IDFC First Bank mentioned it has been named as ‘class apart vis-à-vis other banks in the private sector’ in a research 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 financial institution mentioned it has been featured in Category A Bank amongst business 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 financial institution mentioned in a press release. The financial institution mentioned it was the one financial institution that offered limitless ATM money withdrawal with none charges. While all different banks cost ₹20 or ₹21, the financial institution mentioned it prices nil.
IDFC First Bank mentioned is without doubt one of the solely 4 banks that don’t cost for IMPS transactions. It can also be one of many few banks that don’t cost for SMS alerts which can fluctuate to ₹100 or ₹150 per quarter, the place limits have been specified by banks or larger if there are not any limits specified.
As per the report, IDFC First Bank is the one financial institution in India that doesn’t cost debit card for any variant of its financial savings account, whereas annual payment for debit playing cards at most banks’ ranges from ₹100 to ₹300.
