’s PIN code, city, full name, email ID, and mobile number, then press the Send OTP button. 
• Enter the OTP and complete the further steps to open your current account.
• Submit the required details and documents as required by the bank. 
• Finally, submit your account opening application. Once your account is activated, you will receive your login details, account number, etc.

Otherwise, you may visit your nearest IDFC branch and contact an executive from the helpdesk to open a current account.

IDFC Current Account Types

Follow this table to know the different types of current accounts in IDFC bank:

IDFC Current Account Opening Eligibility

To open an IDFC current account, you must be an Indian citizen over 18 years old and involved in a business activity. This could be as an individual, sole proprietor, partnership firm, company, trust, or other registered entity. 

You must provide proof of identity and address through documents such as your PAN and Aadhaar card. Depending on the type of account, you may also be required to submit additional documents related to your business registration.

IDFC Current Account Opening Documents

These are the list of required documents to open a current account in IDFC Bank:

Proof of Identity

• Driving License
• Voter Identity Card
• Passport

Proof of Address

• A registered rent agreement is in the name of the entity, or a notified rent agreement with an accompanying utility bill (not older than 2 months) in the owner’s name.
• Latest Electricity Bill
• Gas bill or gas connection book and latest receipt (for gas connections)
• Latest Telephone Bill from a Telecom operator

Business Documents

• Trade Mark Registration Certificate (not applicable for Sole Proprietorship)
• Drug License (not applicable for Sole Proprietorship)
• Udyam Registration (only for Sole Proprietorship)
• Registration Certificate issued by a Government Department

Additional Requirements

• PAN details are mandatory. If you don't have a PAN, complete Form 60.
• Bank Statement/Passbook for the last three months from a scheduled commercial bank (not applicable for Sole Proprietorship).

For the exact list of documents required, you have to reach out to IDFC Bank using your preferred current account variant.

IDFC Current Account Minimum Balance

IDFC FIRST Bank offers a range of current accounts tailored to various business needs, each with specific minimum balance requirements. Below is a table summarizing these accounts and their respective minimum balance criteria:

IDFC Current Account Benefits

With IDFC current account, you can get the following benefits -

Overdraft Facility Against Your Fixed Deposit (FD)

• One standout feature of an IDFC FIRST Bank Current Account is the overdraft facility linked to your fixed deposit (FD).  
• In an emergency, you can withdraw funds without breaking your FD. This gives you access to extra liquidity while maintaining your deposit’s safety.

BRAVO Feature (Auto Sweep Facility)

• IDFC FIRST Bank’s BRAVO feature offers an auto sweep functionality. It automatically transfers excess funds from your current account to a fixed deposit (FD) account. 
• You can set a trigger limit starting at ₹2 lakh. When your account balance exceeds this limit, the excess funds are moved into your linked FD, where you can earn up to 7.5% interest. 
• If your balance drops below the trigger limit, funds from your FD are transferred back to your current account to cover the shortfall. This process happens automatically, and there are no charges or penalties for breaking the FD. 
• The BRAVO feature is available for Platinum Current and Freedom World Business Accounts.

Debit Card and Cheque Book

• An IDFC FIRST Bank Current Account comes with a debit card and chequebook. 
• These tools offer added convenience, enabling you to make purchases, pay bills, and write cheques for various financial transactions. 
• With this, you can easily access your funds for day-to-day expenses.

Direct Debits and Standing Orders

• A current account allows you to set up direct debits and standing orders, which is particularly useful for regular, recurring payments like utility bills, subscription services, and loan repayments. 
• This automation ensures you never miss a payment and helps maintain smooth financial management.

Online and Mobile Banking

• You can access online and mobile banking platforms with a current account. 
• This means you can manage your finances anytime—check your balance, transfer funds, and pay bills with just a few clicks. 

Additionally, the IDFC FIRST Bank mobile app allows you to view all your accounts in one place, making it easier to manage your finances efficiently.

Cash Withdrawals

Your IDFC FIRST Bank Current Account is linked to a debit card that lets you withdraw cash from ATMs whenever needed. This gives you the flexibility to access your funds anytime, offering convenience and control over your cash flow.

IDFC Current Account Interest Rate

Unlike a savings account, a current account does not give you interest on your deposits. It helps you to get higher daily withdrawal and deposit limits for your business needs. 

However, IDFC Bank has an IDFC FIRST Bank Rocket Current Account, which gives you up to 7.25% interest with an Auto Sweep FD option. With this account, you can enjoy zero charges on 25+ essential current account services, such as a free Visa Signature Debit Card. You can choose and adjust your threshold limits monthly for added flexibility. 

Benefit from zero transaction fees and auto-sweep surplus balances into a 370-day FD offers up to 7.25% p.a., with automatic withdrawals rounded to the nearest Rs. 1. Additionally, there are no penalties or fees for prematurely breaking your FD.

IDFC Current Account Customer Care

You can contact the IDFC current account customer care team at 1800 10 888 with any questions related to the current account, credit cards, loans, and any other banking services.

How to Close IDFC Current Account?

There are both online and offline ways to close your IDFC current account:

Online Process

To close your account without visiting the branch, you can follow these steps:

• Visit the official IDFC First Bank website.
• Log in to your account using your credentials.
• Navigate to the ‘Account Services’ section and click ‘Account Closure’.
• Select the account you wish to close and click the ‘Continue’ button.
• Provide the reason for closing your IDFC account and click the ‘Submit’ button.
• After submitting, a confirmation message will be sent to your registered email and mobile number.

Once your account closure request is confirmed, the bank will process the closure within seven working days.

Offline Process

If you want to close your account via the offline method, you can follow these steps:

• Visit the nearest IDFC First Bank branch and request the account closure form from a bank representative.
• Complete the form with the necessary details and sign it.
• Attach the required documents to the completed account closure form, such as proof of identity and address.
• Submit the filled form along with the documents to the bank branch.
• Receive the acknowledgement slip from the branch and keep it for future reference.
• Before proceeding with the account closure, settle any pending transactions, such as cheques, deposits, fees, or interest, at the branch. 
• After 5 to 7 working days, return to the IDFC Bank branch to collect the final confirmation letter for closing your account.

IDFC Current Account Charges

With your IDFC current account, these are the charges applicable:

IDFC Current Account Statement Password

The IDFC FIRST Bank current account statement is typically sent as a password-protected PDF to your registered email address for security. To open the file, you’ll need to enter a password, which is usually a combination of specific personal details—commonly your Customer ID, account number, or date of birth, depending on the bank’s set format. 

If you’re unsure about the password format, refer to the bank’s email instructions or contact IDFC customer support for assistance.

Final Word

IDFC FIRST Bank offers a variety of current account options, each designed to cater to specific business needs with features like zero balance requirements, free transactions, and digital banking services. It's essential to verify the latest terms, conditions, and features directly from the bank's official resources or by consulting with bank representatives to ensure the chosen account aligns with your business requirements.​

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