Opening a current account can benefit your business or company in India. IDFC FIRST Bank offers feature-rich current accounts with various privileges based on the average monthly balance (AMB) maintained. This guide will take you through the step-by-step process of opening a current IDFC FIRST Bank account.
Determine Eligibility
The first step is determining your eligibility to open a current account. IDFC FIRST Bank allows the following parties to open current accounts:
- Individuals
- Hindu Undivided Families (HUFs)
- Sole proprietorships
- Partnerships
- Limited companies/Limited Liability Partnerships
Gather Necessary Documents
The documentation needed differs depending on whether you are a sole proprietorship, partnership, or company.
- For sole proprietorships, have the following documents ready:
- 2 documents in the name of the entity
- Address proof in the name of the entity
- Proprietor document (photo, PAN copy, 1 Officially Valid Document (OVD) copy)
- Nature of industry proof (invoice copy, bill of entry, etc., if nature is not clear in entity docs)
For partnerships, prepare these documents:
- Partnership deed
- Partnership firm declaration
- Entity PAN card copy
- Address proof in the entity name
- OVD copies of partners, authorized signatories, and beneficial owners (with photos and PAN copies)
For companies, please consult with your IDFC FIRST Bank relationship manager on the specific documents needed, such as registration certificate, GST certificate, board resolution, and so on.
Select Account Type
IDFC FIRST Bank offers main current account variants based on factors like average monthly balance (AMB), which is essentially the current account minimum balance you must maintain, free transactions, cheque leaves, and more. Review the features of each to decide the best account type for your needs:
- 100K Current Account – ₹1 lakh AMB, 12 lakh free cash deposit per month, 300 cheque leaves, 25 free ATM transactions per month. Comes with a free Visa Signature Card.
- 50K Current Account – ₹50k AMB, 6 lakh free cash deposit per month, 200 cheque leaves, 15 free ATM transactions per month. Comes with a free Visa Signature Card.
- 25K Current Account – ₹25k AMB, 3 lakh free cash deposit per month, 50 cheque leaves, 10 free ATM transactions per month. Comes with a free Visa Platinum Card.
Note the account type you wish to open before visiting the branch.
Visit Nearest Branch
With your eligibility confirmed and documents ready, visit the nearest IDFC FIRST Bank branch. Meet with a relationship manager and submit your application form and supporting documents. The process typically takes 5-7 working days for account opening formalities, document verification, and activating Internet/mobile banking. But this can vary depending on the case complexity.
You can locate your nearest branch on the IDFC FIRST Bank website or mobile banking app and schedule an appointment if needed. For companies, specialized corporate branches can also help open and manage current accounts smoothly.
Fund Your New Current Account
Once account opening procedures conclude, you will receive welcome letters/emails and other details like account numbers, net banking credentials, chequebooks, and debit card PINs (if requested). The last step is to fund your account with at least the stipulated average monthly balance through cheque, NEFT, RTGS, cash, or funds transfer. Congratulations, your new IDFC FIRST Bank account is active and ready to use!
Key Reminders
Here are some key reminders when opening and operating your IDFC FIRST Bank current account:
- Maintain the required AMB every month to enjoy full privileges
- Use channels like net banking, mobile banking, and doorstep banking to manage your account conveniently
- Track all transactions with free SMS alerts and email statements
- Contact your RM immediately for any queries, feedback, or issues faced
Conclusion
We hope this guide covered the step-by-step process of opening a current account with IDFC FIRST Bank. Choosing the right account and maintaining a good relationship is key to benefitting from all the features offered. IDFC FIRST Bank aims to provide a smooth, transparent, and hassle-free experience with industry-leading solutions for all your banking needs. Reach out to an RM or branch staff should you need any assistance.
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