IDFC FIRST Bank announces ZERO Fee Banking on savings accounts, check details


IDFC FIRST Bank on 17 December announced ZERO Fee Banking on savings accounts and waived fees on 25 commonly used banking services.

The banking services include savings accounts such as cash deposit and withdrawal at branches, third party cash transactions, demand drafts, IMPS, NEFT, RTGS, cheque book, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage and so on.

The bank has announced the facility on the occasion of its Foundation Day on 18 December.

ALSO READ: Mumbai-based bank revises bulk FD rates, senior citizens get additional rate of 0.5%

The bank said that customers maintaining as low as 10,000 Average Monthly Balance, as well as the 25,000 AMB savings account variant will enjoy these benefits.

Apart from this, the benefit all customers, and particularly those with lesser financial literacy who find it difficult to compute the fees and charges, the bank said in a press release.

“This is a customer friendly initiative from IDFC FIRST Bank. Since inception, IDFC FIRST Bank has always put together simple and transparent terms for all products at the Bank,” IDFC FIRST Bank’s MD V Vaidyanathan said.

“Often, customers are unaware of the fees and charges they pay. This is even more so for customers with lesser financial literacy levels. So, we have waived fees on 25 commonly used banking services so that our customers can bank with us at peace,” he added.

Here is the list of Zero-Fee Services offered by IDFC FIRST Bank:

1. Number of Cash Transactions at branches per month (Cumulative of Deposit and Withdrawal)

2. Value of Cash Transactions (Cumulative of Deposit and Withdrawal) at Branches

3. Third-party Cash Transaction Charges (Cumulative of Deposit and Withdrawal) at Branches

4. Demand Drafts/ PO (Issuance Charges) – at Bank Locations

5. IMPS Charges per Transaction– Outward

6. NEFT Charges per Transaction – Outward (Branch)

7. RTGS Charges per Transaction – Outward (Branch)

8. Cheque Book Charges

9. SMS Alert Charges

10. Issue of Duplicate Statements

11. Passbook Charges

12. Balance Certificate (Charges per certificate)

13. Interest Certificate (Charges per Certificate)

14. Account Closure (from account opening date)

15. ECS Return Charges

16. Stop Payment Charges

17. International ATM/ POS Transaction Charges

18. Charge for Insufficient Balance per Transaction at ATM

19. Standing Instruction Charges

20. Managers Cheque/ Demand Drafts Cancellations/ Revalidation

21. Photo Attestation Charges

22. Signature Attestation Charges

23. Old records/ copy of paid cheques charges

24. Address confirmation charges

25. Any deliverable returned by courier due to negative reasons


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