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IDFC FIRST Bank launched ZERO Fee Banking savings accounts

IDFC FIRST Bank launched ZERO Fee Banking savings accounts_50.1

IDFC FIRST Bank has declared ZERO Fee Banking on savings accounts and waived fees on multiple banking services, including Passbook charges, NEFT charges. The bank said that customers maintaining as low as Rs 10,000 Average Monthly Balance, and the Rs 25,000 AMB savings account variant will get these benefits.

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IDFC FIRST Bank: List of Zero-Fee Services announced

  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

Important takeaways for all competitive exams: 

  • IDFC FIRST Bank Headquarters: Mumbai;
  • IDFC FIRST Bank CEO: V. Vaidyanathan (19 Dec 2018–);
  • IDFC FIRST Bank Parent organization: Infrastructure Development Finance Company;
  • IDFC FIRST Bank Founded: October 2015.

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