
The bank operates across retail, wholesale, and treasury segments, focusing on building a robust retail franchise while continuing to serve corporate and infrastructure clients. A key strategy is leveraging digital banking and technology-driven solutions.
IDFC First Bank benefits from the combined strengths of IDFC’s infrastructure financing expertise and Capital First’s retail presence. This diversified portfolio presents opportunities for growth. However, the bank faces challenges common to the sector, including intense competition, managing non-performing assets, and navigating regulatory changes. Consistent profitability remains a key focus area.
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IDFC First Bank breathing room: What you should know from February 2025 onwardsLet me know if you’d like me to make any further changes!
As of February 20, 2025, several changes will be implemented in the credit card policy. With the exception of Ashva, Mayura, and FIRST Private Credit Cards, add-on cards issued on or after this date will have a joining and annual fee of Rs 499 + taxes. This means that all new add-on cardholders will be required to pay a one-time joining fee and an annual fee, which will be increasing the overall cost of credit card usage.
Furthermore, the card replacement fee will also be increased to Rs 199 + taxes, except for Metal & Digital Credit Cards. This means that cardholders will need to pay more whenever they need to replace their physical credit cards. However, it’s worth noting that this change does not apply to the aforementioned exceptions, including Ashva, Mayura, and FIRST Private Credit Cards.
Additionally, starting on February 20, 2025, new personalized credit card designs will also come with an annual fee of Rs 499 + taxes. This change will apply to all new personalized cards, including those issued on or after this date. This means that homeowners will need to pay an additional fee for custom-designed cards.
It’s worth noting that these changes do not apply to existing credit card holders, and they will not be affected by these policy updates. Only new cardholders who sign up for credit cards on or after February 20, 2025, will be subject to these new fees.
In summary, the changes to the credit card policy will impact new add-on cardholders and those who opt for personalized credit cards, with increased fees for joining and annual costs, as well as card replacement fees. Existing cardholders will not be affected by these changes. It is essential for new cardholders to understand these changes before signing up for a credit card to ensure they are aware of the associated costs.
IDFC FIRST Bank is set to update its credit card policies, effective February 20, with significant changes – learn what’s new now.
IDFC FIRST Bank has announced changes to its credit card rules, which will come into effect from February 20. The changes aim to provide more clarity and transparency to its customers regarding the bank’s credit card policies and offerings. Here are the key changes:
Changes in Credit Card Rules:
- Credit Limit Increased: IDFC FIRST Bank has increased the credit limit for its credit card holders. The new limit will be based on the customer’s overall income, credit score, and repayment history. The increased limit will allow customers to enjoy greater flexibility in their spending and payments.
- Fees for Late Payments: The bank has introduced a late payment fee of up to 4% of the outstanding amount or ₹1,000 (whichever is lower) for non-compliant transactions. The fee will be waived if the customer settles the payment within 30 days of the due date.
- Interest Rates: The bank has revised its interest rates on outstanding amounts. The revised rates will range from 18% to 24.5% per annum, depending on the type of card and the customer’s credit profile.
- Minimum Due Amount: IDFC FIRST Bank has introduced a minimum due amount for credit card transactions. The minimum due amount will be 5% of the outstanding balance or ₹500 (whichever is higher).
- Foreign Transaction Fees: The bank has waived off its foreign transaction fees for online transactions. This means that customers will not have to pay any additional fees for making international transactions online.
Benefits to Customers:
The changes aimed at providing more clarity and transparency to customers will benefit them in several ways. For instance:
- Increased credit limits will provide more flexibility in their spending and payments.
- The new late payment fee structure will encourage customers to pay their bills on time, thus avoiding additional charges.
- The revised interest rates and fees will make it easier for customers to understand their credit card costs.
- The minimum due amount and the introduced online foreign transaction fee waiver will simplify the bill payment process and reduce additional charges.
Conclusion:
In summary, IDFC FIRST Bank’s updated credit card rules will bring more transparency and clarity to its offerings, benefiting customers with increased credit limits, simplified fee structures, and reduced charges for international transactions. Customers are advised to review and understand the new rules and plan their credit card usage accordingly to make the most of the changes.
IDFC FIRST Bank introduces a range of exclusive banking services designed specifically for senior citizens, catering to their unique needs and requirements.
IDFC FIRST Bank has launched a range of banking services specifically designed for senior citizens. The initiative aims to provide a secure, user-friendly, and rewarding experience for this segment. The new services include a dedicated Senior Citizen Savings Account, Senior Citizen Fixed Deposits, and a revamped mobile app with a new “Senior Citizen Specials” feature.
The Senior Citizen Savings Account and Senior Citizen Fixed Deposits offer attractive benefits, such as an additional 0.5% interest rate on fixed deposits and no penalties on premature withdrawals. The new mobile app feature, Senior Citizen Specials, provides a suite of benefits that cater to the needs of seniors. These benefits include:
* ₹2 lakh cyber insurance coverage against online fraud
* One-year MediBuddy health membership with unlimited video consultations for up to four family members
* Up to 15% discount at network pharmacies
* A full-body health checkup covering 50+ parameters
* A ₹500 wallet balance
Additionally, senior citizens can access simplified mutual fund investment options designed specifically for them. The bank has also waived over 30 charges typically levied on savings accounts for seniors, making their banking experience even more convenient and hassle-free.
According to Chinmay Dhoble, Country Head – Retail Liabilities & Branch Banking, the initiative aims to provide a “secure and user-friendly banking experience for seniors” and to simplify their financial interactions. With this new range of services, IDFC FIRST Bank is poised to set a new standard in seniors’ banking services in India.
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Seize the opportunity to maximize your returns by opening a fixed deposit account with interest rates of up to 9% before banks introduce downward rate adjustments.
The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points, which will lead to a decrease in interest rates offered by banks on fixed deposits (FDs). Therefore, FD investors have a limited window to lock in higher interest rates before they decline. The good news is that some private and small finance banks are still offering competitive interest rates on FDs.
Private sector banks such as Axis Bank, Bank of Baroda, and IDFC First Bank offer FD interest rates ranging from 7.25% to 8.25% for various tenures. Small finance banks like NorthEast Small Finance Bank, Unity Small Finance Bank, and Utkarsh Small Finance Bank offer even higher interest rates, ranging from 8.5% to 9%. These rates are available for tenures between 18 months to 5 years.
Public sector banks, on the other hand, offer lower interest rates, ranging from 7.3% to 7.45% for tenures between 400 to 456 days. Punjab & Sind Bank and SBI offer the highest FD interest rate of 7.25%, while Bank of Baroda and Bank of India offer rates between 7.3% to 7.45%.
It’s likely that FD interest rates will continue to decline as banks adjust their rates in response to the reduced repo rate. Therefore, investors should consider locking in their FDs at current higher rates to maximize their returns.
IDFC First Bank provides senior citizens with flexible fixed deposits, comprehensive cyber insurance, and exclusive health benefits – learn more about these perks here.
The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points to 6.25%, which may lead to interest rate cuts on bank Fixed Deposits (FDs). In response, IDFC FIRST Bank has launched a range of banking products and services tailored to meet the financial needs of senior citizens. The bank has introduced a Senior Citizen Savings Account and Senior Citizen Fixed Deposits, which offer benefits such as no premature breakage penalty on fixed deposits, health benefits, cyber insurance, and a special app customized for seniors.
The Senior Citizen Savings Account eliminates over 30 charges typically levied on savings accounts, and senior citizens can access safe, secure, and customized investment solutions tailored to their life stage. The account also offers an additional 0.5% interest rate on fixed deposits, with no penalty on premature FD closures. Additionally, senior citizens receive a cyber insurance coverage of ₹2 lakhs to safeguard them from online fraud, as well as a complimentary one-year MediBuddy health membership that provides unlimited doctor video consultations for up to four family members.
The mobile banking app offers a seamless mutual fund investment experience, backed by innovation and research. Conservative investment options can be personalized based on an individual’s risk-reward appetite, ensuring a secure yet flexible financial future. The bank’s Senior Citizen Specials feature on its mobile banking app is designed to provide senior citizens with a convenient and secure way to manage their finances.
According to Naveen Kukreja, Co-Founder and CEO of Paisabazaar.com, the reduction in repo rate has increased the chances of rate cuts in bank FDs, but the lag in transmission would depend on the gap between credit and deposit growth rates, liquidity in the banking system, and other market factors. Depositors with investible surpluses for the short or medium term can consider booking FDs offering higher yields, especially those offered for longer tenures.
IDFC FIRST Bank Unveils Customized Package for Senior Citizens, Bringing New Era of Financial Inclusion
IDFC FIRST Bank has launched a range of specialized banking products and services tailored to meet the unique financial needs of senior citizens. The bank’s Senior Citizen Savings Account and Senior Citizen Fixed Deposits offer customized solutions to address the specific requirements of this important customer segment.
The bank’s mobile banking app, ‘Senior Citizen Specials’, provides a range of benefits, including:
* Safe and secure investment solutions
* Additional 0.5% interest rate on fixed deposits
* No penalty on premature closure of fixed deposits
* Cyber insurance coverage of Rs. 2 lakhs
* Complimentary one-year MediBuddy health membership with unlimited doctor video consultations for up to 4 family members
* Up to 15% discount on network pharmacies, a full body health checkup, and a Rs. 500 wallet balance
The app also offers a simplified mutual fund investment experience, with conservative options that can be modified based on individual risk-reward appetite.
According to Mr. Chinmay Dhoble, Country Head – Retail Liabilities & Branch Banking, the bank aims to treat senior citizens with special care and attention. The bank has eliminated over 30 charges typically levied on savings accounts and has put together a package that includes no premature breakage penalty on fixed deposits, health benefits, cyber insurance, and a customised app for seniors.
The bank’s offerings are designed to provide senior citizens with a range of benefits and services that cater to their unique needs and requirements. The Senior Citizen Savings Account and Senior Citizen Fixed Deposits are available for more information on the bank’s website, www.idfcfirstbank.com.
Notifying our customers: IDFC FIRST Bank credit card updates kick off on February 20, 2025, with fresh interest rates and exciting new features!
IDFC First Bank is set to implement changes to its credit card terms, conditions, features, and charges, effective from February 20, 2025. The bank, formed in 2018 through the merger of IDFC Bank and Capital First, aims to provide universal banking services, including retail, MSME, and wealth management, to over 40 million customers. The bank is committed to ethical, customer-friendly, and socially responsible practices, with strong ESG goals.
The key changes introduced by the bank include amendments to the Annual Percentage Rate (ARP), fee reliefs, changes in payment terms and conditions, and additional charges. Some important updates to note are:
* All personalized cards will be charged an annual fee of ₹499+ taxes.
* GST (18%) will apply to all fees, charges, and interest rates.
* Merchant Category Codes (MCCs) will determine applicable charges and rewards.
* Cardholders are advised to regularly review amendments, improvements, and updates to ensure optimal benefits from their credit card usage.
It is also crucial for cardholders to keep their contact details, email IDs, and address updated with the bank to ensure seamless communication and access to important information. By being aware of these changes, cardholders can make informed decisions and maximize their credit card benefits.
idfC First Bank refreshes its credit card offerings with new interest rates, terms, and features, effective from this date; check details for more信息.
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 alters credit card policies: Changes in fees and rewards effective February 20
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.
IDFC First Bank announces a net profit of ₹339 crore for Q3 FY25, with a 15% year-on-year growth in core operating profit.
Here is a summary of the content in 400 words:
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 Publishes Q3 FY25 Earnings Call Audio Recording
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.
Financial Literacy Should be a Universal Right, Not a Luxury: IDFC First Bank’s Shende Advocates
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 Unveils ‘First Earn’ Credit Card, Offering Seamless UPI Payments, Cashback, and Rewards Galore
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 introduces the first-ever FIRST EAhausen RuPay credit card, combining the power of UPI, Folios, and cashback benefits for a seamless payment experience.
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.
Breaking: IDFC FIRST Bank launches inaugural RuPay Credit Card
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 Introduces its Latest Offering, the FIRST EARN RuPay Credit Card
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 revolutionizes the banking landscape by introducing a revolutionary FD-backed RuPay Credit Card exclusively for first-time users.
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.