IDFC FIRST Bank announces "Zero-Fee Banking"

[bugmenot]

On the occasion of its Foundation Day on 18th December, IDFC FIRST Bank announced ZERO Fee Banking on savings accounts. The Bank has waived fees on 25 commonly used banking services related to savings accounts such as cash deposit and withdrawal at branches, third party cash transactions, demand drafts, IMPS, NEFT, RTGS, cheque book, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage and so on.

Check the attached press release PDF for more details.

Is this the Zerodha moment for retail banking?

 

[tuhin]

Nothing attractive

 

[Rahul Gupta]

On the occasion of its Foundation Day on 18th December, IDFC FIRST Bank announced ZERO Fee Banking on savings accounts. The Bank has waived fees on 25 commonly used banking services related to savings accounts such as cash deposit and withdrawal at branches, third party cash transactions, demand drafts, IMPS, NEFT, RTGS, cheque book, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage and so on.

Check the attached press release PDF for more details.

Is this the Zerodha moment for retail banking?

Do they provide pre-approved cc to their users? if, yes. How long does it take usually?

 

[bugmenot]

Do they provide pre-approved cc to their users? if, yes. How long does it take usually?

No idea honestly. I don't have bank account or card.

 

[tuhin]

Can anyone describe this point:



Is it NIL or Rs 99+GST which one?

Even they mentioned in 25 free charges that, no redemption fee, then what is this?? Too much confusing.

 

[bugmenot]

It's ₹99 + GST for credit card reward redemption. Since it's a latest change, they mentioned both. Previously it's was nil but from 1st Oct, it's changeable.

 

[Sahilhenzy]

I

Do they provide pre-approved cc to their users? if, yes. How long does it take usually?

Waited 1.5 year. Before they annouced their cards and my account is zero balance account

 

[DRSYEDIRFAN]

Do they provide pre-approved cc to their users? if, yes. How long does it take usually?

Yeah. In my case they provided me Select CC with Decent Limit with in 4month of opening the account. With decent transactions and maintaining Balance nearly 1lakhs around

 

[yolofino]

Yeah. In my case they provided me Select CC with Decent Limit with in 4month of opening the account. With decent transactions and maintaining Balance nearly 1lakhs around

Same for me.

 

[Gau₹av]

They charge even for first cheque book for Vishesh account. 😄