IDFC FIRST Bank offers inclusive retirement planning solutions to all customers, regardless of their net worth, said Chinmay Dhoble, head of the bank’s retail liabilities and branch banking at Outlook Money’s 40After40 Retirement Expo at Pragati Maidan, New Delhi, on Friday.

Our goal-based planning tools, comprehensive guidance, and proprietary Ace mutual fund selection tool differentiate their wealth management approach, making retirement planning accessible to everyone, Dhoble said.

IDFC Bank App

 Bank Charges: "When we conducted user testing, we received feedback that customers often didn't understand the charges applied. The charge structure seemed confusing to them, especially the various transaction-based charges and branch/ATM fees," Dhoble said.

He said customers felt that they were doing many transactions themselves. They were not visiting the branch or taking anyone's time, and they thought, why should they pay a charge? So, IDFC bank got rid of all charges, including those for RTGS, IMPS, debit card transactions, ATM transactions, and IMPS transactions. Also, Dhoble said the reward points on credit cards will not expire at IDFC Bank.

Retirement Planning

 The bank has created different sections for senior citizens to plan their retirement. "The first solution we provide is goal-based planning.  Many financial advisors typically offer goal-based planning, but mostly for higher-income individuals. Most advisory services today require a certain net worth. Our goal is to make these services available to everyone, regardless of their income or net worth," Dhoble said.

"We provide premium solutions on our app to all our customers, including asset allocation. If you want to invest in a fixed deposit, it's a two-click journey.  Unlike most other banks' applications, where you have to select the tenor and rate, our application will tell you the best possible rate window and tenor at which you will get the best rate," Dhoble said.

The bank provides comprehensive guidance by assessing the customers' financial needs, life goals, income, responsibilities, and investment allocation. One can access planning tools and investment options for various goals, such as retirement. This includes recommendations for the best funds, the methodology for selecting them, and calculators for goal-based planning.

"We have a three-in-one account, which enables investment in mutual funds, fixed deposits, and gold-based investments," Dhoble added.

ACE Mutual Fund: Proprietary Tool 

Dhoble explained that IDFC Bank uses a proprietary tool called Ace mutual funds, which looks at the future potential of the underlying assets of mutual funds to come up with a curated list of mutual funds. This method differentiates their wealth management approach from others who use past returns to choose mutual funds. The selection of the top five Ace mutual funds depends on the investor's category or risk profile.