If you’re looking for a high-reward savings account, the IDFC FIRST Bank Regular Savings Account is a smart choice. With lifetime free debit card benefits, attractive cashback, and reward point features, this account is ideal for individuals seeking value and ease of access.
Key Features of IDFC FIRST Bank Regular Savings Account
- Minimum Average Balance: ₹10,000 or ₹25,000
- Debit Card Charges: Lifetime Free
- Virtual Debit Card: Issued within 2–3 working days after Video KYC
- Reward Program: Earn up to 8000 reward points per month
- Easy Online Application Process
How to Open an IDFC FIRST Bank Regular Savings Account (Step-by-Step)
Opening an IDFC FIRST Bank Regular Savings Account is simple and 100% online:
- Go to this link: https://topcashbackcard.com/IDFC
- Fill in your details: Name, mobile number, and other required information
- Select your preferred average balance: ₹10,000 or ₹25,000
- Click on “Proceed to Open Account”
Once you complete these steps, your account will be created. You’ll just need to finish the Video KYC, and your virtual debit card will be ready to use within 2–3 working days.
IDFC FIRST Bank Debit Card Benefits
The Classic Debit Card from IDFC FIRST Bank offers a strong cashback and reward structure, especially for users with high monthly spends:
- Spends above ₹50,000/month:
- Effective profit: 1.67%
- Overall profit (average across all spends):
- Approximately 1.29%
Reward Points Structure
Here’s how the reward system works:
🟢 Up to ₹50,000 Spend
- Earn 2X reward points for every ₹150 spent
- Total points for ₹50,000 spend: 666 points
🔵 After ₹50,000 Spend
- Earn 10X reward points for every ₹150 spent
- For an additional spend of ₹1,10,000: 7334 points
Maximum Reward Capping:
- Total: 8000 points/month
- (666 from first ₹50K + 7334 from next ₹1.10L)
Reward Points Value and Redemption
- 1 Reward Point = ₹0.25
- Redemption Handling Fee: ₹99 + applicable taxes
- Points Credited: Within 14 working days
Cash Deposit Charges in IDFC FIRST Bank Regular Savings Account
Firstly, cash deposits are completely free at all IDFC FIRST Bank branches, including both home and non-home branches.
However, it’s important to stay informed about income tax regulations related to large cash deposits:
- Income Tax Reporting: If you deposit more than ₹1 lakh in a single transaction, it may be reported to the Income Tax Department. Additionally, annual deposits exceeding ₹10 lakh are also subject to IT reporting.
- Section 269ST Compliance: As per this section, cash deposits of ₹2 lakh or more in a single day, per transaction, or from one person are prohibited.
Therefore, while IDFC FIRST Bank does not charge for cash deposits, you should remain aware of the legal thresholds.
In conclusion, frequent or high-value deposits could trigger income tax scrutiny. To avoid issues, consult your bank representative for personalized guidance based on your account variant and usage pattern..
Interest Rates In IDFC FIRST Savings Account
- Interest Rates: Earn up to 7.25% p.a. interest, calculated daily and credited monthly. The interest rates vary based on your balance:
- Up to ₹5 lakh: 3.00% p.a.
- Above ₹5 lakh to ₹10 lakh: 5.00% p.a.
- Above ₹10 lakh to ₹100 crore: 7.25% p.a.
- Above ₹100 crore to ₹200 crore: 4.50% p.a.
- Above ₹200 crore: 3.50% p.a.
Final Thoughts For IDFC FIRST Bank Regular Savings Account
The IDFC FIRST Regular Savings Account is a great option for users who can maintain a moderate balance and are looking to maximize their rewards through spending. With no debit card charges, a seamless online account opening process, and attractive cashback offers, it’s a solid choice in 2025.
If you’re planning to open a new account, take advantage of this offer and apply online today.
🔑 Frequently Asked Questions (FAQs)
❓ What is the minimum balance requirement for the IDFC Regular Savings Account?
👉 To begin with, you are required to maintain a Monthly Average Balance (MAB) of either ₹10,000 or ₹25,000, based on the option you select during the account opening process.
❓ Are there any debit card charges?
👉 Fortunately, the debit card provided with this account is completely free for life, meaning there are no annual or hidden charges.
❓ How long does it take to activate the account?
👉 Once your Video KYC is completed, the account is typically activated within 2–3 working days. Along with activation, you will also receive your virtual debit card during this period.
❓ How are reward points calculated?
👉 In terms of rewards, you earn 2X to 10X reward points based on your monthly spending slabs. The total reward points are capped at 8000 points per month, ensuring substantial value on higher spends.
