25 features that make IDFC FIRST Bank one of the best banks in India

We spend a large part of our lives working to create wealth and financial security for ourselves and our families. To say that your bank should help meet this objective would be stating the obvious. However, when it comes to meeting the demands of today’s global lifestyle, conventional banks often fall short. You deserve a bank that maximizes your returns and offers superior banking experiences on par with global standards.

New-age banks like IDFC FIRST Bank more than deliver on these parameters. The following are 25 reasons why IDFC FIRST Bank is the ideal financial partner for today's consumers.

Savings Accounts for everyone and every need
 

1) Monthly interest credit on Savings Account
 

In today’s fast-moving world, you should not have to wait for extended periods to receive interest on your savings. That’s why, we credit the interest on our customers’ savings accounts on a monthly basis – not quarterly. As a result, they benefit from more liquidity as their interest amount compounds monthly, helping them earn "interest on interest".

2) Up to 7% interest p.a. on Savings Account
 

Most commercial banks in India offer 3 to 3.5% interest p.a. on savings accounts. IDFC FIRST Bank pays up to 7% interest p.a. based on the balance maintained, leading to additional earnings.

Also read: Why IDFC FIRST Bank's new Savings Account is among the Best | IDFC FIRST Bank

3) Zero charges on non-home branch transactions
 

It’s not uncommon for banks to charge you a fee for cash transactions made outside your home branch (i.e., where you opened the account). IDFC FIRST Bank does not believe in stifling its customers with such practices. When you bank with us, all cash transactions made at an IDFC FIRST Bank branch are free of cost, regardless of the transaction value. 

4) No charges on 25 financial services and transactions
 

Adding to your savings, IDFC FIRST Bank offers 25 key banking services and transactions free of cost when you maintain an average monthly balance of Rs 10,000. Some of these services include:

• RTGS
• NEFT
• IMPS
• Demand draft
• Pay order
• Cheque book issuance, etc.

In addition, we also offer the following services free of cost:

• Cash transactions
• Issue of passbooks, balance certificate, duplicate statement
• Cheque stop payment, etc.

5) High spend limits on Debit Cards
 

IDFC FIRST Bank Visa Platinum debit cards offer high daily limits of Rs 2 lakh on ATM withdrawals and Rs 6 lakh on Point-of-Service (POS) transactions. In addition, we offer among the highest personal accident and air accident insurance cover on our debit cards.

Also read: IDFC FIRST Bank receives FE India’s Best Banks Award for ‘Best Savings Product’ 2019-2020 | IDFC FIRST Bank

Credit Cards like no other

6) Low-interest rates on Credit Cards

With IDFC FIRST Bank credit cards, you get a lower interest rate on revolving credit. While the usual market rates are around 42% p.a., the APR on IDFC FIRST Bank credit cards is dynamic and can go as low as 9% p.a.

7) Lifetime free Credit Cards 

IDFC FIRST Bank's Credit Cards don't have any joining or annual renewal fees, and you don't need to spend any specified amount to keep your card lifetime free.

Also read: Why Choose Credit Card Over Debit Cards to Pay Utility Bills | IDFC FIRST Bank

8) Reward points as good as cash

To help our customers extract maximum value from their credit card reward points, we let you use them effortlessly and like actual cash. This means, you can pay for your everyday online purchases with reward points, with just a simple click. You can also redeem them against gift vouchers of well-known brands.

9) Reward points that never expire

Unlike most other banks, the reward points on your IDFC FIRST Bank credit card never expire as long as you hold an account with us. This allows you to accumulate points over the years and use them only when you need them.

Also read: How to Redeem Credit Card Points? | IDFC FIRST Bank

10) No interest on ATM cash withdrawals
 

When withdrawing cash from an ATM using a credit card, you will most likely be charged an interest fee that can go up to 42% per annum starting from the day of the withdrawal, in addition to a transaction fee up to Rs 500. With IDFC FIRST Bank credit cards, you don't have to pay any interest for ATM cash withdrawals until the repayment is due and the transaction fee is a nominal Rs 199 per withdrawal.

11) Image card
 

The image card feature lets you customize the look of your credit card. Use it to showcase your personality by choosing from our featured collection of artworks or an image of your own.

12) Fixed-Deposit-Backed Premium Credit Card
 

Consumers with low CIBIL scores often struggle to get a credit card. FIRST WOW! Credit Card by IDFC FIRST Bank has been designed for such cases and is issued against the security of your fixed deposit. You get a credit limit equal to 100% of the fixed deposit amount and a plethora of features to enjoy.

One tag, multiple benefits

13) 3-in-1 FASTag
 

IDFC FIRST Bank is India's first bank to offer a 3-in-1 FASTag. You can use it for paying toll charges, parking charges, and filling fuel - providing you with a complete mobility solution.

Also read: How to get FASTag Online in 6 Easy Steps | IDFC FIRST Bank

14) FASTag recharge via payments on WhatsApp
 

We believe in empowering our customers and making their lives easier through the use of technology. To simplify payments while on the move, we’ve introduced a unique feature – the first in India – that enables FASTag recharges through WhatsApp.

End-to-end solutions for all financial needs

15) Customer-first wealth management
 

With IDFC FIRST Bank, increasing your wealth is easy. We provide a comprehensive wealth management solution, which includes benefits such as, dedicated relationship managers, paperless DEMAT account opening, ability to research, edit, and invest in mutual funds online, and much more.

We also help you diversify your portfolio by facilitating the purchase of mutual funds, private equity, Sovereign Gold Bonds (SGBs), and term insurance. Moreover, investors can view all their investments on a consolidated investment dashboard.

Banking for customers beyond borders

16) NRI Banking services
 

IDFC FIRST Bank offers a complete suite of NRI banking services, such as:

• Higher exchange rates on remittance
• One-click PIS account
• Dedicated relationship manager
• Attractive interest rates on NRE and NRO savings account

Also read: Important reasons to open an NRI Savings Account | IDFC FIRST Bank

Empowering MSMEs with revolutionary banking services

17) One-stop Solution for all business needs
 

IDFC FIRST Bank offers a suite of current and trade account products and services. Some of these include:

• Curated products for all business segments like merchants, new business owners, agri-traders, and professionals
• WhatsApp banking for SMEs
• No limits or bank charges on business transactions across branches
• Comprehensive payment solutions enabled via POS, QR code and more
• Working capital loan facility based on GST returns

18) Beyond banking suite

Businesses rely on a variety of tools for smooth management of their operations. As a leading bank for businesses, IDFC FIRST Bank provides its current account holders an extensive array of complimentary enterprise tools for:

• ERP and accounting
• HRMS solutions
• Payroll
• Taxation
• Legal Advisory
• Logistics
• Society Management

19) Best-in-class digital cash management solution (CMS)

Our best-in-class CMS solution includes:

• Mobile-based cheque scan
• Chatbot-based auto-pay (e-NACH)
• Corporate wallet solutions 
• API-based working capital solutions

20) Wholesale banking

IDFC FIRST Bank offers a world-class corporate banking app that enables on-the-go banking for corporate customers with:

• Easier access to information
• Convenient payment solutions, and
• Real-time workflow tracking capabilities

A growth catalyst for start-ups

21) Banking services for start-ups
 

IDFC FIRST Bank offers zero-balance current accounts for start-ups for the first 3 years. The account includes commonly-used fund transfer services such as RTGS, NEFT, and IMPS, free of cost.

22) Founder Success Program
 

Going beyond banking with its customer-first approach, the Founder Success Program by IDFC FIRST Bank gives start-up founders access to mentorship, networking, and fundraising opportunities through a meticulously planned journey.

Fulfilling financial needs

23) Customised loans for personal and business needs
 

IDFC FIRST Bank's customised loan offerings include:

• Home loans with higher eligibility and attractive interest rates
• Loan against property (LAP) up to Rs 10 crores with 20-year extended tenues
• Business loans up to Rs 1 crore that are processed digitally
• Education loans for domestic and international courses
• New car loans with 10-year tenures
• Pre-owned car loans up to 15 lakh with 7-year tenures sanctioned as fast as 30 minutes

Leveraging technology for your banking needs

24) Advanced new mobile app
 

The IDFC FIRST Bank Mobile App offers unique features such as a cash flow summary, smart search, personal finance management, and much more. It also serves as a one-stop solution for all personal finance needs, such as mutual fund investing, seamless payments, applying for IPOs using the ASBA facility, and more.

Also read: Manage All Your Payments Seamlessly with IDFC FIRST Bank | IDFC FIRST Bank

25) World-class cutting-edge corporate banking portal
 

The corporate banking portal provides unique industry-first features, such as:

• Single window experience
• Intelligent report builder capability, and
• Unique online trade regulatory portal

25 reasons to bank with IDFC FIRST Bank... and counting

In addition to the above listed features, IDFC FIRST bank has a wide variety of banking, lending, and wealth management products to meet your needs.

The bank provides the ability to open an account online or with a mobile device in a few simple steps. Additionally, it has more than 600 branches across India, where you can speak with a representative in person. Customers also have access to over 732 ATMs.

In line with our core mantra, IDFC FIRST Bank puts its customers at the heart of everything it does. It is this dedication that pushes us to constantly innovate products that wow our customers. The bank strives for excellence in all categories, whether deposits, loans, credit cards, payments, and NRI banking, among others. With its customer-first approach, IDFC FIRST Bank's mission is to build the world's most customer-friendly bank.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.