IDFC First Visa Signature Debit Card Review

After the merger of IDFC bank with Capital First sometime back, there is an interesting launch by IDFC First bank (the merged entity). IDFC First savings account now comes with IDFC First Visa Signature debit card.

Card Features & Benefits

Bookmyshow Benefit

This one is going to please movie goers (especially individuals) as this Visa Signature debit card gives upto Rs.250 cashback (per month) on BookMyShow. This is how it goes–

  • Just login to BookMyShow and proceed for any movie ticket/ non movie event payment via this IDFC First Visa Signature debit card
  • There are absolutely no conditions attached with it (viz. any particular day/ special hours/ limited quotas/ minimum amount or no. of tickets)
  • No requirement to apply coupon codes either, so you may apply a BMS code along with too (if you have one)
  • Cashback gets processed to savings account on or before 15th of next month
  • You get flat 250 cashback if spend is more than 250. If its less than 250, you get as cashback what you paid
  • Cashback includes convenience fee paid too (For now)
  • Offer valid till 31st March 2020. May or may not be extended (Cashback maybe reduced in future or extended with some tnc)
  • You receive cashback only if AMB of savings ac is maintained above 25K

  • Note:- BMS benefit has been withdrawn from October 2021
  • Visa Signature debit card will be charged 499/- + GST w.e.f. 30th June 2022 (RB customers like Select, Wealth n Private will not be charged annual fee for now)

Other Benefits

Other debit card features are mostly norm with private banks viz.,

  • Fuel surcharge waiver, nil annual fee, any bank ATM cash withdrawal, free death/ permanent disability insurance etc
  • Complimentary airport lounge access limited to 2 per quarter

Limitations

  • No reward points system yet. So the card is good only for availing BMS or merchant offers or airport lounge access
  • Ask for Visa Signature debit card at the time of filing KYC details because they also have Platinum variant which gives less benefits with low AMB requirement

Account features & benefits

  • Savings account interest is 6% for balance less than 1 lac and 7% above it (now it’s 7% upto 1 crore or less w.e.f. 01.01.2021)
  • FD interest is quite good at 7.5%, but remember you are protected by RBI upto 5 lacs only per branch in case bank goes bankrupt

Welcome offer

  • You get 10% cashback on 1st ever card spend upto INR 250 max
  • Spend above 1000+ using your IDFC First Visa Signature debit card to qualify
  • Cashback gets posted on or before 15th of next month into your account

Birthday Offer

  • Spend 5000 or more in birthday month
  • Get rewarded with GV worth 250 among any of amazon, shoppers stop or bookmyshow
  • Voucher to be sent before end of next month

My Application Experience

Applied for IDFC First savings account on 13th June. Flow of card processing is as below–

  • 13.06.2019- Applied for the savings ac via Apply Now tab on website
  • 14.06.2019- Bank executive visited my house for KYC
  • 18.06.2019- Got the SMS with account details
  • 19.06.2019- Received courier details containing Bluedart AWB
  • 20.06.2019- Card delivered

So they are pretty quick in opening accounts, especially as I didn’t provide Aadhaar based KYC. For Aadhaar based KYC the executive told me that it will be even faster.

The card is glossy in finish with card details embossed. Card design is as usual with maroon red in colour.

Bottomline

  • CardEpxert Rating: 4/5 [yasr_overall_rating]

All in all its a decent offering for all those movie lovers in town due to this card’s USP BookMyShow offer. If you are not using BMS or use it sparingly, this card may not entice you.

And birthday offer seems tailor made as except monthly BookMyShow offer, I hardly use this card. You may get better one if NRV/ card spends are high (especially as there is no card based reward point system, so more spends means more profit to bank).

Considering low cost of maintaining the account and also that you get a Visa Signature debit card, it gets thumbs up from me. And visit to movie theaters has become a habit with these kind of generous offers. Hope it continues beyond March 2020 too as their reach to masses will take quite sometime.

153 thoughts on “IDFC First Visa Signature Debit Card Review

  1. Mouli

    Yes First World Master card offers the same but its instant discount and not cashback
    Its there for a while not got extended till Dec 2020
    I opened this account through my YFE Credit card and interest also similar to IDFC

    Reply
    1. Satish Kumar Agarwal Post author

      @Mouli
      I too have YF debit card. Differences are–
      1. Its quota gets over mostly by noon time, during weekends even earlier
      2. You have to pay convenience fee
      3. No offers on non movie activities
      4. Everyone can’t open YF account and get YF debit card, whereas this one is quite easy to open & manage due to low AMB requirement

      Reply
      1. Abhi

        YF world debit card also has reward points program which IDFC doesnt. But the reward rate is too low… 1pt per Rs200 and point value is just 25ps.

        Reply
    2. GTMAX

      Thanks for this information about Yes First Debit Card offer. Have been holding it for 2 years now but never used it. They never promoted this offer. Any idea when did they first start with this offer on Yes First card?

      Reply
      1. Mouli

        GTMAX,

        Its there for more than a year and I came to know it only couple of months back.You can use this offer once in a month

        Reply
  2. Amit Sen

    Have been using the card for past 2yrs. This is a good card for movie goers and occasional flyers as it has lounge acess via visa signature.

    Reply
  3. unknown_mortal

    I think with this card you would be able combine the visa blockbuster weekends offer (Visa signature variant) to get additional 50% instant discount upto 300 on movies and 200 off on food.
    Which would then give upto 550 discount on Movie tickets alone

    Reply
    1. Satish Kumar Agarwal Post author

      Though I am aware of this offer, yet to check how it goes. And FnB must be booked with minimum 2 movie tickets at the same time to get max benefits.

      Reply
      1. Mouli

        Visa blockbuster weekends offer Only Thursday to Sunday and window opens on 10am and again on 4pm

        Reply
        1. Surya R

          Recently visa blockbuster weekend quota gets exhausted within a couple of minutes. Either the quota is reduced or more people are trying. Earlier it used to be available for around 5-10 minutes. Once I booked after 20 minutes too.

          Reply
          1. Ramesh Padmanaban

            Please check the bin number of the card. They have restricted the bin numbers to a select few numbers. Last year i was using on Citi Credit Card but now the bin number does not feature in the list given in BMS site.

  4. Shankar

    This card offers you two offers on BookMyShow every month. One which is mentioned here coming from IDFC First Bank and the other one is ‘Visa Blockbuster Weekend’ . The 250 cashback offer works with non-movie shows as well. It even works with events and sports e.g. on a Cricket match ticket.

    Additionally if you check on IDFC First Bank website, you’ll get so many store specific offers on this card. Overall the card as well as the account is really good.

    Reply
  5. Lakshmi

    Currently they are offering 12/10% CB/discount on Flight tickets in MMT and few other portal

    Reply
  6. J G

    Just FYI, the 1Lakh insurance is per customer account, not per branch.

    Reply
  7. SS

    I have this card more than 3 years, even when it is only idfc bank signature card (though card change in name , using same old black one). Earlier it’s was instant off 250 RS per month and no need to maintain 25k in account. Cash back is very prompt, using almost every month till now and till now only once I had to send mail to get the cashback.

    Reply
  8. Pankaj Singhal

    This has been there for ages.
    In fact it works out to a good reward rate of 16% if you are keeping 25000 MQB. You get 2500 cash back in a year and 1500 @ 6% interest, total 4000 on a balance (not spend) of Rs. 25000. If you take compounding effect, it is slightly more. Other benefits of Visa Signature are anyway there.

    Reply
    1. SS

      I think if you use it for every month, then cashback from bms offer will be 3000 RS , not 2500 RS.

      Reply
  9. Raja

    Regarding account opening experience,

    I called their customer care executive and got the list of documents needed to open an account
    I then went to their branch one fine morning and, all processes done and complete in 20 mins. The executive switched over to another high value existing client while he was dealing with me. That’s not the experience I wanted.
    Anyway I never got an email or SMS from them regarding the account.
    I dint care to contact them since the executive who took my details dint care about my onboarding process.
    Later I opened an account with a competitor bank and enjoying their services.

    I have been a long time reader and this is my first comment here since I want to share my pathetic unwelcoming experience with fellow readers . It’s not bed of Roses for account creation. Its varies with branch and people who are dealing with you.

    PS: I have accounts with three banks and I have the highest relationship with the newly opened competitor bank.

    Reply
  10. PT

    I had shares of IDFC when it was a single entity . When the split happened into IDFC & IDFC Bank, I applied for a savings account (2016) thinking it would help me in getting better service being the early adopters of its services.
    For account opening their executive visited my office for all the formalities and it was a breeze.
    I was made part of IDFC privilege program called IDFC ONE (without any extra tncs) that means all my issues will be handled by a dedicated RM (experience has been good so far on this front), doorstep banking etc. Though I am sticking with this bank so far only because of the 7% interest on the savings account

    Initially the BMS offer was instant discount of 250 instead the cashback, also it didn’t had the MQB criteria and was available to anyone holding the Signature Debit card. Even the debit card dished out in that year looked very cool with black background and Golden ascent on the PAN and name.

    I guess this is the only card which has BMS offer on the purchase of single ticket too.

    Reply
    1. Mouli

      PT
      Yes First Debit card also offers the same offer for purchase of single ticket in BMS as discount

      Reply
      1. GTMAX

        Tried using this offer today with Yes First Debit Card as I got to know that it has quota restrictions and which was already exhausted

        Reply
        1. Satish Kumar Agarwal Post author

          That’s the problem with other cards and this one. Mostly all cards BMS offer has quota/ no. of tickets restrictions which gets over quickly.

          For those cards whose quota doesn’t finish quickly, there are high NRV requirements or getting those card itself is pretty tough.

          Reply
    1. Satish Kumar Agarwal Post author

      I was also told at the time of opening account that credit card will be launched soon (around 6 months or so).
      Waiting eagerly for the same.

      Reply
        1. Rex

          31 March is target date set by Mr. Vaidyanath….i hope they will lauch card before it.
          Since it is going to be retail focused bank as per vision of Mr. Vaidyanath…..wide range of credit cards are expected from it.

          Reply
    1. Satish Kumar Agarwal Post author

      Due to low level of security in digital data storage system, there are more chances of fraud taking place incase aadhar data is stolen compared to other KYC documents.
      Also many experts suggest to avoid aadhaar based KYC as much as possible. Again these are my personal views which may or may not suit others.

      Reply
  11. Niraj

    Can I buy BookMyShow voucher from bookmyshow website and use double dip in next month!!
    Has anyone tried it?

    Reply
    1. SS

      I double dip multiple times with bms offer codes or direct buy one get free bms movie tickets, had double dip the offers, but long ago when 250 RS discount was instant and it’s bms offer code not any bms gift voucher.

      Reply
  12. prakash

    i have been using their account and debit card since 3 years now. I really love the bank. if u maintain 25k amb, then everything is free. no debit card annual charges, no atm cash withdrawal restrictions, etc. i guess its the only bank where even imps transaction is free. also, all atm transactions are free and without limit, be it idfc am or any non-idfc atm.

    also now they have been offering 7% interest rate in savings account for 1 lakh above balance (6% for < 1lakh). this too i guess is the highest among major banks. whats even better is that, if u keep rs 1,00,001 also u get 7% on the entire sum of 1,00,001 not just on that extra rs 1. with other banks its not like this.

    even connecting to their customer care is easy. max wait time is 10 sec. and u dont have to input ur debit card number, then cust id number, blah bah as with other banks. connecting to them is easy as its with amex customer care. smooth and breezy.

    i dont know why they dont advertise their benefits so much. hardly anyone knows about these good points. really excited to see their upcoming credit cards.

    Reply
    1. SG

      Given what has happened with PMC & Yes Bank, I’d advise everyone to be careful with what they use as their primary bank. Ideally, use the banks in the “too big to fail” category – HDFC, ICICI, SBI.

      Reply
      1. Shivi

        I second that opinion!

        Dwelling deep into the TnC & CA of IndusInd credit card and loans made me realise this aspect which holds true for banks in general also.

        Reply
  13. yashasvi

    I completely agree with SG however even “too big to fail” private banks like HDFC & ICICI also had humble beginnings like IDFC. I read in one of the leading market analysis mags that IDFC could be the next ICICI provided they don’t get into senseless lending as its other peers did. Keeping 1,00,000 in IDFC could be a smart thing as we get 7 % over it which is much better than the falling FD rates of leading banks and to add to the value we get a 4 starred debit card free for life.
    Cheers.

    Reply
  14. Ravi

    IDFC bank is coming new credit card called One card and it would be metal card.

    Reply
  15. KARTIKAY GAUR

    The joining offer for 250 cashback is for POS transactions only or the transaction can be either Pos or online?

    Reply
    1. Satish Kumar Agarwal Post author

      Either one. I paid cc bill via CRED and enjoyed welcome offer too.

      Reply
  16. Satish Kumar Agarwal Post author

    Wow Swiggy offer on IDFC debit cards–
    60% off upto 150 on cart value above 99 thrice per month (Upto 31st March 2020).
    IDFC offers are getting better these days.

    Reply
  17. Satish Kumar Agarwal Post author

    IDFC is truly rocking this quarter–
    1. Started smartwatch banking for ios as well as android
    2. Just confirmed over call that credit card launch is on the anvil by March end

    Reply
      1. Satish Kumar Agarwal Post author

        PB in my case. But it’s more or less same, as the bank is yet to reach masses. RM or PB everybody wants to have a share of your money, so that he gets commission and bank gets the business.

        Reply
  18. GTMAX

    Hi Sathish,

    Is the birthday offer mentioned in the article applicable for everyone or only for the communicated customers?

    Reply
    1. Satish Kumar Agarwal Post author

      Hi GTMAX
      It might be same/ different for different customers based upon his relationship, what I suppose.

      Reply
  19. Prashant

    Hi,

    If I open IDFC first account thru online aadhar based KYC verification, by when will I get their debit card? is it possible that they can provide me virtual debit card instantly upon account opening?

    Reply
    1. GTMAX

      Hi Prashant,

      My account was opened at my home through Aadhar based identity verification process on the tablet carried by the nearest branch executive within one hour of my enquiry on their website and I was also handed over the instant kit with the debit card.

      You can just drop an enquiry on their website and if you are staying in a tier 1 city or have an IDFC branch nearby, they should revert very quickly.

      Reply
  20. Ramki

    Based on the review here, I decided to open a savings bank account and must say I was very very impressed. Spoke to the RM who was in our office campus on Tuesday and he was open and transparent, thought about it for a word and then opened the account on Wednesday afternoon with Aadhaar based KYC. Account number and customer ID were generated in 10 Mts flat. Bank exec also helped me with app download and basic features and MPIN was done in 5 Mts.

    Gave the check for AMB and it was credited on Friday morning Post which I received an ams saying welcome kit dispatched. Received the same yesterday morning though only disappointment was it came in an envelope and not in the beautiful cannister. Now with card in hard, I’ve generated my ATM Pin as well and looking fwd to using it today.

    The bank exec told me credit card was 2-3 months away but if its coming up next month, can’t wait for it.

    Reply
    1. Satish Kumar Agarwal Post author

      Rightly said. Looks like IDFC First Bank is upping the ante little bit. This may be the promising name to bank with in future, if management plans properly and everything goes well.

      Reply
  21. KARTIKAY GAUR

    Got an email from idfc first mentioning that the markup fee on this card is 2%.

    Reply
  22. Pranav Sharma

    i just got a debit card but when i am doing the transaction of rs2500 first online transaction it is failing, i do not know why?, in the login too its showing status active, what should i do know,

    Reply
    1. SS

      As per RBI directive all banks are block all type of transaction for all type of cards (except pos machine transaction). So you have to enable online transaction, call the CC or check the app

      Reply
    2. Mohan Eluri

      It could be due to debit freeze on your account ( normally when you open account freshly without cheque, means by loading the initial 25k with online loading), please check with the customer care, it will take 24-48 hrs to lift the freeze.

      Reply
  23. MrNightStar

    Can you please update the warning of account insurance limit to 5L?

    Reply
    1. Satish Kumar Agarwal Post author

      Just updated. Thank you for reminding.

      Reply
  24. Yuvraj

    what happens if we dont maintain the AMB for 1-2 month. Will the offer be non-applicable for that particular month or it will be lapsed forever?

    Reply
    1. Satish Kumar Agarwal Post author

      It will not be applicable for that month only in which AMB is less than required. Still it’s better to verify on email.

      Reply
    1. Murali

      RBI Guidelines https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9343&Mode=0

      Levy of charges for non-maintenance of minimum balance in savings bank account shall be subject to the following additional guidelines:

      (i) In the event of a default in maintenance of minimum balance/average minimum balance as agreed to between the bank and customer, the bank should notify the customer clearly by SMS/ email/ letter etc. that in the event of the minimum balance not being restored in the account within a month from the date of notice, penal charges will be applicable.

      (ii) In case the minimum balance is not restored within a reasonable period, which shall not be less than one month from the date of notice of shortfall, penal charges may be recovered under intimation to the account holder.

      (iii) The policy on penal charges to be so levied may be decided with the approval of Board of the bank.

      (iv) The penal charges should be directly proportionate to the extent of shortfall observed. In other words, the charges should be a fixed percentage levied on the amount of difference between the actual balance maintained and the minimum balance as agreed upon at the time of opening of account. A suitable slab structure for recovery of charges may be finalized.

      (v) It should be ensured that such penal charges are reasonable and not out of line with the average cost of providing the services.

      (vi) It should be ensured that the balance in the savings account does not turn into negative balance solely on account of levy of charges for non-maintenance of minimum balance.

      Reply
  25. Karthik

    The first transaction on the debit card can be a wallet load, like Amazon pay? I read the terms and conditions of the site, but it’s not mentioned anywhere about this. Do any of u have personal experience loading wallet on first transaction and getting 250 cashback?

    Reply
    1. Satish Kumar Agarwal Post author

      Applicable even on wallet load, but not applicable on bookmyshow.com. Better check with customer support when you are about to spend.

      Reply
  26. Manojsingh

    Currently they are paying 1000₹ voucher on spending of 20000₹ and above via debit card. Can we spend same in loading wallet. Anyone have idea please let me know.

    Reply
    1. Satish Kumar Agarwal Post author

      Didn’t get any communication regarding this offer. Is it targeted or for everyone.

      Reply
  27. vicky

    very good experience with customercare unlike hdfc

    got 2500 value vouchers also

    planning to tell wife to also open to get free movie ticket per month

    Reply
  28. Nikhil

    Got targeted offer- Spend 5000 & get1000 amazon voucher. IDFC is too good these days.

    Reply
  29. Abhi

    1K voucher on 5K spends mostly targeted at cards which are less used or practically inactive since months.

    Reply
    1. MrNightStar

      Enjoy while it lasts. xD

      India needs permanent High Yield Savings Account (HYSA).

      Reply
  30. ASHIS. DEB

    Spend ₹5000 or more with your IDFC FIRST Bank Debit Card and get a gift voucher worth ₹1000.

    Reply
  31. Deep

    Please review Au Royale Account. As it is most benefited bank program. And try to compere with IDFC first Signature accounts.

    Reply
    1. Karan Bhandari

      Au Royale account requires 2L for almost the same benefit as of IDFC (25k MAB).
      If you still want to have that account better go for the SC premium account. IDFC is a must-have for all.
      PS: IDFC is a full-fledged commercial bank while AU is a small finance bank. SC has a restriction placed on it that it cant further open any other branch.

      Reply
  32. deep

    Au Royale account requires 1L ONLY for 6 group account avg. balance 17k in each account. All six account gets Visa Signature card free all other benefits for each account.

    Reply
    1. Satish Kumar Agarwal Post author

      Dear Deep
      You said rightly. It requires an AMB of 1 lac only and can be shared across upto 6 members in a family group. AU is a small finance bank whereas IDFC bank is a full fledged commercial bank. So the later is much safer to bank upon and have fewer restrictions in its working.

      Small finance banks will have to go long way before they can be trusted upon by masses, however AU small finance bank has some of the good offers to show for now.

      Still for your liking, may do a short review here itself within 1-2 day.

      Reply
  33. deep

    Thanks for your consideration and your quick replay.

    All the banks gives deposit insurance upto 5 lakh per PAN and also give some nominal limit for withdrawal in case of any default. Whenever any bank got default, mostly all are loss making. but Au bank is highly profitable. So it is safe for depositors as of now in my views.

    As I mention that it provides very high benefits considering low balance and there is no review for Royal account in any websites and YouTube so your viewer counts while increase. It gives awesome benefits for family group account holders and also helpful for your viewers as well.

    Reply
    1. Satish Kumar Agarwal

      Dear Deep

      Comprehensive review of the AU ROYALE Program is ready.

      Now it’s upto Siddharth to post it whenever time permits him.

      Reply
  34. deep

    When you publish your review on Au Royal Account? @Satish Kumar Agarwal

    Reply
    1. Satish Kumar Agarwal Post author

      Dear Deep

      Firstly I thought of a short review here itself in reply comment. Later decided to research n post complete review. So will take some time. It’s almost ready n shouldn’t take more than a week or so.

      Reply
  35. Satish Kumar Agarwal Post author

    Now no need to maintain minimum 1 lac balance to earn 7% interest on Idfc bank savings ac w.e.f 01.01.2021.

    Reply
      1. Satish Kumar Agarwal

        Earlier it was required to maintain minimum 1 lac + in savings account to get 7% interest. Now that barrier is gone for good. Even if you maintain 25k, you earn 7% on it.

        Reply
    1. Shree Vardhan Mundhra

      Earlier you could get 7% over a balance of 1 crore which was better than an FD but now it is only up to 1 crore.

      Do you have any views/reviews of the new line of IDFC First Bank credit cards?

      Reply
  36. DEV ASHIS

    Received Gift Voucher worth Rs.1000 to-day. Transferred the voucher amount to Amazon Pay balance.
    Validity One year

    Reply
  37. Varun Rai Kapoor

    Hi Sid/ Satish – Which debit cards provide rewards points for paying credit card bills ? Can you please help here ? I don’t think Citi Bank provides this.

    Reply
    1. Satendra

      I am using HDFC Millenia and IndusInd debit cards to earn RP on credit card bill payments. But the rewards on debit cards usually have maximum cap.

      Reply
      1. Shikhar Makkar

        Hello Satendra,

        How do you get indusind rewards when paying using credit cards? Through which app do you pay – paytm, mobikwik or something else?

        Reply
        1. Manoj Singh

          Shikhar/Satendra,
          Did you got answer
          Do you get indusind rewards or HDFC Millenia or other debit card rewards when paying using credit cards? Through which app do you pay – paytm, mobikwik or something else?

          Reply
      2. AbhiKohli

        How do you pay CC bill ? Cred doesn’t accept debit cards. Whenever I try Paytm, it refuses as well. Mobikwik fails everytime & send a refund.

        Reply
  38. Amar

    Received another offer today on IDFC debit card – spend 50k and get 2k Amazon voucher plus 1 year of Times Prime.

    Reply
  39. Satish Kumar Agarwal

    New features of IDFC VISA Signature Debit card without any additional cost–

    Daily Purchase limit increased to ₹6 lacs from ₹4 lacs
    Personal accident insurance cover increased to ₹35 lacs from ₹25 lacs
    Air accident insurance cover increased to ₹1 Cr from ₹50 lacs

    Intimated by bank via email.

    Reply
  40. Ritesh kumar soni

    Idfc first bank is flushed with funds. The bank has raised the bar of service and customer orientation. In addition to eye popping 7 per cent the service and other thing are much better. Great bank in the making.

    Reply
  41. Basant kumar

    The lounge list of idfc is very small like in mumbai airport only 1 lounge available.

    Reply
  42. J

    LTF card with lounge access! thats great – are there any other free cards (besides HDFC as I already have one) that offer lounge access? Looking for card for when I take family to travel.

    Reply
    1. Shivi

      Is it incremental rate of interest or for all amount less than 1 crore?

      Reply
  43. Taj dhillon

    I have opened IDFC first saving account with signature debit card. They issued me vouchers for Bill payment and Adding beneficiaries plus transfer with in 2-3 days, however didn’t issue vouchers for opening online account and whatsapp registration even after 3 weeks. Can anyone share your experience related to it??
    Thank you

    Reply
  44. Satish Kumar Agarwal Post author

    Hi Everyone

    Savings rate reduced on IDFC. Now you earn wef 01.05.2021-

    Upto 1 lac- 4%
    1 lac to 10 lacs- 4.5 %
    10 lacs to 2 crores- 5%

    Sad moment for all of us, but it was inevitable.

    Reply
    1. Shivi

      IndusInd & AU still holding on. New kids on the block are Equitas & Ujjivan

      Reply
    2. Abhi

      Worst part is IDFC rates are progressive. So if you have 12L balance, you get 4, 4.5 and 5 on slab wise amounts.
      On the other hand, though Yes Bank has different rates for different balances, the total balance gets one uniform rate. Their rate above 10L is 5.6%, so if you keep say 12L, the rate applied is 5.6% on entire 12L.

      Reply
      1. Shivi

        Nah, that’s not true. Yes bank too has incremental rate of interest.
        Following are their rates as on 8th Dec, 2020 inwards:

        1 Lac to =10 lacs to < 100 Cr is 5.50%

        Reply
          1. Abhi

            Check with them.. I checked with CC and two RMs. They all confirmed that they apply the rate based on your overall balance and not slab wise. So if rate from 1L to 10L is 4.75% and 10L to 100C is 5.5%, and if you maintain say 11L, the entire 11L gets 5.5%.

        1. Shivi

          @Abhi
          May 11, 2021

          Forget the useless RMs and CC. You can see the rates on their site and I have an account with them. The Yearly interest certificate as well as the quarterly interest credited to my account is as per the incremental rate of interest on site.

          Applicable Interest Rates (p.a.) w.e.f. 8th December’’2020:
          1 Lac to =10 lacs to < 100 Cr is 5.50%

          Reply
          1. Shivi

            Some coding error on site: Applicable Interest Rates (p.a.) w.e.f. 8th December’2020-

            Less than 1 Lac is 4%, between 1 Lac to less than 10 lacs is 4.75% greater than 10 lacs to less than 100 Cr is 5.50%

      2. Shivi

        “Their rate above 10L is 5.6%, so if you keep say 12L, the rate applied is 5.6% on entire 12L.”

        Dude, you are confusing rates of FD with Savings! What you mentioned above *were* FD rates. The FD rates changed too from May 10, 2021

        Reply
        1. Abhi

          My point was nothing to do with FD rates, those are entirely different. Reconfirmed with my new RM, checked y’day with my home branch Mgr and another CC reg only the SA rates. All say the same thing.. depending on your AQB, one flat interest rate is applied on the whole avge balance. Ofcourse for AQB between 10L to 100Cr it’s dropped from 5.5 to 5.25% since 13May, and the rates are 4.5% for 1-10L and 4% for the <1L ranges. So Yes's still a notch better than IDFC which applies progressive interest rates pretty similar to how income tax slabs apply. Plainly speaking if someone's AQB is 2L with both IDFC and Yes, the SB interest from Yes is higher.

          Reply
  45. Abhi

    It’s pretty clear on their website also. Now it’s based on daily balance and not AQB, just that it’s credited quarterly. If your daily balance is above 10L, applicable rate is 5.25% on that day.

    Reply
  46. manoj singh

    Best part is that you can buy BMS voucher as well from BMS app for 250 every month and use them whenever you like. Even you can gift the same to your friends and family. You will get 250₹ cashback in your account in 3-4 days. So buy BMS voucher every month in this pandemic and use it whenever you feel like in one year. You can get validity increase as well if required

    Reply
  47. SS

    They stop BMS 250 off evey month from October 2021. I got that till September. But from October, there is no cashback for BMS spent.
    Please update the article.

    Reply
  48. Shivi

    IDFC First bank has launched new Programs:
    ————————————–

    IDFC First Select – Eligibility MAB = 3Lakhs;

    IDFC First Wealth – Eligibility MAB = 10 Lakhs; and

    IDFC First Private – Eligibility MAB= 50 Lakhs. Stunning private metal debit card!

    Reply
    1. Satish Kumar Agarwal Post author

      Thanks for posting. I too saw the First Metal debit card of India. Indeed stunning. But eligibility is way too high.

      Reply
    2. Abhi

      Checked with RM, Idfc private eligibility is 5Cr. Another point is once you get upgraded to one of these accounts, they are not too strict on MAB later on.

      Reply
    3. Satish Kumar Agarwal Post author

      There are total of 9 criteria for Select, Wealth and Private banking based on Savings account balance, Current account balance, Home Loan taken, Car loan taken, Business loan taken, Salary amount credit, Forex value, NRV (Savings FD & Investments) etc.

      But unlike Indusind Bank where you get complimentary Exclusive savings ac and all its benefits if you hold their Premium cards like Indusind Pinnacle credit card.

      Reply
  49. Darshdeep Singh Grewal

    As per my RM, criteria is 1 lakh for select, 3 lakh for wealth and 10 lakh for private.

    Reply
    1. addy

      This might be the criteria for salary credited monthly in your salary account.

      Reply
  50. Abhi

    Not sure different branches follow different criteria maybe depending on city/location. But one thing I was told by CC is that onboarding to privileged banking (select, wealth or private) is upto the branch where you have the account. When I enquired with CC they asked me to get in touch with RM else RM would get in touch with me, and CC can’t do anything. CC could not even confirm the criteria.

    Reply
  51. Abhi

    As part of onboarding to one of the privileged accounts last week, they ve issued free annual amazon prime subscription code today (I think right after amazon hiked their fee by 50%). New debit card is already reflecting in my app but still awaiting physical card delivery with new welcome pack, post which my existing visa signature will cease to be valid. The site mentions some of the benefits of privilege accounts/cards but I guess the welcome pack will have all the details.

    Reply
    1. Chaitanya

      I received the subscription code but nothing else in the app so not sure if the upgrade is done.

      Reply
  52. Abhi

    Yes app still reflects ‘Savings Regular’ and not privilege or anything. But I got a mailer saying you ll get all the codes over next 30 days. They promise amazon prime, zomato pro, timesprime, vHealth subscriptions and complimentary locker with idfc.

    Reply
  53. Ramesh Kumar

    I received the new upgraded package today with new debit card and cheque book.

    Reply
  54. Ramesh Kumar

    Comes with visa infinite debit card and in welcome letter says accelerated reward program, but no details on reward program.

    Reply
    1. Abhi

      As per CC, you get 3pts per 100 on offline and 5pts per 100 on online spends. One pt value is Rs0.25 (same as credit card). As of now they don’t know if there’s any monthly capping.

      Reply
      1. Abhi

        On enquiring again, RM said they are yet to launch the RP program on privilege banking debit cards. Again IDFC low on preparedness. Similar thing they did with credit cards, announced lot of things with launch but took some months to go live. Even complimentary locker for Wealth and Private accounts is just on paper coz most branches across cities don’t have lockers yet. One of the tier 1 cities with over 20 branches has just one branch having lockers, that too just 50 lockers in all. IDFC has a habit of launching first and then working towards enabling the promised features later.

        Reply
  55. Abhi

    They keep sending piecemeal. Today received the zomatoPro 1yr code. They do mention accelerated rewards on the debit card, wonder how much is that.
    BTW, Wealth and Private accounts pre-qualify you for Wealth credit card and having Select account pre-qualifies you for Select credit card

    Reply
  56. Sandeep Kumar

    What’s criteria for Wealth account? One CC executive told 10 lacs MAB. Another told no fix criteria, it all depends on RM.
    I have parked 10+ lacs in my saving account to receive wealth invitation from branch, lets see what happens.
    I already hold Select credit card and want to upgrade to wealth variant thru this route.

    Reply
    1. Satish Kumar Agarwal Post author

      Dear Sandeep

      Don’t worry. You meet their Wealth Programme criteria already. The invites are being sent on monthly basis to Preapproved account holders. It should not take more than 2-3 months at best.
      The Programmes are still in kind of Beta stage, where every details are not available to branch people themselves. Hopefully everything will be cleared within next 2-3 months.
      And yes once you are onboarded to Wealth Programme, your Select cc will automatically be either upgraded or closed in lieu of Wealth cc.

      Reply
        1. Satish Kumar Agarwal Post author

          If you don’t want to wait being Pre-approved for Wealth banking programme, contact your branch RM/ BM right away. They have other options too for quick onboarding like opening a family member account and group you with that.

          Reply
  57. Manoj Singh

    Now they start charging annual fees for their signature debit card 499 plus gst from 30 th June onwards. Really idfc is devaluing their services.
    Even credit cards have been devalued as well. Time to change bank

    idfcfirstbank.com/notice-board

    Reply
    1. Deep Saha

      Infact as per the link above even platinum card is chargeable and all cards are chargeable now..

      Its time to close IDFC account.

      Reply
  58. Deep Saha

    I have a Corporate Salary Account with IDFC Bank with Signature Debit Card. I just Just got an email from IDFC Bank that now Visa Signature debit card will have Rs500 as Annual Charge.

    On renewal or replacement of card now Platinum Debit Card will be issued.

    I think other than 6% pa intrest with monthly intrest credit now IDFC Bank does not have much benefits.

    Reply
  59. Aks

    What if we move to First Select? Will the charge still apply on debit card? I have a feeling that that also will be chargeable after sometime.

    Reply
    1. Satish Kumar Agarwal Post author

      Nil for now. Article updated already.

      Reply
  60. Ashutosh

    The charges on Visa Signature debit card are only for new to bank customers. The existing card holders do not have any charges. Clarified with bank customer care

    Reply
  61. Umesh

    Don’t think so.. the email has come to everyone including existing one

    Reply
    1. Aks

      I haven’t received any mail for my account. Account is 3 years old.
      But received a mail for mom’s account which is one year old explaining about charges. And few days later received another mail explaining that for old customers there’s not any changes.

      Reply
    2. Prathmesh

      Yes, i too got the email even though i have an account with the bank since 6 months.

      Reply
    3. Ashutosh

      Suggest you call the customer care or RM. As per the clarification, the email was sent to all customers as mistake.

      Reply
  62. Deep Saha

    Correct, I guess you misunderstood what customer care said. I suggest you speak with them once more.

    Charges are applicable for existing customers as well after the existing card validity expires.

    Now all IDFC savings account has yearly charge for cards. So all new customers will have to bear the card annual fees and as said existing customers have to bear charges after existing card validity.

    Only RB customers i.e IDFC First Select/Wealth or Private have free debit cards with other offers and you cannot apply for these accounts its a priority banking with a dedicated Relationship Manager and your account will be automatically upgraded to these above varients depending on your banking relationship i.e unless you qualify automatically to the above banking status no one can upgrade your account to the above.

    Reply

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