IDFC First Bank Current Account: All You Must Know About.

Last Updated on December 30, 2022

A bank offers a variety of accounts for different purposes. Like there is a savings account for individuals and a current account for a business. And the case with IDFC Bank is no exception. Besides general accounts, there are specific accounts for like multinational companies, small businesses, startups, and many more. IDFC Bank offers a current account for every need.

Here, you will know about the types of current accounts that it has to offer.

Table of Contents

  1. About IDFC Bank
  2. Common Benefits of IDFC Bank Current Account
  3. Types of IDFC Bank Current Account
  4. Final Thoughts
  5. Frequently Asked Questions

About IDFC First Bank

Incorporated in 2015, IDFC First Bank is a merger between IDFC Bank and Erstwhile Capital First that happened in 2018. It has more than 600 branches as of 2021. Although it got incorporated recently, it was the first bank to launch an Aadhaar-linked cashless merchant solution.

It has partnered with Mobikwik to launch virtual prepaid cards for the customers of Mobikwik.

Common Benefits of IDFC Bank Current Account

IDFC Bank has various current accounts to fulfill the needs of different customers. And each of them has its innovative features. But all of them contain the following features:

  • Single View for all accounts: You get an easy-to-understand dashboard where you can see all your accounts in one place. It acts as a one-stop solution to analyze the data and make business decisions.
  • Mobile Banking: Nowadays, convenience is the key factor to gain customers. The more convenience you provide, the higher your customers. And the case with IDFC Bank is no different. Their current account offers the facility of mobile banking to transact anytime, anywhere.
  • Free Bulk Uploads: You can upload bulk details to employees and vendors. So, you can pay faster.
  • Doorstep Banking: The bank can collect cash or cheque from your doorstep. And the location gets traced precisely by using GPS.
  • Online Trade Platform: Besides offering a current account, you also get an online platform to trade in the stock market.
  • Overdraft against FD: You can avail overdraft facility in your current account against a fixed deposit, as per the terms and conditions of the bank.

Types of IDFC Bank Current Account

After learning some innovative features of all the accounts, let’s look for different types of current accounts. A unique feature is that the current account is named after the minimum balance required. So, you won’t get confused regarding the same.

10K Current Account

It is the most basic variant of all. So, it is suitable for small businesses. Here are some features:

  • Cash Deposit Limit is Rs 2 Lakhs per month
  • You get a Visa Platinum Card
  • Free 25 cheque leaves per month
  • You can issue demand drafts at bank locations free of cost
  • Free 5 ATM transactions per month

The minimum balance required is Rs 10k.

25K Current Account

It is the next checkpoint in the hierarchy of current accounts. So, it has the same features as that of above. But the limits are increased.

  • Cash Deposit Limit of up to 3 Lakhs per month
  • Free 50 cheque leaves per month
  • Free 10 ATM transactions per month
  • Demand drafts issued free of cost at all locations

The minimum balance requirement is Rs 25k.

50K Current Account

It is next to the 25K current account. So, it is suitable for medium business. Here are its features:

  • All features of 25K Current Account
  • Cash Deposit Limit of up to Rs 6 Lakhs per month
  • Visa Signature Card with more benefits
  • Free 200 cheque leaves per month
  • Free 15 ATM transactions per month

The minimum balance requirement is 50k.

100K Current Account

It is the most advanced current account in this hierarchy. So, it is suitable for big businesses having the following features:

  • All features of 50K Current Account
  • Cash Deposit Limit of Rs 12 Lakhs per month
  • Free 300 cheque leaves per month
  • Free 25 ATM transactions per month

The minimum balance required is Rs 1 Lakh.

Other Accounts

The above accounts had low minimum balance requirements. So, they were better suited to small businesses. That is why they had fewer features, and they were the same, more or less. But some people want advanced features. They don’t mind maintaining a high minimum balance. For this, the bank introduced the following accounts.

Dynamic Current Account for Professionals

As the name suggests, it is suitable for professionals like CA, CS, lawyers, architects, doctors. It has the following features.

  • Cash Deposit Limit is ten times of average monthly balance (AMB) maintained
  • Free 250 cheque leaves per month
  • Free 8 demand drafts per month
  • NEFT, RTGS, and IMPS payments are free of cost
  • Zero balance account

Enterprise Current Account

It is an ideal account for a small business. It offers the following features.

  • Cash Deposit Limit of Rs 10 Lakhs per month
  • Rupay Classic Debit Card
  • Free unlimited cheque leaves
  • Free 15 ATM transactions

And all of this at an average quarterly balance of Rs 10k.

Freedom Current Account

As the name suggests, it frees you from the hassle of banking. It is suitable for big businesses. It offers the following features:

  • Cash Deposit Limit of Rs 30 Lakhs per month
  • Free unlimited cheque books and demand drafts
  • NEFT, RTGS, and IMPS transactions free of cost
  • Free Signature Debit Card with unlimited ATM transactions
  • Cheque returns up to 10 per month free of cost
  • Free virtual accounts and UPI QR
  • Point of Sale (POS) and payment gateway facilities without annual charges

As it offers enormous features, the minimum balance requirement is also high, i.e., 2 Lakhs AMB.

Freedom World Business Account

Like the name, the features are also similar to Freedom Current Account. But it provides exclusive features for Exim traders.

  • Preferential pricing on forex
  • Issuing Letter of Credit/Bank Guarantee
  • Free forex transaction processing charges
  • Free inward and outward remittances

But these additional features don’t have any impact on the minimum balance requirement. It remains the same, i.e., Rs 2 Lakhs.

Startup Current Accounts

Like other banks, IDFC First Bank has customized current accounts for startups. There are two accounts.

New Business Current Account

It is for startups whose date of incorporation is less than a year. It has the following features:

  • Zero Balance facility for the first year
  • Cash Management services are available
  • No Annual charges for UPI QR, Payment Gateway, NACH, and POS
  • Cash Deposit Limit of Rs 6 lakhs per month
  • Top-notch digital banking platform

First Startup Current Account

It is a specialized solution for startups. It is an extension of the new business current account, so it has all the above features with higher limits:

  • Zero Balance facility for first three years
  • Cash Deposit Limit of up to Rs 30 lakhs per month
  • Preferred forex conversion rates
  • Competitive Prices for issuing a letter of credit and bank guarantee

World Business Accounts

There are three variants: 100K, 50K, and 25K World Business Account. As you may have guessed, they are similar to the respective current accounts. But they have additional features:

  • Free non-financial transactions at IDFC Bank ATMs
  • Automated advice and swift generation
  • Regularize IDPMS digitally

Not-For-Profit Accounts

The primary goal of any company is to earn profits. In this case, profits will be more if the bank focuses on profit-making clients. But IDFC Bank broke the stereotype and introduced a current account even for not-for-profit organizations like educational institutes, hospitals, etc.

You can customize it as per your needs. E.g., Virtual account for fee collection, utility bill payments for housing societies, and NACH for recurring club subscriptions.

Some similar features are:

  • Bulk Salary and vendor payments
  • Payment Gateway for collecting payments
  • POS Machine and UPI, with QR Code
  • Competitive FD Rates
  • Dedicated Relationship manager
  • Comprehensive ERP Solution
  • Reconciliation facilities

Final Thoughts

Although the bank got recently established, it is giving tough competition to other private banks. Through market segmentation, it can capture different segments with customized offerings. All of this signifies the immense future potential of the bank.

In the end, don’t forget to try out these innovative features. Else, your competitors may gain an edge over you.

Frequently Asked Questions

Q1: What are the applicable charges in IDFC bank?

Different current accounts have their charges. There are charges for the facilities provided to the customers. To know about the applicable bank charges, click here.

Q2: How to open a current account in IDFC Bank?

You have to fill the account opening form. And attach the necessary documents. After verification, the bank will open your current account.

Q3: What is the minimum balance in IDFC Bank?

Different variants have different minimum balances. In some accounts, their names depend on the minimum balance required. So, you can figure it out effortlessly.

Q4: Does IDFC have a zero balance current account?

Yes, IDFC Bank has a zero balance current account for professionals. And zero balance facility is available for startup accounts for the initial period.

By Prasuk Jain

I am an inquisitive and tenacious person with a mix of enthusiasm and a positive attitude, currently pursuing CA.