Private Sector IDFC First Bank Has announced waiver of charges on several customer-centric services such as cash deposits, withdrawals, demand drafts, etc. Raid and SMS alerts, among other things, on the Sunday before its foundation day. On the occasion of its foundation day on December 18, 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 off charges on 25 commonly used banking services such as cash deposits and withdrawals at branches, third party cash transactions, demand drafts, IMPS, related to savings accounts. oil, RTGSInsufficient Balance for Check Book, SMS Alert, Interest Certificate, ATM transactions, international ATM usage and so on.

These services will be given free of cost to customers maintaining an average monthly balance of Rs 10,000 and AMB as low as Rs 25,000 in savings accounts.

IDFC First Bank said this will benefit all customers and especially those with low financial literacy who find it difficult to calculate fees and charges. “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 low financial literacy levels. Hence, we have come up with commonly used We have waived off charges on 25 banking services so that our customers can bank with us in peace,” said V Vaidyanathan, Managing Director and CEO, IDFC First Bank.