IDFC First Bank announces waiver of charges on customer-centric services

Private sector IDFC First Bank has announced waiver of charges on a number of customer-centric services such as cash deposits, withdrawals, demand drafts, IMPS and SMS alerts, among others ahead of its Foundation Day on Sunday. On the occasion of its Foundation Day on 18th December, IDFC First Bank has announced 'Zero-fee banking' on savings accounts, the bank said in a release on Saturday.

The lender said it has waived fees on 25 commonly used banking services related to 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.

Customers maintaining as low as Rs 10,000 average monthly balance and Rs 25,000 AMB in savings accounts will be offered these services free of cost.

This will benefit all customers, and particularly those with lesser financial literacy who find it difficult to compute the fees and charges, IDFC First Bank said.

"This is a customer friendly initiative from IDFC First Bank. 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," V Vaidyanathan, Managing Director and CEO, IDFC First Bank, said.