IDFC First Bank has announced changes to the terms and features of its credit cards, which will take effect on February 20, 2025. The changes include revisions to the Annual Percentage Rate (APR), fuel fee and surcharge waiver, statement and payment due date, education fee payments, railway lounge access, add-on card fee, card replacement fee, and more.

The APR range will be revised to 8.5% p.a. to 46.2% p.a., with an overdue interest rate of 47.88% p.a. (not applicable for FIRST SWYP Credit Card). The statement date for FIRST Millennia, FIRST Wealth, and FIRST SWYP Credit Cards will be the 20th of each month, with the payment due date remaining 15 days later.

The bank has also introduced a 1% fee (minimum Rs 249) for education fee payments made through third-party platforms like CRED, PayTM, Cheq, MobiKwik, and others. However, payments made directly at the school or college’s Point of Sale (POS) machines or via their official website will not be subject to this fee.

Fuel expenditures beyond Rs 30,000 per statement cycle will be subject to a 1% fee, and the maximum amount that the Ashva, Mayura, and FIRST Wealth Credit Cards can waive the fuel surcharge is Rs 300.

Additionally, railway lounge access will now require a minimum monthly spend of Rs 20,000 to qualify for free access. The add-on card fee has been increased to Rs 499 + taxes, except for Ashva, Mayura, and FIRST Private Credit Cards. The card replacement fee has also been increased to Rs 199 + taxes, except for Metal & Digital Credit Cards.

It’s worth noting that these changes do not apply to the FIRST Private Credit Card, and GST at 18% will be applicable on fees, interest, and charges. Merchant Category Codes (MCCs) will also determine applicable charges and rewards.

IDFC FIRST Bank has announced changes to its credit card terms, effective February 20, 2025. The changes impact various aspects of card usage, including statement dates, payment due dates, fees, interest rates, and lounge access. Key changes include:

* New statement date: Cardholders of FIRST Millennia, FIRST Wealth, and FIRST SWYP Credit Cards will have their statement dates generated on the 20th of every month, with the payment due date remaining unchanged at 15 days after the statement date.
* Education fee payments: Payments made through third-party platforms will incur a 1% fee (minimum ₹249). Cardholders can avoid this fee by making direct payments.
* Fuel fee: A 1% fee will apply to total fuel spends exceeding ₹30,000 in a statement cycle, with a minimum charge of ₹400 (1%) plus applicable taxes.
* Fuel surcharge waiver: The cap on the waiver for Ashva, Mayura, and FIRST Wealth Credit Cards is now ₹300 per statement cycle.
* Interest rates: The dynamic interest rate range has been updated to 8.5-46.2% per annum (previously 9-43.8% per annum).
* Railway lounge access: Complimentary access is now linked to a minimum monthly spend of ₹20,000 in the previous calendar month.
* Add-on cards: Newly issued add-on cards will attract a joining and annual fee of ₹499 plus taxes, while pre-existing add-on cards will be exempt.
* Card replacement fees: The fee for replacing a lost or damaged card has increased to ₹199 plus taxes.

These changes do not apply to the FIRST Private Credit Card, and all fees, charges, and interest rates are subject to GST at 18% or as per government regulations. The bank continues to use Merchant Category Codes (MCCs) to classify transactions and apply relevant charges.

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IDFC First Bank announced its unaudited financial results for the quarter ended December 31, 2024, and for the nine months of FY25. The bank reported a strong performance in terms of deposits and loans, with customer deposits growing by 28.8% year-on-year to ₹2,27,316 crore, and loans and advances growing by 22.0% year-on-year to ₹2,31,074 crore.

The bank’s cost of funds for Q3 FY25 was 6.49%, and its CASA (Current Account Savings Account) ratio remained stable at 47.7%. The bank’s retail deposits account for approximately 80% of its total customer deposits.

The bank also reported significant growth in its other businesses, including:

* Wealth Management AUM (Assets Under Management), which grew by 53% year-on-year to ₹42,778 crore
* FASTag, which has issued 22 million FASTags
* Tax collections, which the bank is now doing for the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC)

The bank’s asset quality remained stable, with a gross NPA (Non-Performing Asset) of 1.94% and a net NPA of 0.52%. However, the bank has been monitoring the microfinance loan book closely, given the increasing default rate in the sector.

The bank’s provisioning for Q3 FY25 was driven by higher slippages in the microfinance book, and the bank did not use its microfinance provisioning buffer.

The bank’s net interest income (NII) rose by 14% year-on-year to ₹4,902 crore, while its net profit decreased by 53% year-on-year to ₹339 crore. The decline in net profit was primarily due to slower income growth from microfinance loan disbursements, higher provisioning for microfinance, and the normalization of credit costs in the non-microfinance business.

Overall, the bank’s capital position remained healthy, with a total capital adequacy ratio (CAR) of 16.11% and a common equity Tier 1 (CET-1) ratio of 13.68%.

IDFC First Bank has released the recording of its Q3 FY25 Earnings Call. The bank’s third-quarter financial results were announced on January 13, 2023, and the earnings call was held on the same day.

During the call, the bank’s management team discussed the company’s financial performance for the quarter, which saw a significant improvement in profitability. Net interest income rose by 21.4% year-on-year to ₹4,444 crore, while net interest margin (NIM) expanded by 30 basis points to 3.45%. The bank’s non-interest income also grew by 14.4% year-on-year to ₹1,244 crore.

The bank’s net profit for the quarter rose by 45.6% year-on-year to ₹1,244 crore, driven by the improvement in net interest income and non-interest income. The bank’s return on equity (RoE) and return on assets (RoA) also improved, rising to 11.4% and 1.2%, respectively.

The bank’s management team attributed the strong performance to its focus on improving asset quality, reducing provisioning, and increasing fee income. The bank has also been investing in digital initiatives to improve customer experience and increase efficiency.

The bank’s asset quality has also shown significant improvement, with gross non-performing assets (GNPA) declining by 34 basis points to 4.33% of total assets. The bank’s provision coverage ratio has also improved, rising to 67.1%.

The bank’s management team also discussed its plans for the future, including its plans to expand its presence in the rural market and to increase its fee income. The bank has been investing in its digital platform and has launched several new products and services to improve customer experience.

Overall, IDFC First Bank’s Q3 FY25 earnings call highlighted the bank’s strong financial performance and its focus on improving asset quality and increasing fee income. The bank’s management team’s commentary on its future plans and strategies also provided insights into the bank’s growth prospects.

Here are the key highlights from the earnings call:

* Net interest income rose by 21.4% year-on-year to ₹4,444 crore
* Net interest margin expanded by 30 basis points to 3.45%
* Non-interest income grew by 14.4% year-on-year to ₹1,244 crore
* Net profit rose by 45.6% year-on-year to ₹1,244 crore
* Return on equity (RoE) and return on assets (RoA) improved to 11.4% and 1.2%, respectively
* Gross non-performing assets (GNPA) declined by 34 basis points to 4.33% of total assets
* Provision coverage ratio improved to 67.1%
* Bank plans to expand its presence in the rural market and increase fee income.

The article by BW Businessworld features an interview with Shweta Shende, the Country Head of Sustainable Living at IDFC First Bank. Shende emphasizes the importance of financial literacy and its equal importance for individuals of all income groups. According to her, financial literacy is a fundamental human right that enables individuals to manage their finances effectively and make informed decisions about their financial lives.

Shende states that financial illiteracy can have severe consequences, including living paycheck to paycheck, accumulating debt, and missing opportunities for financial growth. She cites a study that found that even in developed countries, 76% of students are not familiar with basic concepts of personal finance, such as compound interest.

The IDFC First Bank’s Shende suggests that financial education should be provided at the early stages of an individual’s life, starting with children in elementary school. This, she argues, would allow them to develop healthy financial habits and make sound financial decisions.

Shende further highlights the disparities in financial education among different sections of society, with those from lower-income families being less likely to receive such education. This, she suggests, perpetuates a cycle of financial illiteracy and inaccessibility. To address this, Shende advocates for programs that provide affordable financial education services, particularly targeting marginalized communities.

In addition to individual financial education, Shende emphasizes the need for financial systems that are equitable, inclusive, and accessible. She suggests that banks and financial institutions have a crucial role in providing financial products and services that cater to diverse needs and socio-economic backgrounds. By doing so, they can promote financial stability, reduce income inequality, and enable individuals to break the cycle of poverty.

In conclusion, Shende firmly believes that financial literacy should not be a privilege for the financially literate few, but rather a fundamental human right that all individuals should be entitled to. By providing early financial education and inclusive financial services, we can empower individuals from all walks of life to manage their finances effectively and achieve long-term financial well-being. As Shende suggests, “When people are equipped with financial knowledge and skills, they can transform their lives, communities, and the economy at large.”

IDFC First Bank has introduced the First Earn credit card, a unique card that enables users to make UPI payments and offers rewards and cashback on transactions. To obtain the card, customers need to make a fixed deposit with the bank. The card allows users to pay using UPI, which is a convenient and popular mode of payment.

The card offers attractive benefits, including 100% cashback on the first UPI transaction, up to Rs. 500, within 15 days of card activation. After that, users can earn 1% cashback on UPI payments and 0.5% cashback on other payments such as bill payments or online shopping. Additionally, the card offers a 25% discount, up to Rs. 100, on movie ticket bookings.

The card also provides accident insurance, covering up to Rs. 2 lakh in case of an emergency. Furthermore, users can scan over 60 million QR codes for payments using the card. The First Earn credit card is an excellent option for individuals who frequently use UPI and want to earn rewards while making payments.

Overall, the IDFC First Earn credit card offers a range of benefits that make it an attractive choice for customers who value convenience, rewards, and insurance. The card’s UPI payment functionality, cashback offers, and insurance coverage make it a unique and valuable product in the credit card market.

IDFC First Bank has launched a new UPI-enabled credit card, the FIRST EA₹N RuPay Credit Card, in collaboration with RuPay. This card is designed to provide customers with a convenient and rewarding option, especially for those who are new to using credit cards. One of its unique features is that it is secured by a fixed deposit (FD), making it easily accessible to anyone. The card is also linked to the customer’s FD, with a lien placed on the entire value of the FD to establish the credit limit.

The card offers several benefits, including a 7.25% yearly interest rate on fixed deposits with a duration of 1 year and 1 day. Cardholders can also earn cashback rewards on UPI transactions, including 1% cashback on transactions made through the IDFC First Bank app and 5% cashback on transactions made through other UPI apps, as well as on insurance, utility bills, and e-commerce purchases. Additionally, new cardholders receive a special launch offer, including 100% cashback on their first UPI transaction amount, up to Rs 500, within 15 days of card activation.

The card also comes with several additional perks, including a complimentary roadside assistance package, lost card liability cover of Rs 25,000, and personal accident insurance of Rs 2,00,000. The annual fee for the first year is Rs 499 (plus GST), and Rs 499 (plus GST) onwards. Overall, the FIRST EA₹N RuPay Credit Card offers a range of benefits and rewards for customers, making it an attractive option for those looking for a convenient and cost-effective financial solution.

IDFC FIRST Bank has launched its first co-branded RuPay credit card, marking a significant milestone in the banking sector. The FIRST EARN RuPay Credit Card is designed to provide customers with a unique combination of rewards and benefits. This card is specifically tailored to meet the needs of young professionals, entrepreneurs, and small business owners who are seeking a credit card that offers attractive rewards and perks.

The FIRST EARN RuPay Credit Card offers a wide range of benefits, including cashback rewards, fuel surcharges, and premium insurance coverage. Cardholders can earn up to 5% cashback on their daily spends, with higher rewards rates for specific categories such as dining, entertainment, and online shopping. Additionally, cardholders can earn 1% cashback on all other purchases.

The card also offers a waiver on fuel surcharges, which can be redeemed as cashback or converted to reward points. Furthermore, the card provides a comprehensive insurance package, including accident insurance, purchase protection, and travel insurance. Cardholders can also enjoy concierge services, including travel planning, event booking, and meal reservations.

To make the most of the rewards and benefits, cardholders need to earn a minimum of 1,500 points in a calendar quarter, which can be redeemed for rewards such as flights, hotel stays, and dining experiences. The card also comes with a premium membership program, which offers exclusive benefits and experiences.

The FIRST EARN RuPay Credit Card is available for both online and offline applications, and customers can choose from a range of plans, including annual fees and welcome offers. With its unique blend of rewards, benefits, and insurance coverage, the FIRST EARN RuPay Credit Card is poised to become a popular choice among young professionals and entrepreneurs who are seeking a premium credit card experience.

IDFC FIRST Bank, in partnership with RuPay, has launched the FIRST EARN RuPay Credit Card, a UPI-enabled credit card that offers cashback on UPI payments. This unique credit card is backed by a fixed deposit, making it available to everyone, regardless of financial background or credit score. The card offers a seamless integration with UPI, allowing customers to earn cashback on over 60 million UPI-enabled merchants across India. With every UPI spend, customers can earn up to 1% cashback, making every transaction rewarding.

The card also offers a range of benefits, including 0.5% cashback on transactions made through other UPI apps, as well as on insurance, utility bills, and e-commerce purchases. Additionally, new cardholders can enjoy a cashback launch offer, with 100% cashback on their first UPI transaction amount up to Rs. 500 within 15 days of card creation.

IDFC FIRST Bank’s Head of Credit Cards, Shirish Bhandari, said, “We are thrilled to announce the launch of the FIRST EARN RuPay Credit Card, specifically designed for first-time credit card users as a gateway to the world of financial services.”

Rajeeth Pillai, Chief of Relationship Management, NPCI, added, “We are happy to launch FIRST EARN RuPay Credit Card in partnership with IDFC FIRST Bank. This UPI-enabled virtual credit card is designed to make transactions both convenient and highly rewarding for cardholders.”

The FIRST EARN RuPay Credit Card is available online and can be applied for through a seamless digital process on the bank’s website. IDFC FIRST Bank is committed to providing innovative products that meet the evolving needs of its customers, with a focus on customer-centricity, digital banking, and social good banking.

IDFC FIRST Bank has partnered with RuPay to launch a new credit card called FIRST EARN, which is backed by a fixed deposit. This unique feature allows anyone to apply for the card, making it accessible to a wider audience. The card is UPI-enabled, allowing users to make transactions at over 60 million UPI QR code-enabled merchants. With every UPI transaction, cardholders can earn up to 1% cashback, making everyday transactions rewarding.

The card is designed specifically for first-time credit card users as a gateway to the financial services world. It offers instant card issuance and seamless UPI integration, allowing users to start using it immediately. The card is also secured by a fixed deposit, providing additional peace of mind for users.

Additionally, the card offers attractive benefits, including 100% cashback on the first UPI transaction amount up to INR 500 within 15 days of card creation, and 1% cashback on UPI transactions made through the IDFC FIRST Bank app, as well as 0.5% cashback on transactions made through other UPI apps, insurance, utility bills, and e-commerce purchases.

The bank also offers 7.25% interest on 1-year 1-day FD, providing cardholders with a lucrative option for their fixed deposits. Overall, the FIRST EARN credit card is an innovative product that combines the benefits of a credit card and a fixed deposit, making it an attractive option for those looking for a reliable and rewarding payment solution.

IDFC FIRST Bank has made a significant milestone in its journey to become a comprehensive universal bank by integrating with the Central Board of Direct Taxes (CBDT) to collect direct taxes. This integration allows customers to pay their income taxes through various user-friendly channels, including online banking, mobile banking, and physical branches. With the approval of both the Government of India and the Reserve Bank of India, IDFC FIRST Bank becomes an authorized collector of direct taxes on behalf of the CBDT. This simplifies the tax payment process and provides customers with a hassle-free experience.

The bank’s direct tax collection integration offers several key features, including seamless tax payment, multiple payment channels, instant payment confirmation, and a user-friendly interface. Customers can pay their taxes using cash, cheque, or demand draft at any bank branch, or online through the retail and corporate internet banking platforms. The bank also plans to introduce UPI and card payment options in the future.

The integration is part of IDFC FIRST Bank’s vision to become a world-class bank that adheres to principles of ethical banking, customer-friendly services, digital innovation, and social good. The bank has core principles of being “near and dear” to customers, offering customer-friendly banking, technology-driven innovation, and social good banking. With this partnership, IDFC FIRST Bank is reinforcing its commitment to technological innovation, customer convenience, and ethical banking practices, while also contributing to India’s digital growth and financial inclusion efforts.

The daily market summary by IDFC First Bank on January 14, 2025, provides an overview of the petrochemical market. Here’s a summary of the key points:

Crude Oil: The crude oil prices continued to decline, with Brent crude down 1.1% at $83.4 per barrel, while WTI crude was down 1.1% at $78.5 per barrel. The decline was attributed to the increasing supply in the market and worries about demand.

Naphtha: Naphtha prices fell 1.3% to an average of $460 per tone, driven by the weaker crude oil prices and ample supply. The demand for naphtha from the Asia-Pacific region was also subdued, which added to the weakness.

Ethylene: The ethylene prices stabilized, with offers around $1,200 CFR NE Asia, and were supported by weaker supply and stable demand. The prices were expected to remain stable in the short term as the demand was expected to remain supported by the strong downstream demand.

Polyethylene : The polyethylene prices in Asia-Pacific remained stable, with offers around $1,350 CFR NE Asia, while in Asia, offers were around $1,420 per ton. The stable demand and supply imbalance kept the prices stable.

Polypropylene : The polypropylene prices in Asia-Pacific remained stable, with offers around $1,250 CFR NE Asia, while in Asia, offers were around $1,320 per ton. The demand remained stable, and the supply was expected to remain tight in the short term, which would keep prices stable.

Petcoke: The petcoke prices remained stable, with offers around $140 per ton. The demand was expected to remain strong in the short term, backed by the positive sentiments in the downstream sectors.

Freight: The freight rates remained stable, with shipping lines and owners increasing rates to counterbalance the rising bunker costs. The demand for shipping was expected to remain strong in the short term.

Outlook: The petrochemical market is expected to remain stable in the short term, driven by the stable demand and supply imbalance. The crude oil prices were expected to remain volatile, which could impact the petrochemical prices in the long term. The demand for petchems was expected to remain strong, backed by the positive sentiments in the downstream sectors.

The bank has made efforts to simplify its services to make them more customer-friendly. To achieve this, the bank has removed complex descriptions, calculations, and legal jargon that may confuse customers. As a result, the bank offers zero fees on most services in its savings accounts, including: SMS alerts, instant money transfer (IMPS), real-time gross settlement (RTGS), national electronic funds transfer (NEFT), cash deposits, non-home branch access, ATM and branch cash withdrawals, third-party transactions, cheque books, demand drafts, pay orders, duplicate statements, and other commonly charged services. This initiative is unique, as it is the first and only bank in India to offer zero fees on these services. This move aims to make banking hassle-free and accessible to a wider audience.

Source: https://www.outlookindia.com/hub4business/idfc-first-bank-goes-live-on-direct-tax-collection-system-of-cbdt

IDFC FIRST Bank has integrated with the Income Tax Portal to allow customers to pay direct taxes online and through branch services. This integration enables customers to make payments through the bank’s retail and corporate internet banking platforms, as well as at any IDFC FIRST Bank branch using cash, cheques, or demand drafts. The system provides downloadable challans, instant payment confirmations, and a simplified process for managing tax obligations. The bank’s Country Head, Chinmay Dhoble, stated that this integration is a step towards becoming a fully universal bank, offering customers a comprehensive suite of products and services. The bank aims to simplify the tax payment process and enhance customer convenience. With this integration, IDFC FIRST Bank customers can now enjoy a hassle-free experience for paying direct taxes.

Source: https://liveindia.tv/business/idfc-first-bank-joins-income-tax-portal-to-enable-direct-tax-payments/

IDFC FIRST Bank has launched the IDFC FIRST Academy, a digital platform aimed at improving financial literacy in India. The platform offers accessible courses on complex financial topics, designed to help individuals manage their finances more effectively. The courses are bite-sized, consisting of videos, blogs, quizzes, and scenario-based activities. The program has three levels, covering 35 courses and 255 topics. Each course topic takes 3-5 minutes to complete, allowing users to progress at their own pace. Upon completion, participants receive certificates based on their scores. The IDFC FIRST Bank, a universal bank built on ethical principles, offers transparent products with no hidden charges. It operates a digital platform with features such as goal-based investing and personal finance management. The bank focuses on serving underbanked customers, financing over 40 million customers, including SMEs, women entrepreneurs, and rural families. Additionally, the bank is committed to high environmental, social, and governance (ESG) standards, integrating them into all aspects of its operations.

Source: https://timesofindia.indiatimes.com/business/india-business/idfc-first-launches-academy-to-improve-financial-literacy/articleshow/116912133.cms

The Indian women’s cricket team has announced its squad for the upcoming ODI series against Ireland Women, with Smriti Mandhana set to lead the side. Deepti Sharma will serve as her deputy. The series, comprising three ODIs, will take place in Rajkot, India, from January 10 to 15. Experienced players Harmanpreet Kaur and Renuka Singh Thakur have been rested to manage their workload, creating opportunities for emerging talents. The squad features a balanced mix of senior players like Jemimah Rodrigues and Deepti Sharma, along with newcomers like Raghvi Bist and Minnu Mani. The Indian team will look to gain momentum ahead of the 2025 calendar, with a focus on player rotation and nurturing future stars. The series will be played at the Niranjan Shah Stadium in Rajkot, with the first ODI scheduled for January 10.

Source: https://cric-mate.com/latestnews/team-india-announces-squad-for-idfc-first-bank-odi-series-against-ireland-women