IDFC First Bank Current Account – Features, Benefits & Application Guide

A Current Account is essential for businesses and professionals who require frequent transactions. When Raj, a small business owner, decided to open a Current Account, he researched various banks and discovered IDFC FIRST Bank’s Current Account.

He found that IDFC FIRST Bank offers multiple benefits, including zero balance account options, high free transaction limits, and digital banking solutions tailored for businesses. 

After opening his IDFC FIRST Bank Current Account, Raj conducted various transactions for business payments, supplier settlements, and operational expenses. Below is a summary of his financial transactions in the first week:

Raj’s Weekly Financial Transactions with IDFC FIRST Bank

By choosing an IDFC FIRST Bank Current Account, Raj could manage his business transactions efficiently. 

Types of IDFC First Bank Current Account

IDFC FIRST Bank understands that different businesses and professionals have unique banking needs. To cater to these diverse requirements, the bank offers a range of Current Accounts, each designed with specialised benefits. These accounts provide features like high transaction limits, seamless digital banking, cash management services, and customised solutions to help businesses operate efficiently.

Benefits of IDFC First Bank Current Account

IDFC First Bank Current Account Fees & Charges

IDFC First Bank Current Account Eligibility Criteria

IDFC FIRST Bank offers Current Accounts to various types of businesses and professionals to support their financial operations. The eligibility criteria for opening a Current Account include the following entities:

Businesses and professionals looking to efficiently manage transactions, streamline cash flow, and leverage digital banking can open an IDFC FIRST Bank Current Account based on their entity type.

IDFC First Bank Required Documents

To open an IDFC FIRST Bank Current Account, applicants need to provide specific documents based on their business entity type. The required documents typically include identity proof, address proof, and entity-related documents. Below is a detailed list of the documents needed:

1. Sole Proprietorship

• Any two documents in the name of the entity.
• Proprietor's photo, PAN card copy, and one Officially Valid Document (OVD).
• Nature of industry proof (if not mentioned in entity documents) – invoice copy, bill of entry, freight invoice, or agreement copy.

2. Hindu Undivided Family (H.U.F.)

• H.U.F. PAN card.
• Karta’s PAN card.
• Karta’s OVD document.
• H.U.F. declaration.

3. Partnership Firm

• Partnership deeds.
• Partnership registration certificate (if registered).
• Partnership firm declaration.
• PAN card number of the entity.
• The registered office address is proof in the entity’s name.
• Communication address proof (if different from registered address).
• OVD copies of partners, authorised signatories, and beneficial owners (including latest photograph and PAN card).
• List of partners with names, dates of birth, and addresses.

4. Limited Liability Partnership (LLP)

• LLP agreement(s) since inception.
• Certificate of incorporation.
• LLP firm declaration.
• List of all partners (including designated partners) with names, dates of birth, and addresses.
• PAN card number of the entity.
• The registered office address is proof in the entity’s name.
• Communication address proof (if different from the registered address).
• OVD copies of partners, designated partners, authorised signatories, and beneficial owners (including latest photograph and PAN card).
  
  

5. Private & Public Limited Companies

• Memorandum of Association (MOA) and Articles of Association (AOA).
• Certificate of incorporation.
• Board resolution.
• The latest list of directors and senior management officials.
• PAN card number of the company.
• The registered office address is proof in the entity’s name.
• Communication address proof (if different from the registered address).
• OVD copies of authorised signatories and beneficial owners (including latest photograph and PAN card).
• NPO declaration for Section 25 or Section 8 companies (including Darpan registration certificate/number for NPOs).

6. Officially Valid Documents (OVD) – Applicable to All Entities

• Passport.
• Driving License.
• Voter ID Card.
• Aadhaar Card (with Aadhaar redaction declaration).
• Job card issued by NREGA, signed by a state government officer.
• A letter issued by the National Population Register (NPR) containing name and address details.

7. Entity-Specific Documents for Proof of Identity & Address

Providing the correct documents ensures a hassle-free current account opening process with IDFC FIRST Bank.

How to Open an IDFC First Bank Current Account Online?

Step 1: Visit the official website of the DFC First Bank Account.

Step 2: In the navbar, you will see a section “Accounts.” Click on that.

Step 3: Scroll down and you will see a section “Current Account” where you will see an “Apply now” button. Click on that.

Step 4: After clicking, you will be directed to a new page where you have to filter the account according to your needs. Select any one, and then you will find a current account according to that.

Step 5: Below that current account, you will see an “Apply now” button. Click on that.

Step 6: After clicking on that, you will be directed to a new page where you will have to fill in the details.

Step 7: Fill in all the details and click on the “Send OTP” button for verification.

Step 8: Do all the steps carefully, and your IDFC First Bank account will be created online in a few minutes.

How to Open an IDFC First Bank Current Account Offline?

Step 1: Visit the Nearest IDFC FIRST Bank Branch

Locate and visit the nearest IDFC FIRST Bank branch with all the necessary documents required for opening a current account.

Step 2: Choose the Right Current Account Type

IDFC FIRST Bank offers various types of current accounts designed for businesses and professionals. Based on your business needs, choose the most suitable account variant.

Step 3: Fill Out the Application Form

Request a current account opening form from the bank executive and fill in the required details, including:

• Business details (name, type, industry)
• Contact details (phone number, email)
• Business registration information
• Authorised signatory details

Step 4: Submit the Required Documents

Provide the necessary KYC and business documents based on your business structure.

Step 5: Verification Process

The bank will verify the submitted documents and may conduct a business address verification if required.

Step 6: Initial Deposit (If Required)

Some current account types may require an initial deposit to activate the account. Deposit the required amount as per the selected account type.

Step 7: Account Activation

Once the verification process is completed successfully, the current account will be activated within a few working days. You will receive:

• Welcome Kit with account details and checkbook
• Net banking credentials for online transactions
• Debit card (if applicable)

Step 8: Start Using Your Current Account

After activation, you can start managing your business transactions using:

• IDFC FIRST Bank’s Net Banking & Mobile Banking
• RTGS, NEFT, IMPS, and UPI transactions
• Free cash deposits & withdrawals (as per the account variant)

IDFC First Bank Current Account vs Competitor’s Bank Current Account

IDFC FIRST Bank offers higher cash deposit limits, zero banking fees, advanced digital banking, and exclusive business benefits, making it a superior choice for businesses compared to many competitor banks.

Conclusion

IDFC FIRST Bank Current Account is a holistic banking solution designed to meet the diverse financial needs of businesses, entrepreneurs, and professionals. With its high transaction limits, zero banking fees on essential services, and seamless digital banking experience, it enables businesses to manage their finances efficiently while focusing on growth.

One of the standout features of IDFC FIRST Bank’s Current Account is its customer-centric approach, offering various account types tailored to startups, MSMEs, professionals, and large enterprises. Whether it’s higher cash deposit limits, free NEFT/RTGS/IMPS transactions, or personalised relationship management, the bank provides an unparalleled banking experience that enhances operational efficiency.

Beyond traditional banking, IDFC FIRST Bank also offers "Beyond Banking" benefits, including exclusive discounts on ERP, HRMS, taxation, legal services, logistics, and more, making it a preferred choice for modern businesses that require more than just financial transactions.

With its wide branch network, integrated online banking, and dedicated customer support, IDFC FIRST Bank empowers businesses to seamlessly conduct transactions, optimise cash flow, and scale operations without worrying about hidden fees or banking limitations.

IDFC FIRST Bank Current Account is a reliable, cost-effective, and business-friendly banking solution that helps businesses maximise financial efficiency, reduce banking costs, and enhance overall convenience, making it an ideal choice for enterprises of all sizes.

FAQ’s

Who can open an IDFC FIRST Bank Current Account?
Any self-employed professional, sole proprietor, partnership firm, LLP, private limited, or public limited company can open an account, subject to eligibility and documentation.

What are the benefits of an IDFC FIRST Bank Current Account?
It offers zero-fee banking, high cash deposit limits, free RTGS/NEFT/IMPS, digital banking solutions, and personalised relationship management, making it ideal for business transactions.

What is the minimum balance requirement?
IDFC FIRST Bank provides varied account types with low to zero minimum balance options, depending on the chosen account variant.

How can I open an IDFC FIRST Bank Current Account?
You can open an account online or by visiting a branch, submitting the required documents like business proof, PAN, and KYC documents.

Does IDFC FIRST Bank offer digital banking services?
Yes, it provides advanced net banking, mobile banking, WhatsApp banking, and integrated business solutions for seamless transactions and financial management.
 

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