Introduction to IDFC FIRST Bank
IDFC FIRST Bank is a new age bank guided by ethics, powered by technology, and aspires to be a force for social good. The Bank has adopted Customer First as a core constituency it wants to serve. Under this theme, the Bank is constantly offering unique propositions to break clear of existing conventions in banking. IDFC FIRST Bank has introduced many ‘Customer First’ features in banking in India. The Bank is a full stack universal bank and has built strong foundations with high CASA of > 50%. IDFC FIRST bank enjoys the trust of millions of customers with retail deposits growing at CAGR of 84% from Rs. 10,400 crore to Rs. 64,510 crore within the last three financial years post-merger, ending FY 22.
Highlights about our ‘Customer First’ Bank
- The First universal bank to introduce monthly interest credits to customers on savings accounts (interest is usually paid on quarterly basis by banks in India for savings accounts).
- Attractive savings account interest rates of 4-6% (against saving interest rates of leading banks of 3-3.5%).
- The First bank to launch low, dynamic APR in credit cards starting at 9%, based on credit score and other parameters (against industry rates of 42-48% APR).
- The First bank to launch lifetime-free credit cards in India (against market rates of charging fees that may be waived, subject to minimum spends).
- The First bank to allow rewards points to be redeemed towards the next online purchase (no clunky opaque rewards catalogues).
- Powerful “never expiring” rewards program (against industry practice of expiry after 2-3 years).
- Unique facility to withdraw cash from ATM on credit cards without interest till due date (against market rates of 42-48% p. a.)
- An intuitive and state-of-the-art mobile app for availing loans, making investments, managing expenses, and making payments. Unique features include universal search, ML based categorisation, online video-based account opening, Personal Finance management, expense analyser, quick payments, online account controls, online customer service, online insurance quote comparisons, online wealth management, goal-based investing, algorithm-based MF research, ASBA-IPO facility, personalised risk profiling and more.
- Contemporary Wealth Management programs with dedicated RMs, with product suite including investment ideas, online Mutual Fund research, Bonds, Sovereign Gold bonds, Loan Against Securities, pre-IPO investing, immigration-linked investing, Private Equity investments, Real Estate AIFs, proprietary asset allocation model, value-index-navigator, paperless Demat account opening, Estate - Inheritance & Succession Planning, Broking Services, Offshore Investment Solutions.
- Best-in-class digital Cash Management solutions including mobile-based cheque scan, chatbot based auto-pay (e-nach), corporate wallet solutions, API based working capital solutions.
- First bank to offer current accounts with one integrated app for both individual and business banking. Single sign-on across trade workflow, forex rate booking and cash management. Comprehensive digital platforms for trade, enhanced transaction limits, doorstep banking. Suite of ‘Beyond Banking’ offers across ERP, tax, legal, payroll and HRMS, Taxation, legal advisory etc.
- First bank to offer ‘3-in-1’ FASTag solutions with Tolling+Fuel+Parking on single Fastag with complete mobility solutions. Over 7 million FASTag customers. Largest acquiring bank with 416 toll plaza merchants.
- Cutting-edge corporate banking portal with unique industry-first features such as single window experience, intelligent report builder capability, and unique online trade regulatory portal.
Other facts: The Bank has lent to over 30 million customers in its combined history in over 60,000 villages, cities and towns across the length and breadth of the country. Within three years of merger, the Bank has expanded to 599 branches, 201 asset service centres, 727 ATMs and 620 rural business correspondent centres across the country, and is incrementally growing digitally. The Bank has a balance sheet of Rs. 1,74,232 crores as of December 31, 2022. CRISIL, India’s premier rating agency, has evaluated and rated the Bank’s fixed deposit programme FAAA, indicating highest degree of safety, which is a reflection of the inherent strength of our Bank.
Brand: The Bank’s brand colour and logo signifies growth and energy. We are an institutional brand, and stand for strength, integrity and highest levels of corporate governance.
Outlook: The Indian economy is expected to grow at ~8% over the next few decades and India is well placed to become the 3rd largest economy in the world by 2030 with GDP of $ 8.4 trillion from $ 2.7 trillion in 2021. With strong technology capabilities, the Bank is well placed to participate and contribute to this growth. IDFC FIRST Bank looks forward to bringing newer solutions and services to customers and enhancing the quality of banking in India.
Ethical. Digital. Social Good.