IDFC First Bank

[varun__goel_]

Hey, is it safe to open an account in IDFC First Bank(in terms of stability), considering it is a new bank as compared to HDFC, ICICI etc. Was planning to open account but just doubtful as new bank can fail. They are also providing higher interest rates compared to others, it means they must be taking more risks to earn profits.I just need your opinions

 

[palen]

I'm on a similar boat - looking to open a secondary savings account and slightly hesitant on trusting IDFC. I will wait for others opinion.

I actually opened an IDFC savings account few days ago.

 

[ArpanOP]

Now idfc is giving cc based on savings account r stopped? When u got idfc cc

2 years back. I only have the cc, every bank will offer their product based on your relationship with the bank and your cibil.

 

[Salvo08]

Hey, is it safe to open an account in IDFC First Bank(in terms of stability), considering it is a new bank as compared to HDFC, ICICI etc. Was planning to open account but just doubtful as new bank can fail. They are also providing higher interest rates compared to others, it means they must be taking more risks to earn profits.I just need your opinions

Think you must have taken a decision by now but I'll still share my opinion for benifit of others (if that may help). First the safety, as already answered by others, 5 Lakhs is safe in any RBI approved bank. Bank profits look quite healthy and the same has been reflected by their share price. A year plus back IDFC Bank share price was ₹35-37 per share and now it's 56-57 after having touched ₹60.

I have an account with them for the last year and a half and the points in favour of them are high interest rate for deposits above 10 Lakhs, good benefits on their Select/Wealth Debit Cards if your account gets upgared and a great online/mob banking experience. Now.the negatives. They do not offer good FD rates as compared to other banks like AU Small Finance Bank, no priority customercare support even for wealth customers. They have now introduced the family banking earlier even that wasn't there. I personally would recommend a secondary banking relationship with them anyday. Infact I would even recommend IDFC shares for the long term investor.

 

[Kirtijyoti]

Now idfc is giving cc based on savings account r stopped? When u got idfc cc

No idea about current situation . I got cc offer from bank on Feb 2023 and I had opened savings account with them on Oct 2022.

 

[palen]

No idea about current situation . I got cc offer from bank on Feb 2023 and I had opened savings account with them on Oct 2022.

Which CC?

 

[Kirtijyoti]

Which CC?

Millenia

 

[raghu.rokda]

I have been using idfc account . I opened it to get a credit card from them ( which I got after few months). I have not yet closed the account coz I like the services offered by them . Only demerit is that you need to maintain a minimum monthly balance.

Your PIN code is serviceable for credit card

 

[shsinha]

Hey, is it safe to open an account in IDFC First Bank(in terms of stability), considering it is a new bank as compared to HDFC, ICICI etc. Was planning to open account but just doubtful as new bank can fail. They are also providing higher interest rates compared to others, it means they must be taking more risks to earn profits.I just need your opinions

IDFC First bank is doing very well. Management (Mr. Vaidyanathan ex ICICI) is good. Net NPA is less than 1% and grew around 100% in last 1 year. I am very positive about opening savings account in IDFC FB as well as buying equity/shares of this bank...

 

[raghu.rokda]

What are the share rates ?

IDFC First bank is doing very well. Management (Mr. Vaidyanathan ex ICICI) is good. Net NPA is less than 1% and grew around 100% in last 1 year. I am very positive about opening savings account in IDFC FB as well as buying equity/shares of this bank...

 

[shsinha]

What are the share rates ?

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