IDFC FIRST Bank is a new era of universal banking in India, built on the foundations of Ethical banking, digital banking and social banking. We are building a world-class bank in India.
Within the framework of the Bank ethical bank approach, it applies a “Near and Dear” test to its products, so that bank employees only serve products they would want for their own loved ones. He believes that income earned unethically is not worth earning.
Therefore, the bank avoids complicated descriptions, calculations and legalese that customers do not understand. It removed all charges on savings accounts, including for debit cards, IMPS, RTGS, NEFT, cash deposits, access to “out-of-home branches”, ATM cash withdrawals and in branches, third party transaction fees in branches, SMS alerts, check books, Demand drafts, payment orders, duplicate statements and all similar services usually charged in the market. She follows the principle that she will not touch her clients’ bank account for any reason. It is to date the first and only bank in India to do so.
IDFC FIRST Bank is the first bank in India to offer monthly credit on savings accounts. Credit cards have no hidden fees. It offers free lifetime with no minimum spend requirements, rewards points that never expire, no interest on ATM cash withdrawals, dynamic low APR and much more. Fees, if any, are transparent and clearly described in a way that a regular person can understand. Each product offered by the bank is very user-friendly, most often the best in the sector.
As part of technology-driven bank, the bank has built a modern technology stack and created an advanced mobile application with 250+ features like goal-based investing, MF investment help, quick payments, account aggregator, l MF aggregator, personal finance manager, automatic expense categorization, unique account aggregator. app for personal and business banking, UPI on credit cards, travel and shopping, billing and recharges, rewards offers and redemptions, which provide great convenience to customers. For business customers, the bank offers bulk payments on the go, the ability to pay income tax, GST, customs duties and connected banking with ERP solutions.
As part of the Social Banking Theme, the Bank’s economic model is naturally oriented towards social banking. It has developed unique capabilities to finance bottom of the pyramid clients with consistently high asset quality. The Bank has financed over 40 million clients including 0.3 million SMEs, 0.9 million livelihood loans (livestock loans), 16 million livelihood improvement loans (for laptops, washing machines, etc.), 1 million loans for sanitation (toilets, water facilities), 6.5 million loans for mobility (2 wheelers and cars), housing finance (more of 100,000 housing), and 15 million loans to 4.3 million women entrepreneurs. It also offers other retail and rural loans such as Kisan Credit Cards, Crop Finance, Gold Loans, etc.
IDFC FIRST Bank is a Universal bank, and offers end-to-end corporate banking, trade finance such as LC and BG issuance, SBLC, packaging credit, pre- and post-shipment financing, treasury products including risk hedging solutions such as futures, swaps, options and other Forex solutions, SME Banking, Wealth Management, NRI Banking, Cash Management, Nostro and Vostro Account Operations, Facilities of engagement, banking services by correspondence, Fastag, toll acquisition, dealer financing and Delivery of purchase/sale invoices.
ESG objectives: The Bank integrates ESG into all aspects of its work and has high ESG scores. The Bank believes that having the opportunity to create a new-age, ethical and world-class bank for India is a great privilege for its employees.
