IDFC Bank Full Form- Infrastructure Development Finance Company
Updated on 22 February, 2024
upGrad Abroad Team
upGrad abroad Editorial Team
)What is IDFC Bank? The full form of IDFC Bank is Infrastructure Development Finance Company.
The banking division of Infrastructure Development Finance Company and Capital First, a non-bank financial entity in India, merged to become IDFC FIRST Bank, a private sector bank in India. It's the first universal bank to provide lifetime free credit cards with low annual percentage rates and monthly interest credit on savings accounts.
In order to fund infrastructure projects in India, IDFC Limited was established in 1997. The business eventually expanded into investment banking, institutional broking, and asset management.
The goal of IDFC FIRST Bank is to establish a top-tier institution in India that is driven by technology, ethical principles, and social good.
Products and Services of IDFC Bank
- Savings Account- To satisfy the various needs and financial goals of the clients, each savings account type provides special advantages. Digital transactions are easier and more secure to do.
- Personal Loan- The digital application process is simple and expedient, allowing customers to apply for personal loans in a matter of minutes. In addition, they may pick from a variety of flexible repayment terms up to 84 months and receive a personal loan with affordable interest rates.
- Fixed Deposits- In India, fixed deposits (FDs) have long been a well-liked investment choice because of their reliability and security. Fixed deposits don't fluctuate like investments tied to the market do. This implies that low-risk investors may put money into FDs with confidence, earn a consistent rate of return, and see their main amount increase over time.
- Mutual Fund- A mutual fund is an investment pool that is professionally managed by a fund manager. After that, the funds are used to purchase stocks, bonds, money market instruments, and/or other securities. Each investor receives a proportionate share of the income or gains from this group investment.
- Current Account- Bravo is a special feature that allows users to set up an Auto Sweep into an MSME Current Account Fixed Deposit (FD) without having to pay a penalty if the FD breaks too soon. The sole and primary bank in India to provide this as a service for ALL current account types, newly established accounts, and even present clients.