IDFC First Bank said it was recognized as “outstanding compared to other banks in the private sector” in a study authored by Dr. Ashish Das, professor at the Department of Mathematics, Indian Institute of Technology, Bombay (IIT-B), commissioned by the Moneylife Foundation. The bank said it was classified as Category A among commercial banks.
“Even among Category A banks, IDFC First Bank is the only bank that charges zero fees on all savings account services, across all account variants, both urban and rural, irrespective of average monthly balance (AMB), irrespective of whether it is £5,000 (offered in rural India), £10,000 or £25,000 [for urban India]– we read in the bank’s statement. The bank announced that it is the only one that allows unlimited cash withdrawals from ATMs without any fees. While all other banks charge £20 or £21, the bank said it does not charge anything.
IDFC First Bank claims to be one of only four banks that do not charge fees for IMPS transactions. It is also one of the few banks that does not charge SMS notification fees, which can range from £100 to £150 per quarter if banks have set limits, or higher if no limits have been set. According to the report, IDFC First Bank is the only bank in India that does not charge debit card fees for any savings account variant, while the annual debit card fee in most banks ranges from ₹100 to ₹300.
