Zero fee banking: Don't miss out on this savings account benefit

New Delhi (India), August 23: Over the years, bank deposits in India have grown significantly. According to RBI, deposits with SCBs (scheduled commercial banks) grew by 10.2 per cent during 2022-23. Not only are bank deposits safer, but they also yield interest income and help save money too.

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But are interest rates on deposits the only way to save money? Albeit, not!

Introducing – zero-fee banking! An excellent addition to banking, it ensures that your savings account bears no expenses on services and focuses on only one thing – how to save and grow money! Here’s how it works.

How does zero-fee banking EXACTLY save money for you?

To understand how zero-fee banking can be a big cost saver for you, you must compare the same with another bank where these services are chargeable. While the charges vary from bank to bank, here is what you would normally spend on services elsewhere in the industry.

Here’s how you can save money with zero-fee banking –

– Number and amount of cash transactions – Branch cash transactions are charged at a minimum Rs. 150/transaction beyond free limits

– Demand drafts/Pay orders – The charges levied by most banks are in the range of Rs. 50 – Rs. 15000 per DD or PO, depending on their value.

– Online transfers – NEFT and RTGS are offered free of cost on most savings bank accounts. IMPS can be chargeable, from Rs 2.5 to Rs 15 per transaction.

– Chequebook – Most banks charge  Rs 2- Rs. 4 per leaf beyond the free limit

– SMS alerts –Charges levied by most banks are from 15p to 50p per SMS

– Duplicate statement and passbook – Physical duplicate copies of the passbook and statement can cost up to Rs 100 per instance

– Balance and interest certificates – Charges levied by most banks are in the range of Rs. 50 – Rs. 100 per savings account balance certificate, interest certificate

– Account closure – It can cost up to Rs 500

– ECS return and cheque stop payment – Most banks levy a charge of between Rs. 450-Rs. 550 per instance of   ECS return and Rs. 50 – Rs. 200 per instance  for cheque stop payment

All of the above are charges that are common across the banking industry.

Zero-fee banking – paving the way to savings

With its zero-fee banking, IDFC FIRST Bank has slashed away the fees and charges on as many as 28 commonly used banking services. As a result, IDFC FIRST Bank Savings Account customers save money on charges against all these banking services. It includes:

• – IMPS charges (outward)
• – NEFT charges (outward at branches)
• – RTGS charges (outward at branches)
• – Cash deposit & withdrawal charges at branches (by number)
• – Cash deposit & withdrawal charges at branches (by value)
• – SMS alert charges
• – Chequebook re-issuance charges
• – Debit Card issuance charges (first year)
• – ATM transaction charges
• – Third-party cash deposit and withdrawal charges at branches
• – Demand draft/pay order issuance charges at branches
• – Duplicate statement issuance charges
• – Duplicate passbook issuance charges
• – Balance certificate issuance charges
• – Interest certificate issuance charges
• – Account closure charges
• – ECS return charges
• – Stop payment of cheque charges
• – International ATM/POS transaction charges
• – Decline charges for insufficient balance at ATM
• – Standing instruction charges
• – Photo attestation charges
• – Manager’s cheque/demand draft cancellation/revalidation charges
• – Signature attestation charges
• – Charges for retrieval of old transactional records
• – Address confirmation charges
• – Charges for any deliverable returned by courier due to negative reasons
• – Cheque bounce charges

With this customer-first introduction, IDFC FIRST Bank weeds out all the complexities in personal banking and saves money every day.

Prerequisites to avail of zero-fee banking

Zero-fee banking is one of the top advantages of savings accounts at IDFC FIRST Bank today. It is available by default on the Rs 10,000 Average Monthly Balance (AMB) savings accounts and other higher account variants. All you need to do is to open your IDFC FIRST Bank Savings Account, that too can be done digitally from the comfort of your home. The only thing to keep in mind to save money is to maintain the required average monthly balance.

The final click

Other than this, a high IDFC FIRST Bank Saving Account interest rate, which at present is among the bests in the industry and monthly interest credits are other prominent features. Customers also save money through a host of  FIRST Bank Debit Card offers.

To earn more and save money across banking transactions, open an IDFC FIRST Bank Savings Account today.

Disclaimer: *IDFC FIRST Bank offers Zero Fee Banking on Rs 10,000 Average Monthly Balance (AMB) Savings Account and higher account variants, subject to maintenance of AMB in the account.

These services are being offered free in good faith, and in case of abuse, the bank reserves the right to charge fees as per market norms. All rights reserved.

Disclaimer : The above is a sponsored article and the views expressed are those of the sponsor/author and do not represent the stand and views of The Tribune editorial in any manner.