Latest news with #IDFCFIRSTBank
Mint
02-05-2025
- Business
- Mint
Going digital? Secure your online transactions with a virtual credit card
Online transactions have become an integral part of our daily lives, and ensuring secure and seamless payment is essential in this digital shift. Virtual credit cards offer a safe environment for online spending by protecting sensitive card information. If you are considering virtual cards, the IDFC FIRST Bank FIRST EA ₹ N Credit Card provides security, convenience, and cashback offers through its FD-backed virtual credit card. A virtual credit card is a digital version of a physical credit card, offering a credit card number virtually that you can use for online transactions. Unlike some virtual cards that generate new card numbers for every transaction, fixed-number virtual cards are stable and convenient for recurring payments. The FIRST EA ₹ N Credit Card by IDFC FIRST Bank is an example of this. Backed by a fixed deposit (FD), this card can be obtained without the need for a salary cheque or credit history verification. By opening an FD with as little as ₹ 5,000, you can obtain a credit limit of a minimum 100% of the FD value. This can be an option, especially if you are a first-time credit card user looking to build your credit profile. Virtual credit cards like the FIRST EA ₹ N card offer a range of benefits for shopping and payments: Enhanced security: Virtual cards can reduce the risk of fraud by keeping your physical card details hidden, potentially avoiding card cloning or data breaches. Cardholders may also benefit from lost card liability coverage up to ₹ 25,000 and personal accident cover worth ₹ 2,00,000 in case of mishaps. Convenient digital payments: The FIRST EA ₹ N Credit Card allows for making purchases using your smartphone, reducing the need to carry a physical card. Cashback offers: Cardholders can earn cashback on spends made via the IDFC FIRST Bank mobile app (capped at ₹ 500 per statement cycle). Cashback is also available on UPI transactions through other apps and on utility payments, insurance premiums, and wallet loads done via the IDFC FIRST Bank mobile app. There is also cashback on the first UPI transaction with FIRST EA ₹ N. Discounts and perks: Cardholders may enjoy discount of 25% on movie tickets booked through Zomato and can avail complimentary roadside assistance. Financial backing and protection: While you have uninterrupted access to funds, you also earn 7.25% p.a. interest on your fixed deposit while using the credit limit. For those new to credit cards, the FIRST EA ₹ N Credit Card offers a combination of accessibility, security, and potential reward. Here's why it's notable for first-time users: No credit history required: This card can be obtained without prior credit experience or income proof by opening a fixed deposit with IDFC FIRST Bank. This card can be obtained without prior credit experience or income proof by opening a fixed deposit with IDFC FIRST Bank. FD-backed security: The FD secures the credit limit, which may help users build credit responsibly. The FD secures the credit limit, which may help users build credit responsibly. Easy UPI integration: FIRST EA ₹ N is a virtual RuPay credit card, allowing for UPI integration and shopping across merchants by scanning a QR code. FIRST EA N is a virtual RuPay credit card, allowing for UPI integration and shopping across merchants by scanning a QR code. Fees: With a joining and annual fee of ₹ 499 + GST, you gain access to premium features without a heavy price tag. With a joining and annual fee of 499 + GST, you gain access to premium features without a heavy price tag. Virtual access: Cardholders can apply, complete KYC, and potentially start using the virtual card quickly. Cardholders can apply, complete KYC, and potentially start using the virtual card quickly. Rewards: Cashback deals may be available on various spends like shopping online, paying bills, or dining out. The IDFC FIRST Bank FIRST EA ₹ N Credit Card offers online payment security and potential value through rewards, discounts, UPI integration, and security features. Securing the card against an FD allows for credit access without needing a credit history, which can make it an option for first-time users. Those considering digital transactions may explore the FIRST EA ₹ N Virtual Credit Card for a potentially seamless and secure online spending experience. First Published: 2 May 2025, 05:17 PM IST
Time of India
02-05-2025
- Business
- Time of India
FD interest rate up to 8.70%: Shivalik SFB and IDFC FIRST Bank revise savings account and FD rates
From May 1, 2025, both Shivalik Small Finance Bank and IDFC FIRST Bank have revised their interest rates for savings accounts and fixed deposits. These changes will impact how much customers earn on their deposits, depending on the balance amount and tenure. Here's a quick look at the updated savings and FD interest rates offered by these two banks, along with key details on how interest is calculated. #Pahalgam Terrorist Attack Nuclear Power! How India and Pakistan's arsenals stack up Does America have a plan to capture Pakistan's nuclear weapons? Airspace blockade: India plots a flight path to skip Pakistan Shivalik Small Finance savings account interest rate Shivalik SFB has revised its savings account interest rate. After revision, the bank offers savings account interest rates between 2.50% and 8.20% depending on the balance slab. The rates are effective from May 1, 2025. Savings Bank Account interest is calculated daily on the daily closing balance in the account, at the rate specified by Shivalik Small Finance Bank in accordance with Reserve Bank of India directives. Also read: IndusInd Bank raises FD interest rates on select tenures and Kotak Mahindra Bank reduces FD rate on select tenures by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Google Brain Co-Founder Breaks His Silence: Read These 5 Books And Turn Your Life Around Blinkist: Andrew Ng's Reading List Undo Balance Range Rate of Interest (% p.a.) General Up to 1 Lacs 2.50% Above 1 Lac to 5 Lacs 3.25% Above 5 Lacs to 10 Lacs 3.50% Above 10 Lacs to 25 Lacs 4.00% Above 25 Lacs to 50 Lacs 6.00% Above 50 Lacs to 5 Crore 7.00% Above 5 Crore to 7 Crore 7.25% Above 7 Crore to 10 Crore 7.50% Above 10 Crore to 20 Crore 7.95% Above 20 Crore 8.20% Live Events Shivalik Small Finance Bank FD interest rate Shivalik Small Finance Bank has revised fixed deposit interest rate for deposits below Rs 3 crore. According to data available on the bank's website, Shivalik Small Finance Bank now offers an interest rate ranging from 3.50% to 8.20% per annum on FDs for general citizens and from 4% to 8.70% per annum for senior citizens. Rate of Interest (% p.a.) Amount less than Rs.3 Crores General Senior Citizen 3.50% 4.00% 15 days to 29 days 3.75% 4.25% 30 days to 90 days 4.25% 4.75% 91 days to 180 days 4.75% 5.25% 6 months to less than 9 months 6.00% 6.50% 9 months to 12 months 6.00% 6.50% 12 months 1 day to less than 18 months 8.20% 8.70% 18 months to 24 months 8.20% 8.70% 24 months 1 day to 36 months 7.50% 8.00% 36 months 1 day to 60 months 6.50% 7.00% 60 months 1 day to 120 months 6.25% 6.75% Tax saver FD 5 Years (60 months) 6.50% 7.00% IDFC FIRST Bank savings account interest rate IDFC FIRST Bank has revised its savings interest rate. After revision, the bank offers savings account interest rates between 3% and 7.25% depending on the balance slab. The rates are effective from May 1, 2025. As per Reserve Bank of India directives, savings bank account interest will be calculated on daily end of day balances at the rate of interest as specified by IDFC FIRST Bank from time to time. The periodicity of payment of interest on savings bank accounts is on a monthly basis. Interest will be calculated on progressive balances in each Interest Rate Slab as applicable. Balance (Rupees) Rate of Interest (% p.a., Progressive) <= 5 lac 3.00% > 5 lac <= 10 lac 5.00% > 10 lac <= 25 crs 7.25% > 25 crs <= 50 crs 6.50% > 50 crs <= 100 crs 6.00% > 100 crs <= 200 crs 4.50% > 200 crs 3.50% IDFC FIRST Bank FD interest rates According to data available on the bank's website, IDFC FIRST Bank now offers an interest rate ranging from 3% to 7.75% per annum on FDs for general citizens and from 3.5% to 8.25% per annum for senior citizens. The new rates are applicable from May 1, 2025. Period Rate of Interest (% p.a.) w.e.f. 1 st May 2025 Less than INR 3 Crores 7 – 14 days 3.00% 15 – 29 days 3.00% 30 – 45 days 3.00% 46 – 90 days 4.50% 91 – 180 days 4.50% 181 days – less than 1 Year 5.50% 1 year 6.25% 1 year 1 day – 370 days 6.75% 371 days to 399 days 7.00% 400 days to 500 days 7.25% 501 days – 2 years 6.75% 2 years 1 day – 3 years 6.25% 3 years 1 day – 5 years 6.00% 5 years 1 day – 10 years 6.00%
Mint
27-04-2025
- Business
- Mint
IDFC First Bank share: Is it a stock to buy after Q4 results 2025?
IDFC First Bank share price will remain in focus in Monday's trading session after the private lender announced its fourth quarter results on Saturday, April 26. IDFC First Bank share price closed at 2.45 per cent lower at ₹ 65.99 per share on Friday ahead of the results announcement. The stock has gained over 15.89 per cent in over a month. IDFC First Bank reported its January–March quarter results for the financial year 2024–25 (Q4FY25), posting a 58% decline in standalone net profit to ₹ 304 crore, down from ₹ 724.3 crore in the same period last year. IDFC First Bank reported a 9.8% rise in its net interest income (NII)—the difference between interest earned and interest paid—at ₹ 4,907.1 crore, up from ₹ 4,468.9 crore in the same period last year. The lender's total income for the quarter grew to ₹ 11,308 crore, compared to ₹ 9,861 crore a year earlier, according to a regulatory filing. Meanwhile, interest income climbed to ₹ 9,413 crore for the quarter under review, up from ₹ 8,219 crore in the corresponding quarter of the previous year. The board has also recommended a dividend of ₹ 0.25 per equity share, subject to the approval of shareholders. The bank's gross non-performing assets (NPAs) ratio slightly improved to 1.87% from 1.88% a year ago. Likewise, its net NPAs, or bad loans, decreased to 0.53% from 0.60% in the same quarter of the previous year. However, the bank's total provisions, excluding taxes, doubled to ₹ 1,450 crore from ₹ 722 crore in the corresponding quarter last year. For FY25, the bank's net profit fell by 48% to ₹ 1,525 crore, compared to ₹ 2,957 crore in the previous year, primarily due to challenges in the microfinance sector. 'IDFC FIRST Bank's Q4 FY25 performance shows mixed results. Excluding microfinance business, core operating profit grew 19.9% YoY in Q4 FY25 and 30.6% YoY in FY25, indicating the bank's resilience and growth potential. Overall, the bank's performance reflects its efforts to navigate challenges and focus on long-term growth,' said Seema Srivastava, Senior Research Analyst at SMC Global Securities. According to Sugandha Sachdeva, Founder of SS WealthStreet, IDFC First Bank had been under sustained time-wise and price-wise correction since September 2023, after testing a high of ₹ 100.70 mark. 'A strong technical positive emerged with the formation of a double bottom pattern near the ₹ 52.50 level earlier this month, on both the daily and weekly charts which has triggered a sharp turnaround in sentiment. This classic bullish reversal pattern signaled a potential exhaustion of the prior downtrend. Triggered by the bullish patttern, the stock experienced a sharp rally, gaining over 31.50% in a short period to test a recent high of ₹ 69.08,' Sachdeva added. She further explained that the rapid nature and magnitude of the recent rally suggest the stock may be due for a period of consolidation or profit-booking in the near term. "A retracement towards ₹ 61, around 50% Fibonacci retracement of the recent rally from ₹ 52.46 to ₹ 69.08, appears likely. This zone is expected to act as a strong support, attracting fresh buying interest. From a medium-term perspective, the broader trend remains bullish. Once consolidation plays out, the stock has the potential to resume its upward trajectory, with a target of ₹ 76 and then ₹ 90 eventually in the long term," Sachdeva added. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions. First Published: 27 Apr 2025, 01:23 PM IST
India.com
26-04-2025
- Business
- India.com
IDFC FIRST Bank Posts Nearly 60 Per Cent Net Profit Loss At Rs 295.6 Crore in Q4 FY25
Mumbai: Private lender IDFC FIRST Bank on Saturday posted a consolidated net profit of Rs 295.6 crore for the fourth quarter (Q4) of FY25, nearly 60 per cent decline compared to Rs 731.9 crore reported in the same period in FY24. For the full financial year FY25, net profit stood at Rs 1,490 crore, down almost 50 per cent from Rs 2,942 crore (year-on-year), as per its stock exchange filing. Net Interest Income (NII) grew 9.8 per cent YOY from Rs. 4,469 crore in Q4 FY24 to Rs. 4,907 crore in Q4 FY25. For FY25, the growth of NII was 17.3 per cent on YoY basis. According to the bank, core operating income grew 8.7 per cent from Rs 6,079 crore in Q4 FY24 to Rs. 6,609 crore in Q4 FY25. For FY25, the growth of operating income was 16.7 per cent on YoY basis. Customer deposits increased 25.2 per cent from Rs 1,93,753 crore as of March 31, 2024 to Rs 2,42,543 crore as of March 31, 2025. Retail deposits grew by 26.4 per cent from Rs. 1,51,343 crore as of March 31, 2024 to Rs. 1,91,268 crore as of March 31, 2025. The bank said that CASA deposits grew by 24.8 per cent from Rs. 94,768 crore to Rs. 1,18,237 crore in the same period. Gross NPA of the bank improved by 7 bps QoQ from 1.94 per cent as of December 31, 2024 to 1.87 per cent as of March 31, 2025. Net NPA of the Bank marginally increased by 1 bps QoQ from 0.52 per cent as of December 31, 2024 to 0.53 per cent as of March 31, 2025. According to its filing, loans and advances increased by 20.4 per cent from Rs 2,00,965 crore to Rs 2,41,926 crore. The gross slippage for Q4 FY25 was Rs.2,175 crore as compared to Rs 2,192 crores in Q3 FY25, reduced by Rs 17 crore.
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Business Standard
26-04-2025
- Business
- Business Standard
IDFC First Bank profit falls 58% on worsening asset quality of micro loans
Fresh slippages during the quarter was Rs 2,175 crore including Rs 572 crore from the micro loan book, as compared to Rs 4195 crore and Rs 437 crore IDFC First Bank's net profit fell 58 per cent year-on-year to Rs 304 crore for the quarter ended March 31, 2024, due to worsening asset quality on microfinance portfolio. The bank has been cutting down its micro loan book which was at Rs 9571 crore at the end of March 31, as compared to Rs 10,997 crore in December and Rs 13,334 crore, year ago. Fresh slippages during the quarter was Rs 2,175 crore including Rs 572 crore from the micro loan book, as compared to Rs 4195 crore and Rs 437 crore. 'Bank put restriction on new to bank customer in selected geographies and have been reducing geographic concentration. The tightening of the underwriting norms has resulted in slowing down disbursal,' the private sector lender said. Net Interest Income (NII) grew 9.8 per cent on a yearly basis to Rs 4,907 crore in Q4FY25 from Rs. 4,469 crore in Q4 FY24. Net Interest Margin (NIM) reduced by nine basis points sequentially, to 5.95 per cent from 6.04 per cent in Q3, largely due to decline in the micro-finance business. For the full year FY25, NIM was 6.09 per cent. The non-interest income of the bank increased to Rs 1895 crore from Rs 1642 crore a year ago. The bank's deposits increased 25.2 per cent YOY to Rs 2.43 trillion from Rs. 1.94 trillion as of March 31, 2024. The retail deposits grew by 26.4 per cent to Rs 1.91 trillion YoY from Rs. 1,51,343 crore as of March 31, 2024. The private lender's current account and savings account (CASA) deposits grew by 24.8 per cent YOY to Rs 1.18 trillion from Rs. 94,768 crore as of March 31, 2024. The CASA Ratio at the end of March 31 was at 46.9 per cent. The retail deposits constitute 79 per cent of total customer deposits as of March 31, 2025. 'Our customer deposits grew well at 25 per cent YoY and the CASA ratio continues to remain strong at 46.9 per cent, reflecting the strength of our deposit franchise. Our funded asset book grew by 20.4 per cent. Importantly, the Bank's asset quality remains resilient, with GNPA and NNPA at 1.87 per cent and 0.53 per cent respectively,' said V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank. Meanwhile, loans and advances of the bank increased by 20.4 per cent YOY to Rs 2.42 trillion of March 31. Retail, Rural and MSME (RAM) book grew by 18.6 per cent YoY to Rs 1.66 trillion from Rs. 1,66,604 crore as of March 31, 2024. Further, microfinance portfolio reduced by 28.3 per cent YoY and its proportion to overall loan book reduced to four per cent from 6.6 per cent in FY24. At the same time, the Bank has been continuously reducing its legacy infrastructure book to Rs 2,348 crore as of March 31, 2025, constituting less than 1 per cent of the total funded assets of the Bank. On the asset quality front, the gross non-performing asset (NPA) was marginally lower to 1.87 per cent from 1.88 a year ago. Similarly, the net NPA ratio also declined to 0.53 per cent from 0.60 per cent a year ago. Provisions for FY25 stood at Rs. 5,515 crore (2.46 per cent of the loan book), driven by the higher slippages in the micro-Finance book. Excluding microfinance and one toll account, credit cost for the overall loan book of the Bank was 1.76 per cent in FY25. The Bank has not utilized any micro-finance provision buffers of Rs. 315 crore during the quarter on a prudent basis. The incremental disbursals in Microfinance are insured by a credit guarantee fund for micro and small enterprises (CGFMU). The insurance coverage of the overall Microfinance portfolio was 66 per cent as of March 31, 2025.
