IDFC First Bank said it has been named as ‘class apart vis-à-vis other banks in the private sector’ in a study authored by Dr. Ashish Das, Professor, Department of Mathematics, from the Indian Institute of Technology- Bombay (IIT-B), which was commissioned by Moneylife Foundation. The bank said it has been featured in Category A Bank 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 Average Monthly Balance (AMB), whether it is ₹5,000 (offered in Rural India), ₹10,000 or ₹25,000 [for urban India],” the bank said in a statement. The bank said it was the only bank that provided unlimited ATM cash withdrawal without any fees. While all other banks charge ₹20 or ₹21, the bank said it charges nil.
IDFC First Bank said is one of the only four banks that do not charge for IMPS transactions. It is also one of the few banks that do not charge for SMS alerts which may vary to ₹100 or ₹150 per quarter, where limits have been specified by banks or higher if there are no limits specified.
As per the report, IDFC First Bank is the only bank in India that does not charge debit card for any variant of its savings account, while annual fee for debit cards at most banks’ ranges from ₹100 to ₹300.
