Domestic trade finance

We at IDFC FIRST Bank provides bill discounting or bill purchase facilities generated from domestic trade at competitive rates. This is a short term working capital solution to assist in bridging the funding gap between the sale of goods or services to the realization of sales proceeds.

With IDFC FIRST Bank, you can enjoy the hassle-free process of issuing domestic LC to your suppliers using our comprehensive, offline as well as fully-automated online service. Our bank letter of credit mechanism allows you to explore the business opportunity with different suppliers domestically.

Our Services:

• Initiate an LC and Amendment requests on our BXP – Online Trade Portal
• 24x7 repository of the LC copy/ drafts and advises
• Flexibility to provide online acceptance/payment instructions

Domestic bill for collection is yet another helpful feature amongst IDFC FIRST Bank’s many trade finance offerings. In bills for collection, the seller approaches the Remitting bank for collection of a payment, who further sends documents to the Collecting bank (buyers bank), along with instructions for payment. Funds are received from the buyer’s bank and remitted to the seller through the stated banks in exchange for those documents.

Our Services:

• Receive transaction alerts on document arrival
• Improve your payment promptness, with a complete view of all your collection bills, beneficiaries and maturities through our BXP – Online Trade Portal

We at IDFC FIRST Bank offer the services of advising domestic LCs received from your buyers and perform authenticity of LC received and then accurately transmit/advise to you. We confirm domestic LC which enables to reduce issuing bank’s commercial credit risk. It assures you of payment so that you can perform as per the LC terms.

Our Services:

• 24x7 repository of advised LC copy through our BXP – Online Trade Portal
• Benefit from our well-entrenched correspondent bank tie-ups
• Quick and cost-effective confirmation of arrangements
• Dedicated client service desk to serve you better