The ACE Feature on the IDFC FIRST Bank app provides rich and useful details on more than 2500 Mutual Funds in India. Investors can browse through various fund categories (like Equity, Debt, Tax-Saving, Hybrid, and Index funds) and choose the right need-based fund to build a diversified portfolio.

IDFC FIRST Bank Customers can also access detailed information – like historical fund performance (1Y, 3Y & 5Y), holding patterns (by sectors, companies, and market cap), and expert ratings on each fund (Morningstar Rating).

This feature provides premium experience to the investor by combining information about the fund available publicly, insights and easy investing customer journey.

At a glance:

·       There are over 2,500 mutual funds in India; how does a customer choose? Ace feature simplifies investment by providing relevant details to help select top performing funds.

·       What are the companies invested in each MF? What are the sectors your MF has invested in? Simply click to know.

·       “Senior Citizen Assistance Special” feature that automatically selects ‘Conservative’ funds with lower risks based on the typical risk appetite for Senior Citizens, ensuring enhanced safety while investing. Senior Citizens can select other funds by choice.

·       Goal-based MF investing for key life stages and events like retirement planning, wedding, etc. by access to investing tools.

·       Customers can now link their external mutual funds through eCAS (electronic Consolidated Account Statement) service for mutual funds to get a consolidated view of their MF holdings without switching multiple APPs

Mr. Ashish Anchaliya, Chief Product Officer, Digital Banking, IDFC FIRST Bank said “We know that investing can feel overwhelming, and making the right investment can be a challenge, especially with over 2,500 mutual funds to choose from. That’s why we created the Ace feature with tools and insights that provides relevant information at a single place. With just a few taps, you can select funds that you want to invest in with confidence and ease.”

IDFC FIRST Bank’s mobile banking app is the highest-rated Indian banking app on Play Store with a rating of 4.9 and is ranked #1 by Forrester (The Forrester Digital Experience Review™: Indian Mobile Banking Apps, Q3 2024).

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About IDFC FIRST Bank

The 7 Core Principles of IDFC FIRST Bank

IDFC FIRST Bank was created in December 2018 through the merger of infrastructure finance giant IDFC Bank and retail finance & MSME specialist Capital First. The following are the 7 core Principles of the Bank:

1.       Vision: Building a world-class Bank in India, focused on Ethical, Digital, and Social Good Banking.

2.       Universal Bank: IDFC FIRST Bank is a Universal Bank, offering a comprehensive range of services, including Retail, MSME, Rural, Startups, Corporate Banking, Cash Management, Wealth Management, Deposits, Government Banking, Working Capital, Trade Finance, and Treasury solutions.

3.       Ethical Banking: The Bank adheres to a "Near and Dear" test, ensuring its products are so customer-friendly that employees can confidently recommend them to loved ones. The Bank is committed to doing right by customers even when no one is watching and believes that income earned unethically is not worth earning.

So, the Bank has simplified descriptions, calculations, and legal jargon to avoid confusing customers. It offers “ZERO FEE Banking” on all savings account services, including SMS alerts, IMPS, RTGS, NEFT, cash deposits, non-home branch access, ATM withdrawals, cheque books, Demand Drafts, Pay Orders, duplicate statements, and other commonly charged services. It is the first and only bank in India to do so.

4.       Customer Friendly Banking: IDFC FIRST Bank credits interest monthly on savings accounts. For credit cards, it offers lifetime-free cards with no minimum spend conditions, non-expiring reward points, zero interest on ATM cash withdrawals, and dynamic low APR. Any applicable fees are transparent and clearly explained.

5.       Digital Banking: The Bank's modern technology stack delivers high-quality services across mobile, branch, internet banking, call centers, and relationship managers. Its advanced mobile banking app, featuring 250 functionalities, is rated 4.9 on Google Playstore. Renowned global rating agency Forrester has ranked it the best in India and among the top 20 worldwide for two consecutive years.

6.       Social Good Banking: The Bank focuses on financial inclusion while ensuring high asset quality. It has financed over 40 million customers, including 16 million lifestyle improvement loans, 15 million loans to 4.3 million women entrepreneurs, 6.5 million vehicle loans, 1 million sanitation loans, 1 million livelihood loans, 300,000 SME loans, and 100,000 home loans.

7.       ESG Goals: The Bank holds high ESG scores, reflecting its commitment to financial inclusion and social responsibility.

The Bank believes creating a new-age, ethical, customer-friendly, and world-class Bank for India is a privilege for its stakeholders.