Zero-Fee Banking: The Next Big Thing in Savings Accounts

Are you tired of high fees charged by your bank? Seemingly innocuous charges such as those on ATM transactions, debit card issuance, and fund transfers can add up to a lot. With prices on essential commodities already touching the sky due to inflation, the last thing you need is a bank that charges fees on simple banking facilities.

The easiest way to avoid unnecessary banking fees is to choose a customer-friendly bank. For example, IDFC FIRST Bank has waived off fees on 28 commonly-used savings account services under its Zero Fee Banking feature. Here’s what makes it a truly revolutionary step in retail banking.

Freedom from common banking service charges
 

Bank service charges are common. These include charges for SMS updates, IMPS, NEFT, RTGS, cash deposit, among others . Charges-related messages/emails can be quite annoying. Some other chargeable services include the issuance of a new chequebook, demand draft, pay order, statement issuance, etc. 

These charges may seem insignificant, but over time, they can add up to a lot. The zero fee banking initiative from IDFC FIRST Bank gives you freedom from all these charges.

Services covered under Zero Fee Banking
 

IDFC FIRST Bank has included 28 services on savings accounts under its zero fee banking initiative. Here is the full list:

1.     IMPS charges (outward)

2.     NEFT charges (outward at branches)

3.     RTGS charges (outward at branches)

4.     Cash deposit & withdrawal charges at branches (by number)

5.     Cash deposit & withdrawal charges at branches (by value)

6.     SMS alert charges

7.     Cheque book re-issuance charges

8.     Debit Card issuance charges (first year)

9.     ATM transaction charges

10.  Third party cash deposit and withdrawal charges at branches

11.  Demand draft/pay order issuance charges at branches

12.  Duplicate statement issuance charges

13.  Duplicate passbook issuance charges

14.  Balance certificate issuance charges

15.  Interest certificate issuance charges

16.  Account closure charges

17.  ECS return charges

18.  Stop payment of cheque charges

19.  International ATM/POS transaction charges

20.  Decline charges for insufficient balance at ATM

21.  Standing instruction charges

22.  Photo attestation charges

23.  Manager’s cheque/demand draft cancellation/revalidation charges

24.  Signature attestation charges

25.  Charges for retrieval of old transactional records

26.  Address confirmation charges

27.  Charges for any deliverable returned by courier due to negative reasons

28.  Cheque bounce charges

Note: IDFC FIRST Bank offers Zero Fee Banking on Rs. 10,000 Average Monthly Balance (AMB) Savings Account and higher account variants, subject to maintenance of AMB in the account.

These services are being offered free in good faith, and in case of abuse, the bank reserves the right to charge fees as per market norms. All rights reserved

IDFC FIRST Bank has always offered customer-friendly features and benefits with its Savings Accounts. With zero fee banking, the bank has further enhanced the benefits of the IDFC FIRST Bank Savings Account.

Customer-friendly banking with IDFC FIRST Bank

IDFC FIRST Bank’s zero fee banking feature assures you won’t be left confounded by complicated descriptions or calculations for charges. As part of IDFC FIRST Bank's ongoing customer-friendly banking initiatives, this feature simplifies banking for its customers. So, go ahead and open your IDFC FIRST Bank Savings Account and enjoy zero fee banking with peace of mind!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.