IDFC First Bank announces zero-free banking on savings account

The Bank has waived off fees on 25 commonly-used banking services related to savings accounts such as cash deposit and withdrawal at branches, third-party cash transactions, demand drafts, immediate payment service (IMPS), National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), cheque book, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage and so on, according to a statement from the lender.

Even customers maintaining as low as ₹10,000 as average monthly balance (AMB), as well as the ₹25,000 AMB savings account variant will enjoy these benefits. This will benefit all customers, and particularly those with lesser financial literacy who find it difficult to compute the fees and charges, the lender said.

IDFC FIRST Bank said it believes that understanding of the fee levied involves complicated calculations, and many customers are not aware of the charges they incur.

In addition, the debit entries for charges go unnoticed among large number of entries of actual transactions made by the customer in the statement of account, according to the statement from the lender. In such a landscape, the Bank said it offers a range of services with zero fees for 25 essential services.