'OBSESSED WITH DOING WHAT IS RIGHT FOR CUSTOMERS'

If you see our Q4 results, our customer deposits have grown by about 42% year-on-year.

How is IDFC First Bank planning to mobilise deposits in light of the challenge of maintaining deposit growth at pace with credit growth?

I would like to highlight that 78% of these deposits are retail in nature and our CASA [Current Account and Savings Account] ratio is healthy at 47%. This has been possible because of the trust our customers have placed in us.

We try to put out customer-friendly products. When we design products, we apply what we call a 'Near and Dear' test. This means that the employees of the bank serve only such products that they would want served to their loved ones. The IDFC First Bank app is the only bank app in India with a Google Play rating of 4.9 with over 1 crore downloads and with over 4 lakh reviews. Our product strategies are guided by our 'customer first' philosophy and that is where we can create a differentiation in a competitive and commoditised space.

What are the key savings offerings and propositions IDFC First provides its customers with and how are they different from competitors?

Some of the unique features of our savings account proposition are:

We are the only bank that offers 'zero fee' banking for services rendered in all our savings accounts. We have done away with complex service charge descriptions, calculations and legalese that customers do not understand. We have abolished charges on debit cards, IMPS [Immediate Payment Service], RTGS [Real Time Gross Settlement], NEFT [National Electronic Funds Transfer], cash deposits, non-home branch access, cash withdrawals at ATMs and at branches.