Enables customers to make international spends
without any forex markup charges
Mumbai :
As part of its customer-first philosophy, IDFC FIRST Bank has become the first
bank in India to offer Zero Forex Markup on all existing and new credit card
customers, with no conditions attached.
The benefit is available automatically to all
cardholders. Customers do not need to apply for a new card, upgrade their
existing card, or meet any spending threshold. Their current IDFC FIRST Bank
Credit Card now comes with Zero Forex Markup, with no conditions attached.
Key benefits to customers:
- Meaningful savings on
international spends: A transaction of
₹1,00,000 typically attracts forex markup charges of 3.5% plus GST,
increasing the bill by about ₹4,130. With Zero Forex Markup, IDFC FIRST
Bank customers avoid these charges entirely.
- Reward Points continue: Customers will continue to earn Reward Points
or Cashback as applicable on international transactions as per the
features of their respective cards.
- No separate forex card
required: Customers often
purchase forex cards solely to avoid forex markup charges. With this
feature, their existing IDFC FIRST Bank Credit Card effectively serves the
same purpose.
- Relevant for modern
global spending: International
transactions today include not only travel, but also e-commerce purchases,
subscriptions, streaming services, software, education payments and
business expenses, making this benefit valuable for travelers, students,
professionals and businesses alike.
Mr. Shirish Bhandari, Head - Retail
Liabilities, Credit Cards and Payments, IDFC FIRST Bank, said: “At
IDFC FIRST Bank, creating customer-friendly products is central to our
philosophy. By eliminating forex markup charges across all our credit cards
while continuing to offer Reward Points or Cashback as applicable, we are
delivering a simple yet powerful benefit that makes international spending more
rewarding for our customers. We believe this proposition will give customers
the confidence to use their IDFC FIRST Bank Credit Cards for all their global
spending.”
About the Bank
1. Vision: To build a world-class Bank in India, founded
with principles of Ethical, Digital, and Social Good Banking.
2. Scale:
IDFC FIRST Bank is one of India’s fast-growing private banks, building its UI,
UX, and tech stack like a fintech. As of June 30, 2026, the Bank has a customer
business of Rs. 6,04,776 crore including deposits and loans, with YoY growth of
around 20%.
3. Scope: We
are a universal Bank offering complete range of services, including Retail,
MSME, Rural, Startups, Corporate Banking, Cash Management, Credit Cards, Wealth
Management, Deposits, Government Banking, Working Capital, Trade Finance, and
Treasury solutions.
4. Ethical Banking: We
are committed to doing right even when customers are not watching. We have
simplified descriptions, calculations, and legal jargon to avoid confusing
customers.
5. Digital Banking: The
Bank's modern technology stack delivers high-quality services across all
channels like mobile, branch, internet banking, call centers and relationship
managers. Built on cloud-native, API-led, microservices architecture, supported
with data, analytics, AI, and fine aesthetics, we strive to deliver
fintech-grade experiences on banking platform.
6. Social Good: We
have served over 40 million customers in inclusive banking, including 3.6
million women entrepreneurs, 7.5 million lifestyle improvement loans, 2 million
livelihood loans, 300,000+ SMEs, 2.7 lakh water and sanitation loans, and 2.5
lakh electric vehicles. Our ESG credentials are strong and steadily improving.
7. Customer Friendly Banking:
We make banking easy by having a customer first approach. We have waived fees
on 36 essential savings account services which are commonly charged in the
market, the first and only bank in India to do so. We create “pull” products
that customers actively seek out.
8. Governance: We
adhere to regulatory guidelines in letter and spirit and actively work with
regulators to make things better. We take pride in maintaining highest levels
of corporate governance.
9. Shareholders: We are
building a well-diversified universal banking portfolio designed to deliver
consistent ROE of 16%+.
10. Employees:
IDFC FIRST Bank is designed to be a happy place to work, with cutting-edge
roles, meaningful growth opportunities, and a culture of meritocracy.
Compensation is healthy, efforts are recognized, and employees experience the
pride and excitement of creating a world-class Bank in India.