IDFC First Bank levies low service charges

Hyderabad: IDFC First Bank levies low service charges compared to other banks in the private sector, according to a new research on benchmarking reasonableness of service charges levied by banks across India. The study, done by Professor Ashish Das, Department of Mathematics, from IIT Bombay, was commissioned by Moneylife Foundation.

IDFC First Bank has overall 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 AMB, whether Rs 5,000 (offered in rural area), 10,000 or Rs 25,000.

The report points out that On-Us (own bank’s) ATM cash withdrawal, 16 banks charge Rs 10 or less, while the remaining 9 banks charge at the caps set by RBI (Rs 20 or Rs 21). IDFC First Bank is the only bank that provides unlimited ATM cash withdrawal without any fees. For Off-Us (other banks’), while all banks charge Rs 20 or Rs 21, IDFC First Bank charges zero.

IDFC First Bank is one of the four banks which do not charge for IMPS transactions.