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“IDFC FIRST Bank a class apart”
Moneylife Foundation presents ‘Benchmarking Reasonableness of Service Charges by Banks in India: A Study by Ashish Das, Indian Institute of Technology Bombay
Mumbai, 22nd May 2024: A pathbreaking new research benchmarks reasonableness of service charges levied by banks across India. The study, authored by Dr Ashish Das, Professor, Department of Mathematics, from the Indian Institute of Technology- Bombay (IIT-B), was commissioned by Moneylife Foundation. According to the Author, Dr. Das, this report is a holistic assessment of banks.
We are proud to share that the report says IDFC FIRST Bank has come out as class apart vis-à-vis other banks in the private sector.
IDFC FIRST Bank has overall featured in ‘Category A’ among commercial banks. Even among the Category A Banks, 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), Rs 10,000 or Rs. 25,000.
This pioneering study titled 'Benchmarking Reasonableness of Service Charges by Banks in India' points out the following:
While these are the specific comparisons made in the report, we are proud that IDFC FIRST Bank offers unique customer friendly and customer first product propositions for its customers including ZERO fees on all savings account services such as RTGS, NEFT, Cash Deposit at branches and online, 3rd party transaction charges at branches, Cheque book, Demand Drafts, Pay-order, duplicate statement, and all such services that are usually charged in the market.
IDFC FIRST Bank follows the principle that it won’t touch its customers’ bank account for any reason whatsoever so customers can have total peace-of-mind. The bank does not have the concept of “home” branch, and nearly all 1000 branches of the bank are ‘Home Branches’ for the customer, hence the bank does not have “non-Home branch” access charges.
In case customers do not maintain minimum balance requirements, then only AMB maintenance charges apply. IDFC FIRST bank does not charge any fees for the services mentioned above for even for those customers who are not able to maintain minimum balances.
Finally, the bank has removed complicated calculations, legalese, and descriptions that customers normally don’t understand.
Know more about Zero fee banking with IDFC FIRST Bank - Click here
View full report
FEATURED
With IDFC FIRST Bank, you not only get one of the best interest rates on your savings account, but also Zero Fee Banking, i.e. zero charges on commonly used banking services, ensuring more savings!
Team FinFIRST24 May 2024 • 3 mins read
24 May 2024 • 3 mins read
24 May 2024 • 3 mins read
24 May 2024 • 3 mins read
Disclaimer: IDFC FIRST Bank features in Category A in the report ‘Benchmarking reasonableness of Service Charges by Banks in India’, released on 22nd May 2024.