The banking services include savings accounts such as cash deposit and withdrawal at branches, third party cash transactions, demand drafts, IMPS, NEFT, RTGS, cheque book, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage and so on.
The bank has announced the facility on the occasion of its Foundation Day on 18 December.
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The bank said that customers maintaining as low as ₹10,000 Average Monthly Balance, as well as the ₹25,000 AMB savings account variant will enjoy these benefits.
Apart from this, the benefit all customers, and particularly those with lesser financial literacy who find it difficult to compute the fees and charges, the bank said in a press release.
“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.
Here is the list of Zero-Fee Services offered by IDFC FIRST Bank:
1. Number of Cash Transactions at branches per month (Cumulative of Deposit and Withdrawal)
2. Value of Cash Transactions (Cumulative of Deposit and Withdrawal) at Branches
3. Third-party Cash Transaction Charges (Cumulative of Deposit and Withdrawal) at Branches
4. Demand Drafts/ PO (Issuance Charges) - at Bank Locations
5. IMPS Charges per Transaction– Outward
6. NEFT Charges per Transaction – Outward (Branch)
7. RTGS Charges per Transaction – Outward (Branch)
8. Cheque Book Charges
9. SMS Alert Charges
10. Issue of Duplicate Statements
11. Passbook Charges
12. Balance Certificate (Charges per certificate)
13. Interest Certificate (Charges per Certificate)
14. Account Closure (from account opening date)
15. ECS Return Charges
16. Stop Payment Charges
17. International ATM/ POS Transaction Charges
18. Charge for Insufficient Balance per Transaction at ATM
19. Standing Instruction Charges
20. Managers Cheque/ Demand Drafts Cancellations/ Revalidation
21. Photo Attestation Charges
22. Signature Attestation Charges
23. Old records/ copy of paid cheques charges
24. Address confirmation charges
25. Any deliverable returned by courier due to negative reasons
