Announcement

On September 17, 2026, IDFC FIRST Bank announced that it will extend a Zero Forex Markup benefit to all of its credit‑card customers, covering both existing cards and any new cards issued thereafter. The feature is applied automatically; cardholders do not need to submit a new application, upgrade their card, or satisfy any spending threshold.

Key Benefits

The bank estimates that a typical international transaction of ₹1,00,000 would normally attract a forex markup of 3.5% plus GST, increasing the bill by approximately ₹4,130. With the Zero Forex Markup, customers avoid this charge entirely. Reward points or cashback continue to accrue on international purchases in line with each card’s existing reward structure. Because the markup is eliminated, customers no longer need to obtain a separate forex card for overseas travel, e‑commerce, subscriptions, streaming services, software licences, education fees, or business expenses.

Executive Comment

Mr. Shirish Bhandari, Head – Retail Liabilities, Credit Cards and Payments, 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 IDFC FIRST Bank

  • Vision: To build a world‑class bank in India founded on ethical, digital, and social‑good principles.
  • Scale: As of June 30, 2026, the bank’s total customer business (deposits and loans) stood at ₹6,04,776 crore, reflecting a year‑on‑year growth of roughly 20%.
  • Scope: The institution operates as a universal bank offering retail, MSME, rural, startup, corporate, cash‑management, credit‑card, wealth‑management, deposit, government‑banking, working‑capital, trade‑finance, and treasury services.
  • Ethical Banking: Emphasises transparent disclosures and simplified legal language to avoid customer confusion.
  • Digital Banking: Built on a cloud‑native, API‑led micro‑services architecture, leveraging data analytics, AI, and modern UI/UX to deliver fintech‑grade experiences across mobile, internet, branch, and call‑center channels.
  • Social Good: Served over 40 million customers, including 3.6 million women entrepreneurs, 7.5 million lifestyle‑improvement loans, 2 million livelihood loans, 300,000+ SMEs, 270,000 water‑and‑sanitation loans, and 250,000 electric‑vehicle loans.
  • Customer‑Friendly Banking: Has waived fees on 36 essential savings‑account services, the first Indian bank to do so, and creates “pull” products that customers actively seek.
  • Governance: Adheres strictly to regulatory guidelines and works proactively with regulators.
  • Shareholder Outlook: Aims to sustain a return on equity of 16%+ through a diversified universal‑banking portfolio.
  • Employee Culture: Promotes meritocracy, offering cutting‑edge roles, growth opportunities, and a compensation structure that rewards performance.

Disclaimer

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