New Delhi: Ahead of its Foundation Day on December 18, private lender IDFC First Bank on Saturday announced fee waiver on a number of customer-centric services pertaining to savings accounts like cash deposits, withdrawals, demand drafts, SMS alerts etc.
IDFC First Bank has announced ‘Zero-fee banking’ on savings accounts on the occasion of its Foundation Day on Sunday, December 18. As part of the celebration of its foundation day, the private lender has waived charges on 25 commonly used banking services like 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.
Who will be eligible?
It said that customers maintaining as low as Rs 10,000 average monthly balance and Rs 25,000 AMB in savings accounts will be offered these services free of cost. This will benefit all customers, and particularly those with lesser financial literacy who find it difficult to compute the fees and charges.
“This is a customer friendly initiative from IDFC First Bank. 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,” IDFC First Bank Managing Director and CEO V Vaidyanathan said.
IDFC First Bank is offering the following Zero-Fee Services:
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
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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. Address confirmation charges
22. Photo Attestation Charges
23. Signature Attestation Charges
24. Old records/ copy of paid cheques charges
25. Any deliverable returned by courier due to negative reasons
