Ahead of its foundation day on Sunday, the private sector IDFC First Bank stated that fees for a range of customer-focused services, including cash deposits, withdrawals, demand draughts, IMPS, and SMS alerts, will be waived. In an announcement on Saturday, IDFC First Bank introduced "Zero-fee banking" for savings accounts.
According to a statement from the lender, The Bank has eliminated fees for 25 frequently used banking services connected to savings accounts, including cash deposits and withdrawals at branches, third-party cash transactions, demand draughts, immediate payment service (IMPS), National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), cheque books, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage, and more.
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These services will be provided without charge to customers who keep an average monthly amount of 10,000 and 25,000 AMB in savings accounts, respectively.
All clients will benefit from this but in particular those with less financial literacy who find it challenging to calculate the fees and charges, according to IDFC First Bank.
As per IDFC FIRST Bank, many consumers are unaware of the fees they must pay because doing the math to understand the cost imposed is difficult. In addition, the lender claims that there are several entries of actual client transactions in the statement of account that obscure the debit entries for charges.
“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.
