Zero-cost banking service: In a move to give more relief to its customers IDFC FIRST Bank has declared zero-fee banking on savings accounts on its foundation day event which was organised on December 18.
According to a statement from the lender, the bank has waived fees on 25 commonly used banking services related to savings accounts, including cash deposit and withdrawal at branches, third-party cash transactions, demand draughts, 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. Customers with an average monthly balance (AMB) as low as Rs 10,000, as well as the Rs 25,000 AMB savings account variant, will be eligible for these benefits. According to the lender, this will benefit all customers, particularly those with lower financial literacy who find it difficult to calculate fees and charges.
Customers who keep an average monthly balance of 10,000 and 25,000 AMB in savings accounts will receive these services free of charge.
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According to IDFC First Bank, all clients will benefit from this, but those with less financial literacy who find it difficult to calculate fees and charges will benefit the most. Understanding the fee levied involves complicated calculations, and many customers are unaware of the charges they incur. Furthermore, according to the lender’s statement, the debit entries for charges go unnoticed among the large number of entries of actual transactions made by the customer in the statement of account. In such a context, the bank stated that it provides a variety of services with no fees for 25 essential services.
These zero-cost services include the number of cash transactions at branches per month (both deposit and withdrawal), the value of cash transactions at branches (both deposit and withdrawal), third-party cash transaction charges (both deposit and withdrawal) at branches, issuance charges for demand drafts/PO at bank locations, IMPS charges per outward transaction, NEFT charges per outward transaction at branch, and RTGS charges per outward transaction.
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