IDFC First Bank

Features and Benefits of IDFC First Bank

The IDFC First Bank has positioned itself as a consumer-friendly brand. The bank establishes its distinctiveness to attract potential customers with the following features.

• High Returns on Savings: IDFC First Bank’s commitment to its consumer-first philosophy is visible in the exceptional interest rates it provides on savings accounts. Customers can earn interest as high as 7% over their IDFC savings account. 
  
• Ethically Inclined: The bank greatly emphasises social good as a financial institution. The bank’s service integrity has resulted in high customer satisfaction. From IDFC loans to IDFC accounts, the bank ensures customers get the right help.
• No Additional Charges: When almost every bank levies extra charges over their services, IDFC First Bank offers as many as 25 key services without any extra cost to its reliable customers.
• Rapidly Growing: Within a short span, the bank has established a robust network of over 500 branches which is expanding daily. Spread across the country, IDFC Bank ensures easy accessibility of financial services to its customers anywhere and everywhere.
• A Bank for Everyone: IDFC First Bank pledges unparalleled financial support to every customer. It prioritises financing the needs of small entrepreneurs and customers. The bank covers even those generally left out of the banking purview – NRIs, senior citizens and women applicants. The bank aims to ensure financial freedom and economic independence for everyone.

Overview of IDFC First Bank

IDFC First Bank is an Indian private sector bank formed by the 2018 merger of IDFC Bank and Capital First. IDFC First Bank loans are particularly popular among Indian borrowers. Though a young player in the banking sector, it is backed by years of experience and the expertise of its founders. With the motto ‘Always You First’, IDFC Bank emphasises customer-friendly banking backed by solid technology. The bank’s primary objective is ensuring financial security and generating customer wealth.

Vision

“To build a world class bank in India, guided by ethics and customer-first values, powered by cutting-edge technology, and be a force for social good.”

Mission

“We want to touch the lives of millions of Indians in a positive way by providing affordable, high-quality banking products and services to them.”

Products Offered by IDFC Bank

A complete list of IDFC First Banking products can be surfed conveniently on the bank’s ‘Easy Banking’ portal. Some of the cutting-edge products of IDFC First Bank are listed below.

Accounts 

The Bank provides a broad range of salary, savings and current account options to its vast customer base. Account holders can access services like IDFC loans and fixed deposits. An IDFC First Bank savings account holder can earn interest as high as 7% per annum. IDFC First Bank extends financial services beyond self-employed and salaried candidates, unlike other banks. The bank also caters to the needs of minors, pensioners and military veterans.

Deposits 

Fixed Deposits, Recurring Deposits, and Safe Deposit Locker are leading deposit products from IDFC First Bank. Investors can invest their surplus funds in the bank’s fixed deposits to earn interest rates upto 7.5% p.a. Customers can start making recurring deposits with the bank with amounts as low as Rs.100. The bank also offers high returns on foreign currency deposits through NRI Fixed Deposits. Moreover, the bank provides small, medium and large-sized lockers at affordable annual rents. 

Loans 

IDFC First Bank offers retail and business loans to its customers. The IDFC First Bank loans can be applied online and offline. IDFC loans offer competitive interest rates, comfortable tenures and easy repayments. Individuals can avail of a wide range of secured and unsecured bank loans. Apart from regular loan options, Sakhi Shakti Loan for Women, Pre-Owned Vehicle Loans and Farmer Producer Organisations Finance are some unique products the bank offers.

Cards

The private sector bank has designed various credit and debit cards to facilitate cashless payments for its customers. Their credit and debit cards aim to give cardholders high savings and convenient banking. Some popular IDFC First credit card options are First Wealth, First Classic and First Millenia credit cards. A range of entry-level to premium debit cards like First Private, First Wealth and First Select are also available at the bank. 

Online Calculators

IDFC First Bank offers a plethora of bank calculators to assist their customers in financial planning. Online calculators are digital financial planners. These are free of charge to existing and new bank customers on the bank’s website. Users can check their loan eligibility, EMI schedules, deposit interest returns, and more using the bank’s online calculators. The bank offers as many as 14 free EMI, loan eligibility and Balance transfer calculators. 

Investments 

Having an IDFC First bank account means convenient and consistent investments. Everyone can generate great wealth using the bank’s services, from existing investors to those who’ve just started. Mutual Funds, IPOs and Sovereign Gold Bonds (SGBs) are popular instruments of investment the bank offers. Bank customers can easily open demat and investment-linked insurance accounts in simple steps.

Insurance

Insuring oneself against unforeseen risks is one of the wisest ways to invest money. With IDFC First Bank, customers can easily access Term Insurance, Health Insurance, Motor Insurance, Home Insurance and Travel Insurance. The bank provides Pradhan Mantri Insurance with up to Rs.2 lakh cover to ensure greater financial inclusion. The bank’s insurance products and strong financial coverage ensure customised add-ons and expert guidance.

Services Offered by IDFC First Bank

IDFC First Bank is a complete bank. By combining traditional banking with updated technology, the bank truly leaves no stone unturned. 

Personal Banking

IDFC’s retail banking services make financial assistance accessible to everyday customers. Their personal banking spectrum includes a suite of affordable products and services. IDFC consumer loans, savings accounts, fixed deposits and term insurance are popular personal banking products. The lender also provides a special ‘Easy Banking’ portal to simplify the user’s experience. Minor’s savings account, Honor First Defence Account and zero balance savings account are unique bank offerings.

Business Banking

IDFC First Bank provides financial empowerment to business owners and entrepreneurs through its Business Banking services. Current accounts and IDFC loans are their most popular Business Banking products. The IDFC First Booster Current Account, Startup Solutions, Forex Solutions and SME loans are some of its leading business banking products. An established business giant and a budding startup are welcomed alike by the bank.

Mobile Banking 

The ‘IDFC First Bank App’ can be easily downloaded to smartphones via the app stores. With a fresh design and a polished UI, the mobile application streamlines all the key banking services to a user’s fingertips. IDFC First Bank simplifies bill payments, fund transfers, account management and mutual investments through its mobile app. Once logged in, you’re ready to go!

Wholesale Banking 

IDFC First Bank is among the rare Indian banks offering wholesale banking services. Wholesale banking caters to large-scale borrowers like governments, mortgage brokers and institutional lenders. The bank’s end-to-end automation and service encryption ensure the operations’ security. Export-Import Finance, Liquidity Solutions and Corporate FX Market are some banks highlighting wholesale banking services. 

NRI Banking

The IDFC First Bank allows Non-Resident Indians to access banking services in India from any part of the world at any point in time. Non-Residential External (NRE) and Non-Residential Ordinary (NRO) are the two types of NRI accounts the bank offers. Easy currency conversions, rewarding savings accounts, IDFC First Bank loans and instant PIS accounts are some of the distinguishing features of IDFC NRI Banking.

Exclusive Services

The bank provides specialised services under its First Select, First Wealth and First Private banking services. The bank’s First Select banking services offer exclusive benefits and financial privileges to select customers. The First Wealth Banking offers a higher-end banking experience with lifetime free credit cards and other customised banking solutions. Moreover, the exclusive set of bank’s First Private customers are eligible for one-on-one personalised banking solutions and expert investment guidance.