IDFC First Bank waives fee on savings accounts and multiple banking services

IDFC FIRST Bank on Saturday declared ZERO Fee Banking on savings accounts and waived fees on multiple banking services, including Passbook charges, NEFT charges, reports Live Mint.

The bank said that customers maintaining as low as ₹10,000 Average Monthly Balance, and the ₹25,000 AMB savings account variant will get these benefits, the bank said in a statement. IDFC Bank is celebrating Foundation Day on 18 December.

“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.

List of Zero-Fee Services announced 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