IDFC First Bank has brought special offers for its customers. In this offer, the bank is giving interest free cash advance facility to customers for 48 days.
New Delhi: IDFC First Bank has brought special offers for its customers. In this offer, the bank is giving interest free cash advance facility to customers for 48 days. The bank has announced this facility to increase its credit card business. With this facility of the bank, customers will get the facility of interest free cash on credit card. Explain that the bank launched both these facilities on Friday. Apart from this, the bank is paying interest to customers at the rate of 7 percent per annum on the savings account.
IDFC First Bank’s Chief Operating Officer B Madhivanan said that for the first time in the banking sector, the facility of interest free cash advance is being provided by a bank. This feature is currently being tested, but soon its facility will be extended to customers.
Apart from this, Madhivanan said that the bank is now entering the credit card space. This facility will be expanded after March. He further said that other banks charge 36 to 40 per cent but ours is 9 to 36 per cent per year. IDFC First stated that the annual percentage rate would depend on the credit behavior of the customer.
Bank is launching credit card
With this, he said that at this time the interest rates on the cash advance on credit cards are very high. In view of this, the bank has given this facility to its customers. Apart from this, the bank is going to launch a credit card with interest of up to 9 percent only annually. The bank said that the benefit of this facility will be given to those customers, whose track record will be good. This means that your credit score should be good.
There will be 5 types of credit cards
The bank is going to launch five types of credit cords, among which the monthly interest will be 0.75 to 2.99 per cent i.e. 9 per cent to 35.88 per cent. The name of these cards will be – FIRST Millennia Credit Card, FIRST Classic Credit Card, FIRST Select Credit Card, FIRST Wealth Credit Card and Employee Credit Card.
Source :- informalnewz.com