IDFC First Bank has launched premium banking experiences for its customers. There are three types of programs based on the overall relationship value. All of them come with a good set of benefits. Here is everything you need to know.
Premium Banking Variants
IDFC First Bank has launched three premium banking experiences – First Select, First Wealth and First Private. The classification into these different variants will be based on the NRV which includes below factors. This is what I know from various sources including the branches.
- Savings Account AMB
- Current Account + Savings Account AMB
- Salary Credit
- Overall Relationship Value (ORV)
- Home Loan / Auto Loan sanctioned amount
Premium Banking Requirements
Below is the overall value required for the relationship to be classified into First Select, First Wealth or First Private. Again, this is what I have gathered from different sources and can be flexible on a case-to-case basis.
|Criteria||First Select||First Wealth||First Private|
|SA AMB||Rs 3 Lakhs||Rs 10 lakhs||Rs 50 Lakhs|
|SA+CA AMB||Rs 5 Lakhs||Rs 15 Lakhs||Rs 1 Cr|
|Salary Credit||Rs 1 Lakh||Rs 3 Lakhs||Rs 7 Lakhs|
|Overall Relationship Value||Rs 25 Lakhs||Rs 75 Lakhs||Rs 3 Cr|
|Home Loan Sanctioned Amount||Rs 50 Lakhs||Rs 2 Cr||Rs 5 Cr|
|Auto Loan Sanctioned Amount||Rs 7 Lakhs||Rs 15 Lakhs||Rs 35 Lakhs|
Premium Banking Benefits
While the benefits are better on the Private variant, below are some of the important benefits we get.
- Lifetime Free FIRST Select/Wealth/Private debit and credit cards. We have already seen the FIRST Select and FIRST Wealth credit cards. So getting a FIRST Select bank account makes you eligible for FIRST Select credit card as well. IDFC FIRST Private credit card is not fully revealed yet.
- Preferential Forex and Loan Rates
- Doorstep Banking (Cheque Pickups)
- Locker Privileges (Wealth and Private only)
- Complimentary Annual Memberships – Amazon Prime, vHealth, Times Prime (Wealth and Private only), Zomato Pro(Wealth and Private only)
How to Enroll
The programs are being rolled out in phases but the easiest way to enroll is via branch/RM.
It is easy to upgrade to the Select variant and the criteria are slightly relaxed at the moment.
IDFC First Bank’s offerings are getting interesting. Their credit cards (all LTF) are doing well at the moment. This launch of premium banking programs is also with a good set of benefits that will be useful.
It is very easy to open an IDFC First Bank account. The entire process including KYC is online. You can check and apply for a new IDFC First Bank account over here and get Amazon vouchers worth over Rs 3000.