How our commitment to ethical banking ensures you save more money

Putting your hard-earned money into a Savings Account is a no-brainer. It’s the most popular way to securely store your funds and generate steady returns. However, having to pay hefty charges for basic banking services can put a damper on your savings. That’s why, at IDFC FIRST Bank, we charge ZERO fees on savings account services, such as RTGS, NEFT, cash deposits at branches and online, among many others.

Why does IDFC FIRST Bank offer zero-fee banking?

Ethical banking is one of the key tenets of our banking philosophy. We understand that service charges can significantly reduce savings, affecting the financial well-being of our customers. That's why we have made a commitment to provide not only top-notch banking services, but also to ensure that our practices align with values.

One way we do this is by offering all commonly used savings account services free of cost under our zero-fee banking initiative. We believe that our customers should not have to pay excessive fees for basic banking services, and we are dedicated to making these services accessible to every customer who trusts us with their hard-earned money.

How does it help you save more?

So how does our commitment to ethical banking ensure that you save more? By eliminating fees on commonly used savings account services, we believe that our customers will have more money to save and invest in their future. We also believe that by promoting ethical and sustainable values, we are setting an example for other financial institutions in the country.

Afterall, transparent and fair banking practices shouldn’t be a privilege – it’s every customer’s right.  

Moreover, IDFC FIRST Bank Savings Accounts also offer monthly interest credits and higher interest rates than most banks in India. This means that customers can earn more on their savings, allowing them to reach their financial goals faster. 

Which services are covered under zero-fee banking?

Here are some of the services that are covered under our zero-fee banking initiative:

Other free services include:
 

• Demand draft/pay order issuance charges at branches
• Duplicate passbook issuance charges
• Balance certificate issuance charges
• Interest certificate issuance charges
• Account closure charges
• ECS return charges
• Stop payment of cheque charges
• International ATM/POS transaction charges
• Decline charges for insufficient balance at ATM
• Standing instruction charges
• Photo attestation charges
• Manager’s cheque/demand draft cancellation/revalidation charges
• Signature attestation charges
• Charges for retrieval of old transactional records
• Address confirmation charges
• Charges for any deliverable returned by courier due to negative reasons
• Cheque bounce charges

And many such commonly used Savings Account services.

IDFC FIRST Bank: A class apart

A independent study, authored by Dr. Ashish Das, Professor, Department of Mathematics, from the Indian Institute of Technology- Bombay (IIT-B), commissioned by Moneylife Foundation, found that IDFC FIRST Bank is the only Bank that charges ZERO FEES on all services in savings accounts, on all account variants, urban or rural, irrespective of AMB, whether Rs. 5000 (offered in Rural India), 10,000 or Rs. 25000.

IDFC FIRST Bank is the only Bank that provides unlimited ATM cash withdrawal without any fees. It is one of the only four banks which do not charge for IMPS transactions. It is also one of the few banks that do not charge for SMS alerts which may vary to Rs. 100 or Rs. 150 per quarter, where limits have been specified by banks or higher if there are no limits specified. The report also says that IDFC FIRST Bank is the only bank in India that does not charge debit card for any variant of its savings account, while annual fee for debit cards at most banks’ ranges from Rs 100 to Rs 300.

Read the full report here

In conclusion

At our bank, we are constantly striving to provide the best services for our customers while also upholding our commitment to ethical banking. We believe that by doing so, we can not only help our customers achieve their financial goals, but also make a positive impact on the world around us. So join us in our journey towards ethical banking and start saving