IDFC First Bank was formed with the merger of IDFC Bank and Capital Ltd. The bank caters to both retail and Corporate sectors. The headquarters of the bank is in Mumbai. It is the first bank to offer 28 banking services free of cost for its savings bank account holders. Besides this, the bank offers a variety of deposit and loan products along with investment options. The bank’s goal is to cater to diverse customer needs with innovative products and services.
Different Types of Products and Services Provided by IDFC Bank
The different types of products and services provided by IDFC Bank are
- IDFC Bank Deposits
- IDFC Bank Loans
- IDFC Bank Cards
- IDFC Bank Investment Options
- IDFC Bank Insurance
IDFC Bank Deposits
IDFC Bank deposits constitute the IDFC Savings Account and IDFC Current Account. IDFC Savings Account for easy banking where you can deposit and withdraw cash as and when you require and IDFC Current Account for seamless business transactions
IDFC Savings Account
There is a Savings Account Plan for every individual as per his/her needs. They are:
Type of Account | Primary Features | Common Features |
IDFC Savings Account | For individuals, HUFs, and foreign nationals residing in IndiaAMB: Rs. 25000Special privileges on debit card | Monthly interest credit Free IMPS/RTGS/NEFT transactions at branches Free cash deposit and cash withdrawals Free cheque book facility Free IDFC Bank Net Banking, Mobile Banking, and SMS alerts Free ATM transactions Free account statements Free debit card Free interest certificate No charges for account closure Zero charges on transactions in non-home branches Free personal accident insurance cover of Rs. 35 lakhs and air accident cover of Rs. 1.00 crore  |
First Power Account | For women over 18 years. Should be an Indian Citizen, Resident Indian, or foreign national residing in IndiaAMB: Rs. 25000Visa Signature card issued50% discount on the 1st year locker rent | |
TASC Institutional account | For Schools and Colleges, Hospital and healthcare units, NGOs, Housing Societies, Clubs and Associations, Religious InstitutionsDoorstep BankingBulk uploads, UPI, QR, and Virtual AccountsIntegrated Cash Management ServicesHigh cash deposit limitsDedicated Relationship Manager | |
Corporate Salary Account | For individuals employed by CorporatesAMB: Nil till salary is credited to the account. When salary credit stops, Rs. 25000 for an account with a Visa Platinum Debit Card, Rs. 10000 for an account with a Visa Classic Debit card and | |
Senior Citizens Savings Account | Indian Citizens and Resident Indians above 60 yearsAMB: Rs. 25000Preferential interest rates for fixed and recurring depositsVisa Platinum Debit Card | |
NRE Savings Account | For Non-Resident Indians, Persons of Indian Origin (PIO), Overseas Citizens of India, Seafarers working on International Vessels, Oil Rig Employees working on International Offshore Projects, Students studying at overseas locationsVisa Signature International Debit Card | |
NRO Savings Account | For Non-Resident Indians, Persons of Indian Origin (PIO), Overseas Citizens of India, Seafarers working on International Vessels Oil Rig Employees working on International Offshore ProjectsFor parking income from investments made in India in INRVisa Signature Domestic Debit card |
IDFC Bank Current Account
A variety of Current Accounts to suit the requirements of different businesses are available Current Accounts except current accounts for professionals can be opened by individuals, Sole Proprietorship and Partnership Firms, HUFs, Private and Public Limited Companies, and LLPs.
Type of Account | Primary features |
100K Current Account | AMB: Rs. 1.00 lacFree cash deposit limit: Rs. 12.00 lac per monthFree cheque leaves: 300 per monthFree ATM transactions: 25 per monthFree DDsFree Visa Signature Debit Card |
50K Current Account | AMB: Rs. 50000Free cash deposit limit: Rs. 6.00 lac per monthFree cheque leaves: 200 per monthFree ATM transactions: 15 per monthFree DDsFree Visa Signature Debit Card |
25K Current Account | AMB: Rs. 25000Free cash deposit limit: Rs. 3.00 lac per monthFree cheque leaves: 50 per monthFree ATM transactions: 10 per monthFree DDsFree Visa Signature Debit Card |
10K Current Account | AMB: Rs. 10000Free cash deposit limit: Rs. 2.00 lac per monthFree cheque leaves: 25 per monthFree ATM transactions: 5 per monthFree DDsFree Visa Signature Debit Card |
Dynamic Current Account for Professionals | Doctors, Lawyers, Architects, CA/CS/CMS basis valid membership certificate/licence can applyAMB: Not stipulatedThe cash deposit limit is 10 times the AMBFree cheque leaves: 250 per month8 free DDs per month |
IDFC Bank Cards
IDFC Bank issues debit cards and credit cards to eligible customers. The various variants of IDFC debit cards and credit cards are:
IDFC Debit Cards
- Visa Platinum Debit Card
- Visa Classic Debit Card
- Visa Classic Debit Card
- RuPay Platinum Debit Card
- RuPay Classic Debit Card
- Visa Platinum Business Debit Card
Credit Cards
- First Millenia Credit Card
- First Wealth Credit Card
- First Classic Credit Card
- First WOW Credit Card
IDFC Bank Loans
The bank provides loans for realising the dream of owning a home or a car, pursuing higher education, to meet urgent financial requirements, and to develop businesses. The bank also has various SME loan schemes to help small and medium businesses.
Type of Loan | Primary features |
Home Loan | Minimum income for salaried individuals: Rs.1.5 lacs p.a.Minimum income for self-employed individuals: Rs. 1 lac p.a.Have variants to suit individual requirementsLoan amount ranging from Rs.1 lac to Rs. 5 crores Tenure: Maximum 30 years |
Education Loan | There are variants under education loan to pursue higher education in India or abroad and for school fees financing.Collateral-free loan up to Rs. 50 lacs for studies abroad, Rs. 30 lacs for inland studies, and Rs. 9 lacs for financing school feesGetting admission for the preferred course is the primary requirementRepayment: Flexible repayment up to 15 years for inland and foreign studies and 2 years for refinancing school fees |
Personal Loan | Salaried and self-employed individuals can applyLoan amount up to Rs.1 crore to fulfil personal financial requirementsRepayment period: Maximum 60 months |
New Car Loan | For the purchase of a new car100% ex-showroom price will be providedTenure: Maximum 10 yearsNo pre-closure charges |
Pre-owned car loan | For the purchase of used carsLoan amount from Rs. 1 lac to Rs. 2 crores. 200% of the LTV of the car will be the loan valueRepayment: Maximum 84 months |
IDFC Investment Options
Term Deposits are the most lucrative investment options in IDFC Bank. The different types of term deposits available are:
Type of Deposit | Primary Features |
Standard Fixed Deposit | Funds deposited for a fixed tenure between 7 days to 10 yearsInterest higher than savings account interest |
Senior Citizen Fixed Deposit | Resident Indians aged above 60 years are eligibleTenure: 7 days to 10 years0.5% additional interestNo penalty for premature withdrawal |
Flexi Fixed Deposit | Open FD with an initial amount and link it to the IDFC savings account or Current AccountFix a limit in the IDFC Savings Account and current account so that any amount above the limit will be automatically transferred to FD to earn higher interest |
Recurring Deposit | Invest in instalmentsMinimum investment: Rs. 100Tenure: 6 months to 10 yearsNo penalty on missed instalments |
NRE Fixed Deposit | All NRI customers of IDFC Bank Repatriable depositsTenure: 1 year to 10 yearsDeposit maintained in INR |
NRO Fixed Deposit | All NRI customers of IDFC Bank to park income from investment in India Tenure: 7 days to 10 yearsDeposit can be repatriated after paying the applicable taxes with a limit of 1 million USD in a financial year             |
FCNR Deposit | Existing IDFC Bank CustomersInvestment in approved foreign currencyEarn higher income on investmentInterest exempted from taxTenure: 1 year to 5 years |
The other investment options available in IDFC First Bank are:
- Mutual Funds
- Sovereign Gold Bonds
IDFC Banking Services
The following banking services are provided free for all account holders of IDFC Bank.
- IDFC Bank Mobile Banking and Net Banking: For hassle-free online funds transfer and non-financial transactions like balance enquiry, account statements, request a cheque book, apply for DD, etc.
- Missed call Service: You can check your account balance by giving a missed call to IDFC Balance Check Number 1800-2700-720.
- SMS Banking: You can get your account balance, account statement, mini-statement, etc., by sending an SMS to IDFC Balance Check Number 9289289960.
- WhatsApp Banking: To get your account information and information about various products you can send a message to IDFC WhatsApp number 95555 55555.
IDFC Bank Customer Care
To reach the IDFC Bank Customer Care helpline you can call the IDFC Customer Care Number at 1800 10 888 or send an email to banker@idfcfirstbank.com. The services are available between 9.30 am to 6.00 pm on all days except 2nd and 4th Saturdays and Sundays.
IDFC First Bank FAQ’s:-
IDFC First Bank provides 28 banking services free for IDFC Savings account holders.
The frequency of interest credit to IDFC Savings Account is monthly.
Yes. IDFC First Bank School Fees Financing scheme under education loan finances kindergarten fees.
Yes. The loan can be availed for more than one kid.
The maximum repayment period for IDFC First Bank home loan is 30 years.