Police said the accident occured when four children aged between two and four years were chasing each other while playing near it in the morning.
The well was covered with leaves and tree branches and belonged to the family of one of the dead children.
One girl child aged about three years was saved when she managed to hang on the wall of the well. Her screams for help alerted the villagers who rushed in and saved her and another boy.
The two others - a boy and a girl were also rescued and rushed to the hospital where they were declared brought dead.
The condition the saved children was stated to be stable by the hospital authorities.