IDFC stands for "Infrastructure Development Finance Company". IDFC is an Indian financial agency that offers financial and advisory services to organizations in the fields of investment banking, infrastructure and asset management. IDFC was established in 1997.
History
- In 2014, IDFC Limited received in-principle approval from the RBI to set up a new private sector bank.
- IDFC Limited has sold its infrastructure liabilities and assets to a new entity – IDFC Bank.
- IDFC Bank was formed in November 2015 through the demerger of IDFC Limited, namely their infrastructure and lending business.
- On 18 December 2018, Erstwhile IDFC Bank and Erstwhile Capital First merged to form IDFC FIRST Bank as a new entity.
About IDFC First Bank
IDFC First Bank, generally known as "IDFC Bank", is an Indian banking company and a subsidiary of IDFC Limited. The Reserve Bank of India granted the IDFC First Bank a universal banking license in July 2015 and the bank commenced operations in October 2015. The bank is headquartered in Mumbai, Maharashtra (India) and provides a wide range of banking and financial services. its customers in India. IDFC Bank is the India's first bank to offer an Aadhaar-enabled cashless merchant solution.
IDFC Bank Products
Today, IDFC FIRST BANK is a global bank that offers financial solutions through its regional branches, internet and telephones and strives to set a new standard in user experience. It uses advanced technology and promotes a service-oriented approach to develop convenient and open banking anytime, anywhere. It provides banking products and services in India such as:
- Savings accounts
- Fixed deposits
- NRI accounts
- Personal loans
- Home loans, etc.
Rate of Interest
- The savings account interest rate is 4% up to a maximum of Rs. 1 million and 6% above this limit.
- Seniors get an extra 0.50% interest rate above the standard rate.
- The interest rate on deposits up to one million varies from seven days to ten years. The interest rate varies between 4% and 8.25%.
- The base rate of IDFC is 9.50% from October 1, 2015.