Banded iron formations (BIFs) that are distal from submarine volcanic activity and generally lack direct relationships with volcanic rocks have been extensively used as proxies to infer the chemical composition of ancient seawater and trace the effects of continental weathering at the time of their deposition. Here, we discuss the major and trace elements and Sm-Nd isotopic geochemistry of the poorly-studied Xincai BIF, located west of the Superior-type Huoqiu BIF along a NW-SE trending supracrustal belt in the southern margin of the North China Craton, to understand the compositions and solute sources of seawater during the Xincai BIF precipitation. U-Pb zircon dating of granitic intrusive rock and biotite schist interlayer of the BIF constrains the depositional age of the Xincai BIF to 2.5–2.7 Ga for the first time, indicating that the Xincai BIF could be part of the Huoqiu BIF or consist of contemporaneous sediments formed in a similar tectonic-depositional environment. Shale-normalized rare earth element and yttrium (REY) patterns of the bulk and individual band samples display features that are characteristic of other Archean BIFs with light REE depletion relative to heavy REE, positive LaSN, GdSN and YSN anomalies, indicative of pure chemical sedimentation. The marine origin of these samples is further supported by their super-chondritic Y/Ho ratios (average Y/Ho = 47). The very low Al, Ti and high field strength element contents of the Xincai BIF indicate an essentially detritus-free component. The bulk BIF samples show a narrow range of εNd(t) values from −1.5 to +1.0, and most of the samples have negative εNd(t) values, −0.3 on average, which is different from Archean BIFs with mantle-derived depleted Nd isotopes. Deviations toward negative εNd(t) values of the iron bands (−0.5 to −0.1) and the silica bands (−4.7 to −0.5) further indicate a continental Nd contribution. In addition, positive EuSN anomalies that were found in all of the bulk and individual band samples indicate that a high-T hydrothermal input also contributed to their REY signatures. It is considered that both high-T hydrothermal fluids and ambient seawater with solutes from erosion and weathering of a nearby landmass can provide their REY signatures.