IDFC FIRST Bank Privilege Banking Programs Terms and conditions:

These Terms and Conditions (the “Terms”) apply to and regulate the onboarding of a customer to the three tiers of the Programs, namely FIRST Select / FIRST Wealth / FIRST Private Privilege Banking Program (the “Program”) offered by IDFC FIRST Bank (the "Bank") to eligible Savings account holders (the “Customer(s)”).

Additionally, these Terms and Conditions also apply to and govern the operation of the three programs, consent obtained from customer(s) for grouping¹   of eligible saving accounts with the Bank and for issuance of an upgraded program debit card / cheque book. These terms and conditions are in addition to the terms and conditions applicable to standard IDFC FIRST Bank’s Savings Account (the “Primary Terms”) as available on www.idfcfirstbank.com.

1.       Program Eligibility

1.1.  Privilege program is offered at a customer level and the benefits are extended to all the privilege program customer(s) / group level.

1.2.  Onboarding to the Program is based on the customer(s) satisfying the prevailing program eligibility criteria for the respective Program and consenting for the same post acceptance of the Terms & conditions by the customer(s).

1.3 Customer(s) are required to meet any one of the below criteria(s). These criteria are subject to change without prior intimation, and customer(s) will be required to maintain the latest criteria as updated by the Bank time to time.

Eligibility Criteria: (Any one of the below criteria needs to be fulfilled to avail program and its benefits)

A.  FIRST Select

✔ Minimum Average Monthly Balance (AMB²) of Rs. 3 Lakhs in Saving Account (Consistent 6-month AMB to be maintained in saving account at a customer level / group level) OR

✔ Minimum Asset Under Management (AUM⁴) of Rs. 7.5 Lakhs at a customer / group level, OR

✔ Minimum Overall Relationship Value (ORV³) of Rs. 15 Lakhs at a customer / group level

B.    FIRST Wealth

✔ Minimum Average Monthly Balance (AMB²) of Rs. 10 Lakhs in Saving Account (Consistent 6-month AMB to be maintained in saving account at a customer level / group level) OR

✔ Minimum Asset Under Management (AUM⁴) of Rs. 25 Lakhs at a customer / group level, OR

✔ Minimum Overall Relationship Value (ORV³) of Rs. 50 Lakhs at a customer / group level

C.    First Private

✔ Minimum Average Monthly Balance (AMB²) of Rs. 1 Crore in Saving Account (Consistent 6-month AMB to be maintained in saving account at a customer level / group level) OR

✔ Minimum Asset Under Management (AUM⁴) of Rs. 1 Crore at a customer / group level, OR

✔ Minimum Overall Relationship Value (ORV³) of Rs. 3 Crore at a customer /group level

¹Group –A group is a set of customers of the bank who are related to each other through a set of predefined family relationships such as Spouse, Children, Father, Mother, Brother, Sister, Grandparents etc.  

One customer can only be part of one group at a time and a maximum of 8 customers can be grouped together.The Primary member in the group can be the oldest customer / account holder or as per the bank discretion.For a joint Account, only the primary holder will qualify for any program at an individual level.

²Average Monthly Balance (AMB) – Average Monthly Balance in an account is calculated by dividing the sum of each day’s balance in the Account and the number of days in the particular month.Balance is measured as a combined balance across all Saving account(s) linked to the individual Customer or over all account(s) of other customers linked to the Group.

 ³ Overall Relationship Value (ORV) is measured as a combined balance across Saving Account(s), Deposits and Investment holdings linked to Customer ID or Cumulative at a Group Level (Group ID).

⁴ Asset Under Management (AUM): Cumulative valuation of investments i.e., Mutual Funds and Alternates (Portfolio Management Services (PMS), Alternate Investment Funds (AIF), Bonds, etc)

1.4. Customers can continue to enjoy the benefits of the program by maintaining the program eligibility criteria mentioned above at Individual / Group Level.

1.5. In case the above-mentioned program eligibility criteria is not met at an Individual customer or Group level, the Bank reserve the right to modify the benefits of the existing program or change the program tier or migrate the customer program category to non-program category as per prevailing eligibility with prior intimation.In case of such withdrawal of prevailing program entitlement, all the existing program features (e.g., discounts, services, etc) will be withdrawn and the minimum balance requirements, fees & charges will be applicable as per the standalone product/account variants/services such as debit card / locker etc. held by the customer(s)  The Bank shall not be responsible/liable in any manner whatsoever for any costs, losses, damages or expenses, or other consequences, caused by reason of such instance/ migration /change of account category.

1.6. The customer(s) reserves the right to decline onboarding on to the Program through acceptable electronic or physical means at any point.

1.7. Any Card, Cheque book, Statement, Mobile Banking, Net Banking, ATM display or other Bank branded identification issued by the Bank to customer(s) to reflect the Program (branding) is to facilitate identification of the customer’s program type only. The Bank’s records shall be conclusive as to the Program allocated to the Customer at any time.

2. Grouping

2.1. Program benefit(s) is extended to all the member of the group satisfying the program eligibility criteria & the defined relationship.

2.2. Each of the customer(s) agree that the Primary member would be the first and primary point of contact for the Bank in relation to any communication / intimation with respect to the program(s).

2.3. Benefits are applicable only until the customer(s) is / are a part of the group of the program.

2.4. Each of the customer(s) in the group hereby agrees that the bank may upgrade the group to a higher program with better benefits depending on the eligibility and overall relationship value. Each of the customer(s)hereby agrees, undertakes, and acknowledges that the primary member shall have the sole right and the discretion to upgrade status of the group to a higher Program/s without individual consent again or as per bank’s discretion.

2.5. Each of the customer(s) in the Group further agrees to inform/communicate to the bank for the change of primary member at a group level in the event of death/account closure of the primary member. Additional requests for change in primary member at a group level will be entertained on case-to-case basis.

2.6. Consent for onboarding onto any of the program & acceptance of the Terms also includes consent for future upgrade, downgrade, change to suitable Program Tier or to regular account category is based on the bank’s sole discretion, with intimation to the customer.

2.7. Each of the customer(s)hereby authorizes and provides consent in favour of the primary member for addition/deletion of any new customer(s)/or deletion of their names from the program/s without their consent. Each of the customer(s) hereby agrees that such decision of the primary member would be final and binding on us and that the bank shall not be liable for any claims against the Bank by any of the customers (s).

2.8. In case, registered Email ID or mobile number is linked to multiple Customer IDs then each customer(s) has to provide the consent for the program.

2.9. IDFC FIRST Bank reserves the right to cancel/suspend/disqualify any customer or the cardholder from the benefits of the offer, if any fraudulent activity is identified as being carried out for the purpose of availing of the benefits under the offer or otherwise by use of the card. Bank decision in this regard shall be final and binding on the customer.

2.10. Nothing contained herein shall constitute or be deemed to constitute an advice, invitation, or solicitation to purchase any products/ services of any Merchant or any third party and is not intended to create any rights and obligations.

2.11. The offer by IDFC FIRST Bank is subject to applicable laws and regulatory guidelines/ regulations and as per bank's extant guidelines from time to time.

3. Program Features and Privileges (“Benefits”)

3.1. Benefits refers to any of the Products / Facilities / Discounts / Services / Arrangements / Debit Card / Reward Points or Non-Banking offers offered to the customer(s) / Account Holder(s) because of being on-boarded onto any of the three programs. The Benefits may be introduced/amended from time-to-time and may vary by program type. Benefits may also vary within the same program, depending on whether the customer(s) continues to satisfy the prevailing criteria for that program. These benefits may be offered not only by the bank but also by third parties designated by the bank, as the bank shall determine from time to time. These benefits may or may not be banking related. The bank reserves the right to modify, add or remove any banking, non-banking, or third-party benefit without any intimation to the customer. Bank shall not be liable for any third-party service failure or service issue.  

3.2. Benefits are applicable only until the customer(s) is / are a part of the family group of the program.

3.3. Benefits are subject to the prevailing regulatory guidelines for various customer types (Resident Individuals/, NRIs, Individuals/Non-Individuals).

3.4. The bank reserves the right to appoint / change the relationship manager of the customer(s).

3.5. Locker benefit is subject to availability at branch and benefit is at a group level.

3.6. The bank reserves the right to migrate customer(s) from current program to a different program as per the bank’s discretion. In case of any such migration, all existing program benefits (e.g., facilities, discounts, services, arrangements, beyond banking offers, debit card, reward points etc.) will be replaced with the new program/ non-Program category benefits. The bank shall not be responsible / liable in any manner whatsoever for any costs, losses, damages or expenses, or other consequences, caused by reason of such instance of migration.

3.7. Taxes as applicable would be charged separately.

3.8. Erstwhile Complimentary Subscription benefits have been discontinued for all customers on boarded onto any program effective from 16^th September 2022.

3.9. Program benefits are subject to change and as per the bank discretion.  To know more about IDFC FIRST reward /welcome reward points, click here.

3.10 Any person taking the advantage of privilege program shall be deemed to have read, understood, and accepted these terms and conditions.

4. Debit Card and Cheque Book

4.1. Each of the customer(s) in the group will receive an exclusive program debit card and program branded cheque book linked to his/her respective account/s by virtue of being on-boarded onto the program.

4.2. The program branded debit card shall bear no charges as long as the customer(s) Account Holder(s) is / are part of the said program. The program debit card will be provided subject to Permanent Account Number (PAN) details being updated with the bank records.

4.3. Card received at your end would be activated for domestic physical POS/ATM only by default as per the RBI guidelines. Customer can enable International, eCommerce and Contactless and limits via Net/Mobile Banking. Please note that the contactless can be enabled only post your 1^st physical transaction via POS/ATM.

4.4. The existing debit card, if any, will get hot listed post successful usage of new card or within 90 days of receipt of new card, whichever is earlier.

4.5. The customer / account holder agrees to undertake and confirm that he/she shall solely be responsible to comply with the provisions of the Foreign Exchange Management Act,1999 and the regulations of the Reserve Bank of India relating to foreign exchange in force from time to time.

4.6. The terms and conditions contained herein are in addition to the terms and conditions applicable to the savings account(s) opened by the customer(s) / account Holder.

4.7. For detailed features and benefits of program VISA debit card, please refer our website.

4.8. For VISA Affluent Dining Program Terms & Conditions, please click here.

4.9. For VISA ID Sentry Membership Terms & Conditions.

4.10. For VISA We Live Offer Terms & Conditions.

4.11. For Road Side Assistance Terms & Conditions, please click here.

4.12. For Complimentary Golf Access Terms & Conditions, please click here.

4.13. All the terms and conditions applicable to debit card would be applicable for program cards too. Please click here for details.

5. Others

5.1. The bank shall accept electronic or physical acceptance of the terms & conditions of the program. Acceptance through electronic or physical means includes (but is not limited to) explicit consent provided through the customer(s) registered mobile number/electronic emailing address / physical form.

5.2. Acceptance of these terms and conditions overrides the acceptance of any other terms and conditions accepted by the customer(s) in relation to the program/s existing with the bank.

5.3. The bank reserves the right to amend and change all [or] any of the features / services / fees / charges / eligibility criteria of the Program. However, any such amendment shall be made effective after prior intimation to the customer/account holder. The bank may communicate such amendments by hosting them on the website or in any other manner as decided by the bank.

5.4. IDFC FIRST BANK Limited also reserves the right to discontinue the program without assigning any reasons or without any prior intimation, whatsoever.

5.5. Any notice, statement, or other communication to be given to the customer(s) may be delivered to each of the customer registered mailing address, registered email id or registered contact number as updated in the Bank’s records by the said customer(s) and shall be deemed to have been effectively served on dispatch / deployment. In this connection, the bank shall not be liable in any way whatsoever to the said account holder(s) for any loss or damage if the communication is returned undelivered or received by a third party. Each of the customer(s) shall promptly notify the bank through acceptable physical or authenticated electronic means of any change in their registered mailing address / electronic e mail ID / registered contact number as previously updated in the bank’s record.

5.6 IDFC FIRST   Bank reserves the right, at its own discretion, to close the account in case: (a) Initial funding cheque is returned / bounced and funding as per the program is not received within 30 days of account opening or Branch Personnel is unable to successfully verify details of the account, post providing a 30-day notice to the customer.

6. Wealth Management

Mutual fund investments are subject to market risks. Please read the scheme information and other related documents carefully before investing. Past performance is not indicative of future returns. Please consider your specific investment requirements before choosing a fund or designing a portfolio that suits your needs. IDFC FIRST Bank Ltd. is a registered Mutual Fund Distributor with ARN code 110136. Alternate Products are offered through referral arrangement with third-party product providers without any risk participation by IDFC FIRST Bank. Insurance is the subject matter of solicitation. IDFC FIRST Bank Ltd. is a Registered Insurance Corporate Agent having license number CA0106. The purchase of Insurance products through IDFC FIRST Bank is purely voluntary and not linked to availing of any other services of the Bank.

I confirm that I have read, understood, and agree to the Terms & Conditions (T&C) including Charges as well as the Privilege Banking Program details along with application form and am aware they are available for reference on the IDFC FIRST BANK Limited website. I hereby confirm that I have also read and understood the contents of the Privilege Banking Program details and agree to be levied various charges mentioned therein as and when applicable to me. The T&C,  of the Privilege Banking Program and miscellaneous documents provided are in English language and, I have fully understood the same and would request IDFC FIRST BANK Limited to provide any further information in English language and I am aware they are available for reference on the IDFC FIRST Bank website https://www.idfcfirstbank.com.

I hereby declare that the details furnished in the application are true and correct to the best of my knowledge and belief and I undertake to inform IDFC FIRST BANK Limited of any changes therein, immediately. In case any of the information is found to be false or untrue or misleading or misrepresenting, I am aware that I shall be held liable for it.