Month: September 2021

Are festive home loan offers worth it?

Personal Finance

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With stamp duty cuts by several state governments adding to the allure of benign property prices, the time seems ripe to buy your dream home. Home buyers also stand to benefit from the prevailing low interest rates on retail loans, that peg up the affordability of home purchases. Despite the status quo adopted by the RBI on policy rates, interest rates on home loans have dropped by 10-120 basis points (bps) since the start of the year, across lenders. To top it up, some banks and HFCs (housing finance companies) are offering limited period offers in the form of further rate cuts and processing fee waivers to cheer up home buyers this festive season.

However, borrowers should keep in mind that these offers pertain to floating rate loans. These rate are likely to be revised upwards during the tenure of the loan, more so, since we are already at the bottom end of the rate cycle. Hence, however enticing the interest rates may seem, the decision to take on debt must be taken with utmost caution, after considering the payouts that you will have to make during the 20-30 year loan tenure.

Here’s a lowdown on some of the festive home loan offers.

Special rates

Kotak Mahindra Bank now offers home loans starting from 6.5 per cent per annum for loans sanctioned and disbursed between September 10 and November 8, 2021. This is the lowest rate on offer in the market currently. However, the right way to compare offers from different lenders would be after considering everything – the rates, processing fees and other charges applicable on a case to case basis. The interest rates are offered according to one’s credit score and income profile.

Kotak’s offer, however, translates into only a 10 bps savings over the bank’s existing interest rates for borrowers with the best credit profile. Let’s bring in some perspective. For example, for every ₹10 lakh of home loan availed during the offer period (say for a 30-year tenure), borrowers can save only ₹790 in their EMIs every year. This offer is valid on all loan products (balance transfer, fresh home loans, etc.) and the interest rate is linked to the credit profile of the borrower.

HDFC has also slashed its interest rates by 10 bps for floating rate home loans sanctioned and disbursed (either partially or fully) until October 31, 2021. Customers with a credit score of over 800 can avail home loans at the rate of 6.7 per cent per annum, irrespective of the type of customer (salaried or otherwise) and the amount of loan availed. Earlier, the HFC offered home loans at 6.8 per cent to 7.3 per cent per annum for loans of up to ₹30 lakh and at 7.05 per cent to 7.55 per cent, for loans over ₹30 lakh but less than ₹75 lakh. For loans above ₹75 lakh, interest was charged up to 7.65 per cent. The HFC, however, offers its women home buyers a discount of at least 5bps on the prevailing interest rate, which can now not be clubbed with the limited period festive offer.

LIC housing finance, another leading HFC has followed suit and now offers home loans up to ₹2 crore at interest rates starting from 6.66 per cent to borrowers having a CIBIL score of 700 and more, irrespective of whether they are salaried or professionals/self-employed. This deal however benefits customers with higher ticket sizes only. This is because until now, the company was already offering interest rates starting from 6.66 per cent on its home loans of up to ₹50 lakh. For higher amounts, the HFC was offering loans at 6.9 to 7.9 per cent per annum.

The offer translates into savings of ₹13,417 (on your annual EMI payments), for customer who borrow ₹70 lakh during the offer period for a tenure of 30 years. The offer is available for home loans sanctioned from September 22 to November 30, 2021, provided the first disbursement is availed on or before December 31, 2021.

The country’s largest lender, SBI too has slashed its rates by up to 45 bps (concessions based on credit score of the borrower) during the offer period. Earlier, the bank offered loans at the rate of 6.7 to 7.3 per cent for loans up to ₹75 lakh and in the range of 6.95 to 7.4 per cent for loans over ₹75 lakh. Now, during the offer period, SBI offers home loans at 6.7 per cent, irrespective of the loan amount.

While 6.7 per cent might not be the best rate offered, the festive offers of SBI do mean substantial savings for customers when compared to the rates offered by the bank hitherto. For a borrower availing a home loan of ₹75 lakh for a tenure of, say 30 years, this would translate to a saving of ₹27,000 on EMI payments on an annual basis. Besides, for non-salaried borrowers, this offer period could mean an additional saving of 15 bps on the annual rate of interest charged.

Fee waivers

Besides lower rates, many banks and HFCs are also offering waivers on processing fees. LIC Housing finance, for instance, has capped its processing fee at a maximum of ₹10,000 or 0.25 per cent of the loan amount, whichever is lower for loans up to ₹2 crore. Outside of the offer period, the HFC charged a fee in the range of 0.25 to 0.5 per cent of the loan amount. The maximum fee charged was pegged at ₹15,000 for loans up to ₹1 crore and up to ₹50,000, for loans in the range of ₹1 crore to 3 crore.

HDFC too has slashed its processing fee to ₹3,000 for customers who are salaried and self -employed professionals, and to ₹5,000 for self-employed non-professionals, from the earlier ₹10,000. SBI also is offering a complete waiver on its processing fee for home loan buyers, during the offer period.

Bank of Baroda is also offering a 25 bps cut in the interest rates charged on its Baroda Home Loans, along with a 100 per cent waiver in processing fee for loans availed until December 31, 2021.

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2 Equity Mutual Funds Rated 1 By CRISIL To Initiate SIP In 2021

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Canara Robeco Equity Tax Saver Direct Growth

This ELSS mutual fund scheme was launched by the fund house Canara Robeco Mutual Fund in the year 2013 and has been in existence for 8 years. According to Value Research, Canara Robeco Equity Tax Saver Direct-Growth gains over the last year have been 71.15 percent, with an average annual return of 17.67 percent since inception.

The fund’s expense ratio is 0.81 percent, which is lower than the expense ratio charged by most other funds in the ELSS fund category. The fund has a major equity allocation across Financial, Technology, Construction, Healthcare, Automobile sectors and the fund’s top-performing holdings are Infosys Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., Tata Consultancy Services Ltd..

In terms of delivering consistent returns investing in Canara Robeco Equity Tax Saver fund can be a decent bet as it has been rated 1 or 5 star by CRISIL, 5 star by Value Research and again 5 star by Morningstar. As of 24th September 2021, the Net Asset Value (NAV) of the fund is Rs 116.85 and the Asset Under Management (AUM) of the fund is Rs 2,679.66 Cr.

The fund comes with a lock-in period of 3 years and definitely no exit load. Investments in this fund up to Rs 1.5 lakh under section 80C would be tax-free and capital gains above Rs. 1 lakh will be subject to LTCG (long-term capital gains) tax at a rate of 10%. One can start SIP in this high-rated equity fund with a minimum monthly contribution of Rs 500.

Canara Robeco Bluechip Equity Fund Direct Growth

Canara Robeco Bluechip Equity Fund Direct Growth

This Large Cap mutual fund scheme has been actively performing for the last 8 years having been launched in the year 2013 by the same fund house. Canara Robeco Bluechip Equity Fund Direct-Growth Returns in the previous year were 64.72 percent, according to Value Research, and it has generated 16.75 percent average annual returns since its inception.

The fund’s expense ratio is 0.36 percent, which is comparable to the expense ratio charged by most other funds in the large-cap fund category. The fund has its equity allocation across Financial, Technology, Energy, Construction, Healthcare sectors. The fund’s top-performing holdings are HDFC Bank Ltd., ICICI Bank Ltd., Infosys Ltd., Reliance Industries Ltd., Housing Development Finance Corpn. Ltd..

Canara Robeco Bluechip Equity fund has been granted a 1 or 5 star rating by CRISIL, 5-star by Value Research and again 5 star by Morningstar which simply indicates its historical performance in the same category i.e. large-cap. The fund’s Net Asset Value (NAV) is Rs 42.58 as of September 24, 2021 and its Asset Under Management (AUM) is Rs 4,271.67 Cr.

The fund charges an exit load of 1% if units purchased are redeemed within 1 year of the investment date. If you withdraw your allocated units within 1 year of investment then a 15% of Short-term capital gains tax will be applied, whereas you are required to pay a Long-term capital gains tax of 10% on the sale of your allocated equity shares of more than Rs 1 lakh. You can start SIP in this fund with a minimum amount of Rs 1000.

Best Performing Canara Robeco Mutual Funds

Best Performing Canara Robeco Mutual Funds

Apart from the factors discussed above, here are the past returns of 2 high-rated Canara Robeco Equity Mutual Funds that you need to consider before initiating SIP in 2021.

Funds 1 mth returns 6 mth returns 1 Yr returns 3 Yr returns 5 Yr returns
Canara Robeco Equity Tax Saver Direct Growth 6.54% 26.63% 71.15% 25.22% 19.88%
Canara Robeco Bluechip Equity Fund Direct Growth 6.65% 23.76% 64.72% 23.83% 18.68%

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advice to buy or sell stocks, gold, currency, or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates, and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in



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ED, BFSI News, ET BFSI

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The Enforcement Directorate (ED) on Saturday said it has frozen shares worth Rs 700 crore after raids against Karvy Stock Broking Limited (KSBL) CMD C Parthasarathy and others as part of a money laundering investigation against them.

He is currently lodged in the Chanchalguda jail of Hyderabad after being arrested by the Telangana Police last month.

The ED searches were carried out on September 22 at six locations in Hyderabad and on various premises of Karvy group of companies, connected entities and the residential premises of C Parthasarathy, the agency said in a statement.

“Several incriminating evidences in the form of property documents, personal diaries, electronic devices, email dumps, etc have been seized and are being analysed,” it said.

“It is reliably learnt that C Parthasarathy is trying to off-load his shares in the group companies through private deals and thus, in order to preserve the proceeds of crime till further investigation, ED has issued a freezing order on September 24 and the estimated value of these shares has been arrived at Rs 700 crore as per the valuation for the year 2019-20,” it said.

These shares of the Karvy group are being held “directly and indirectly” by CMD Comandur Parthasarathy, his sons Rajat Parthasarathy and Adhiraj Parthasarathy, and their entities.

The ED case, filed under the criminal provisions of the Prevention of Money Laundering Act (PMLA), is based on a Telangana Police FIR alleging KSBL had “illegally pledged the securities of its clients and taken a loan of Rs 329 crore and diverted the same.”

“Another FIR has been registered by central crime station of Hyderabad Police for defrauding IndusInd Bank to the tune of Rs 137 crore and one more FIR has been registered by Cyberabad Police authorities for defrauding ICICI Bank to the tune of Rs 562.5 crore,” it said.

The ED has clubbed all these FIRs as part of its probe and has also recorded the statement of C Parthasarathy in jail.

KSBL under the leadership of C Parthasarathy had committed “gross irregularities” and all the illegally taken loans have become NPA, the agency said.

It is learnt that more FIRs are being registered by other banks and also individual shareholders/ investors, the ED said.

The total loan proceeds taken from multiple banks using the same modus operandi is around Rs 2,873 crore, it said, adding that the NSE and SEBI are also investigating the affairs of KSBL.

The agency said its probe found that KSBL “did not report” the depository participatory or DP account no. 11458979, named KARVY STOCK BROKING LTD (BSE), in the filings made from January-August, 2019 with regulators/exchanges.

“KSBL fraudulently transferred shares belonging to its clients to its own demat account (which is not disclosed to the exchanges) and pledged the shares held in these accounts with the lenders/banks (HDFC bank, ICICI bank, IndusInd bank, Axis Bank, etc.).”

“The securities lying in the aforesaid DP account of KSBL, actually belonged to the clients who were/are the legitimate owners of the pledged securities,” the agency said.

It said KSBL did not have any legal right to create a pledge on these securities and generate funds.

“The quantum of such loans taken by KSBL from illegal pledge of shares is to the tune of Rs 2,873 crore. KSBL credited the funds raised by pledging of client securities to 6 of its own bank accounts (stock broker-own account) instead of the “Stock Broker-Client Account” and further has not reported these 6 own bank accounts (stock broker-own account) held with various private banks to the Sebi,” it alleged.

Prima facie, the ED said, a net amount of Rs 1,096 crore was transferred by KSBL to its group company–Karvy Realty (India) Ltd– between April 1, 2016 to October 19, 2019.

It accused KSBL of conducting “large-scale trading activities in the names of 9 companies that included Karvy Consultants Limited (KCL), which is a group company of Karvy, and 8 other shell companies, in the guise of doing insurance business.”

“Several crore of rupees were diverted for acquiring immovable properties through the group company, KRIL, and to other group companies as well.”

It also came to light that recently deletion of files and emails from the computer servers by using anti-forensic tools had been done, under the instructions of C Parthasarathy,” it claimed.

The bank statement analysis of these companies revealed that there is “large value rotation of funds” between the Karvy group companies and the bank accounts of certain shell companies.



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What’s new in China’s crackdown on crypto?, BFSI News, ET BFSI

Personal Finance

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China‘s most powerful regulators have intensified the country’s crackdown on cryptocurrencies with a blanket ban on all crypto transactions and crypto mining.

The move sent bitcoin and other major coins lower, as well as pressurising crypto and blockchain-related stocks.

What’s new?

Ten Chinese agencies, including the central bank and banking, securities and foreign exchange regulators, have vowed to work together to root out “illegal” cryptocurrency activity.

While China has been putting in place increasingly stricter rules on virtual currencies, it has now made all activities related to them illegal and sent a signal of intent they plan to get even tougher on enforcing the rules.

China’s central People’s Bank of China (PBoC) said it was illegal to facilitate cryptocurrency trading and that it planned to severely punish anyone doing so, including those working for overseas platforms from within China.

The National Development and Reform Council (NDRC) said it would launch a nationwide crackdown on cryptocurrency mining as it tries to phase the sector out entirely.

What’s come before?

China does not recognise cryptocurrencies as legal tender and the banking system does not accept cryptocurrencies or provide relevant services.

In 2013, the government defined bitcoin as a virtual commodity and said individuals were allowed to freely participate in its online trade.

However, later that year, financial regulators, including the PBoC, banned banks and payment companies from providing bitcoin-related services.

In September 2017, China banned initial coin offerings (ICOs) in a bid to protect investors and curb financial risks.

The ICO rules also banned cryptocurrency trading platforms from converting legal tender into cryptocurrencies and vice versa.

The restrictions prompted most such trading platforms to shut down with many moving offshore.

The ICO rules also barred financial firms and payment companies from providing services for ICOs and cryptocurrencies, including account openings, registration, trading, clearing and liquidation services.

By July 2018, 88 virtual currency trading platforms and 85 ICO platforms had withdrawn from the market, the PBOC said.

Why does it keep tightening the rules?

The huge run-up in price in bitcoin and other coins over the past year has revived cryptocurrency trading in China, with investors finding ways round the existing regulations. That’s come as the country is trying to develop its own official digital currency, becoming the first major economy to do so.

Earlier this year, Chinese regulators tightened restrictions that banned financial institutions and payment companies from providing services related to cryptocurrency. An industry directive said that speculative bitcoin trading had rebounded and was infringing “the safety of people’s property and disrupting the normal economic and financial order”.

Many Chinese investors were now trading on platforms owned by Chinese exchanges that had relocated overseas, including Huobi and OKEx. Meanwhile, China’s over-the-counter market for cryptocurrencies has become busy again, while once-dormant trading chartrooms on social media have revived.

China-focused exchanges, which also include Binance and MXC, allow Chinese individuals to open accounts online, a process that takes just a few minutes. They also facilitate peer-to-peer deals in OTC markets that help convert Chinese yuan into cryptocurrencies.

Such transactions are made through banks, or online payment channels such as Alipay or WeChat Pay, though these have since promised to conduct due diligence on clients and set up monitoring systems targeting key websites and accounts to detect illegal crypto-related transactions.

Retail investors also buy “computing power” from cryptocurrency miners, who design various investment schemes that promise quick and fat returns.

What’s the impact of the crackdown?

While cryptocurrencies fell on Friday, the fall was less pronounced than the slide seen in May when China’s State Council, or cabinet, vowed to crack down on bitcoin mining.

The test will be whether China is able to find and punish platforms and people breaking the rules.

Some analysts said that based on what’s gone before, determined investors would still likely find a way to trade.

“While retail traders in China may no longer be able to access online exchange platforms that are now illegal, crypto funds may be able to move management of their funds offshore,” said Ganesh Viswanath Natraj, Assistant Professor of Finance at Warwick Business School.



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RRB employees to observe one-day strike on September 27 against govt’s divestment plan, BFSI News, ET BFSI

Banking & Finance

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The regional rural bank (RRB) employees are going to observe a one-day strike on September 27 opposing the government’s plan to divest its 50% share in each of the rural banks in favour of their respective sponsor banks.

The employee unions are instead demanding formation of a national rural regional bank and delinking of it with any sponsor bank. The union flag bearers are of the view that there has always been conflicts of interest between mainstream commercial banks and the RRBs they sponsor.

India has 43 RRBs with a network of around 22,000 branches mostly in the hinterlands to ensure banking facilities for farmers and artisans. These banks collectively employ one lakh people.

The central government holds 50% in each of the RRBs while their respective sponsor banks hold 35%. The balance 15% in RRBs is held by the respective state governments according to their areas of operation. For example, West Bengal has three RRBs within its boundary and the state holds 15% in each of these banks.

The All India Regional Rural Bank Employees Association, a coordinating body of National Federation of RRB Officers & National Federation of RRB Employees, said that relinquishing central government share would eventually lead to privatisation and that’s why they are opposing it.

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5 things investors should know, BFSI News, ET BFSI

Banking & Finance

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1. Banking and PSU debt funds are mutual fund schemes that invest debt and money market instruments issued by banks and PSUs and public financial institutions.

2. At least 80% of the corpus of the scheme needs to be in instruments issued by banks and PSUs, and PFIs.

3. All these entities are either backed, regulated or controlled by the government which reduces default risk and hence the scheme is supposed to have low credit risk.

4. Fund manager takes the call on whether to be in the short-term instruments or long-term debt instruments and hence the scheme carries interest rate risk.

5. These funds may give higher returns than Bank FDs of similar duration.

(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)

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Loan recovery improving, says Ujjivan Small Finance Bank, BFSI News, ET BFSI

Banking & Finance

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Ujjivan Small Finance Bank, which is going through a management level crisis, declared that its loan recovery from ground improved and portfolio at risk reduced in August.

The bank said its action plan aiming to improve asset quality started yielding results. The portfolio at risk (PAR) reduced to 21.7% from 30.8% in June with Rs 725 crore loan recovery. PAR was 25.2% in July. The lender’s collection efficiency improved to 95% in August from 93% in July, according to a regulatory filing to stock exchanges..

Chief executive Nitin Chugh resigned on August 18 after the bank’s holding company Ujjivan Financial Services raised alarms over his alleged mishandling of asset quality and human resource. The bank saw a series of exits from senior and mid-management level. Several board members also resigned before their scheduled term over the past one year.

The gross non-performing asset ratio rose further to 11.9% at the end of August from 10.8% a month back.

The bank said it is following a 100-day action plan for each business vertical with focus on PAR reduction and bad loan recovery with periodic monitoring and corrective action. The focus is on initial buckets and vintage of accounts for reducing PAR and further strengthening collection team and legal recovery for small enterprise loans and affordable housing loan portfolio.

Its gross loan portfolio rose marginally to Rs 14334 crore by the end of August from Rs 14, 137 crore a month back. Gross loan was at Rs 15,140 crore at the end of March. The unsecured microfinance loans contribute 67% of its total portfolio.

The bank’s restructured portfolio rose to Rs 1,405 crore from Rs 769 crore at the end of June.



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Loan recovery improving, says Ujjivan Small Finance Bank, BFSI News, ET BFSI

Banking & Finance

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Ujjivan Small Finance Bank, which is going through a management level crisis, declared that its loan recovery from ground improved and portfolio at risk reduced in August.

The bank said its action plan aiming to improve asset quality started yielding results. The portfolio at risk (PAR) reduced to 21.7% from 30.8% in June with Rs 725 crore loan recovery. PAR was 25.2% in July. The lender’s collection efficiency improved to 95% in August from 93% in July, according to a regulatory filing to stock exchanges..

Chief executive Nitin Chugh resigned on August 18 after the bank’s holding company Ujjivan Financial Services raised alarms over his alleged mishandling of asset quality and human resource. The bank saw a series of exits from senior and mid-management level. Several board members also resigned before their scheduled term over the past one year.

The gross non-performing asset ratio rose further to 11.9% at the end of August from 10.8% a month back.

The bank said it is following a 100-day action plan for each business vertical with focus on PAR reduction and bad loan recovery with periodic monitoring and corrective action. The focus is on initial buckets and vintage of accounts for reducing PAR and further strengthening collection team and legal recovery for small enterprise loans and affordable housing loan portfolio.

Its gross loan portfolio rose marginally to Rs 14334 crore by the end of August from Rs 14, 137 crore a month back. Gross loan was at Rs 15,140 crore at the end of March. The unsecured microfinance loans contribute 67% of its total portfolio.

The bank’s restructured portfolio rose to Rs 1,405 crore from Rs 769 crore at the end of June.



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Why Indian Gold Investors Looking Forward To International Prices Next Week

Personal Finance

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Personal Finance

oi-Kuntala Sarkar

|

Gold prices are not expecting much gain in the upcoming quarter, as anticipated by experts. Additionally, the gold markets globally can face a real test in the next week. The upcoming week is going to be a busy data week, as US durable goods orders, GDP Q2 report, and Personal Consumption Expenditures (PCE) price index will be published. The PCE price index is preferred by the US Fed to measure inflation, and this will again influence US Federal Reserve Chair Jerome Powell to decide the tapering timeline, before their next November meeting.

Why Indian Gold Investors Looking Forward To International Prices Next Week

OANDA senior market analyst Edward Moya commented, “The $1,700 level held up for all of this year, except for a brief moment when it dropped towards $1,680 a few times but managed to quickly recover.” Analysts are also thinking, “This will be critical for the precious metal, which has stayed largely above that level for all of 2021”. Gold prices are now staying around $1750, approximately, and lost the $1800 levels. Indian gold rates depend on international markets as the country exports gold from foreign markets. So, Indian gold investors are looking forward to international gold prices for the next week.

Today, on September 25, Saturday in India, 22 carat gold price is quoted at Rs. 45,240 and 24 carat gold is quoted at Rs. 46,240 per 10 grams, same as yesterday. The Comex gold future gained by 0.11% at $1751, while the spot gold market gained by 0.42% at $1751/oz, till last traded yesterday, on Friday. On the other hand, the US dollar index in the spot market did not drop today. But in India, the Mumbai MCX gold in October future fell by 0.13% at Rs. 45995/10 grams till last traded yesterday.

In the upcoming week, the focus of international investors might shift to the debt ceiling debate. The US Treasury Secretary Janet Yellen and Fed Chair Powell are also quite concerned with this matter. Along with this, the progress around the infrastructure package will also be another lookout. At present, gold rates in the international markets are quite subdued because of an anticipation of gradual tapering by the US Fed at the end of this year, as Chair Powell indicated recently. Tapering will influence investors towards government bonds rather than gold. Hence, this will again pull down gold rates globally. In India, a similar gold price trend will be followed.

Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 45,240/- 46,240/-
Delhi 45,350/- 49,480/-
Bangalore 43,200/- 47,130/-
Hyderabad 43,200/- 47,130/-
Chennai 43,570/- 47,530/-
Kerala 43,200/- 47,130/-
Kolkata 45,900/- 48,600/-

A report noted, “The current trading pattern sees gold first rallying on some new risk event but then giving up all of its gains as tensions ease.” Edward Moya added, “If Treasury yields continue to move higher, that has been kryptonite for gold.” However, the gold market in the next week will show a pathway for the future price trend, as investors are now looking forward to the US tapering timeline.



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This Bank Offers You 1% Cashback Every Time You Use Your Debit Card

Personal Finance

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Planning

oi-Vipul Das

|

Among the leading private sector banks of India, IDFC First Bank is offering a 1% cashback on offline and online purchase transactions done through IDFC FIRST Bank Debit Card. With IDFC FIRST Bank Debit Cards, customers can earn up to Rs 10,000 in cashback on POS and online purchases with no minimum spend requirements. The offer is valid for the period of 17th September and 4th November 2021. The offering excludes ATM withdrawals, wallet uploads, DC EMI transactions, and fund transfers. If a customer or account holder has more than one Debit Card seeded to the same Customer ID, the total transaction on all of the Debit Cards during the offer period will be considered to determine the overall cashback amount which will be credited to the customer’s account within 48 hours.

Benefits of IDFC First Bank Visa Signature Debit Card

Benefits of IDFC First Bank Visa Signature Debit Card

The IDFC FIRST Bank Visa Signature Debit Card comes with a plethora of perks which are as follows.

  • Enhanced ATM Withdrawal and POS Purchase limits for minor account
  • Complimentary Airport Lounge Access
  • Amazing cashback offer on BookMyShow.
  • Complimentary Insurance Coverage
  • Early Activation cashback offers
  • You can configure cash withdrawal and purchase restrictions with the IDFC Visa Signature Debit Card. By signing in to your net banking or mobile banking account you can specify an upper limit depending on the type of signature debit card you hold.
  • With the IDFC Visa Signature Debit Card you can make daily ATM withdrawals of Rs 2,00,000 and daily purchases of Rs. 6,00,000.
  • The IDFC Visa Signature Debit Card issued to Minor savings’ account has a daily cash withdrawal limit at ATM of Rs 10,000, and a maximum daily purchase limit of Rs Rs 10,000. For Signature Debit Cards issued to minors, only standard domestic restrictions will be applied. By signing on to online banking or mobile banking application, individuals can specify their personalized restrictions within the specified limits of the bank.

IDFC Visa Signature Debit Card Activation Offer

IDFC Visa Signature Debit Card Activation Offer

  • This debit card comes with an exciting offer of 10% cashback, up to a maximum of Rs. 250 on your first spend of Rs. 1000.
  • The card also comes with IDFC VISA Signature BookMyShow cashback offer of Rs 250 and the offer is valid until 30th September 2021.
  • Get a complimentary airport lounge access of up to 2 times per calendar quarter across 25+ domestic and international airports. For each entrance into the airport lounge, a nominal fee of Rs. 2 will be billed against your card.
  • Get complimentary insurance coverage benefits on Lost Card Liability up to Rs. 6,00,000, Personal Accident Insurance up to Rs. 35,00,000, Air Accident Insurance up to Rs. 1,00,00,000, and Purchase Protection up to Rs. 1,00,000 on your IDFC FIRST Bank Visa Signature Debit Card.
  • Get a waiver of 2.5% fuel surcharge on your fuel bills across petrol pumps in India.
  • Get amazing offers on food & beverages, spa & gym subscriptions, pharmacies, etc.

How to apply for IDFC Visa Signature Debit Card?

How to apply for IDFC Visa Signature Debit Card?

By opening a savings account at IDFC First Bank you can enjoy all the benefits and offers using the IDFC Visa Signature Debit Card. To get compound interest on your savings account, follow the steps below:

  • Visit https://www.idfcfirstbank.com/content/idfcsecure/en/open-savings-account-online.html and enter your full name, mobile number, and email address.
  • Now proceed further and complete the KYC process.
  • Upon successful opening of your account you need to maintain current balance more than minimum balance to be eligible for the ongoing exciting offers.
  • Rewards worth up to Rs 3,000/- for Signature Card Savings Accounts and up to Rs 1,500/- for Classic Card Savings Accounts are applicable.

Story first published: Saturday, September 25, 2021, 16:04 [IST]



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