KBC 14: Which of the below deposit facilities does IDFC FIRST Bank provide? 

Fixed Deposit 

NRI Deposit

Recurring Deposit

All of the above

Answer: All of the above 

The full form of IDFC is Infrastructure Development Finance Company. IDFC First bank was formerly known as IDFC Bank. IDFC First Bank is a private sector bank that is owned by IDFC. The bank received universal banking license from the Reserve Bank of India in 2015 and started operations from October 1, that year. 

1. Fixed Deposit – Fixed Deposits refer to those kind of deposits that offer higher rates of interest that regular saving accounts. These is a widely popular form of investment in India. Investments and FDs have become coterminous as this type of investment is believed to be safe, is flexible in its duration and ensure guaranteed returns. The state of the market are unlikely to affect the returns. Interest can also be earned on the interest amount. 

2. NRI Deposit – NRI Deposits refer to foreign currency deposits by non-resident Indians. NRIs can deposit their money earned in India or any other country, here. The deposits can be repatriated by them when it matures, along with the interest earned. Types of NRI account are: Non-Resident Ordinary (NRO) account, Non-Resident External (NRA) account, Foreign Current Non-Resident (Bank) [FCNR(B)] Account. The flows from these deposits mainly come from middle-east Asian countries where working Indians usually use the money post retirement after returning to their country. 

3. Recurring Deposit – This kind of account is one where one deposits a preset amount of money every month up to a certain point of time. Basically, the depositor can invest money in installments. The purpose is to invest a fixed amount every month with the intention of receiving a lump amount after a few years.

IDFC First Bank offers all these 3 kinds of deposits.

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