IDFC First Bank Debit Card Charges from June 30 2022

[TechnoFino]

Update-
IDFC First Bank decided to not to impose debit card annual fees to their existing customers.
But they'll charge their new customers for debit card. if you open IDFC First Bank account before June 30th, 2022 then you'll be considered as existing customer.

Effective from 30th june 2022, IDFC First Bank Visa Signature bebit card will carry an annual fees of 499+gst & Visa Classic 199+GST (Including Salary Accounts).



This is insane... IDFC Bank going to charge debit card annual fees from 25k maintenance account/salary account holders.
Official notice url- https://www.idfcfirstbank.com/notice-board

 

[007]

Effective from 30th june 2022, IDFC First Bank Visa Signature bebit card will carry an annual fees of 499+gst & Visa Classic 199+GST (Including Salary Accounts).



This is insane... IDFC Bank going to charge debit card annual fees from 25k maintenance account/salary account holders.
Official notice url- https://www.idfcfirstbank.com/notice-board

Lot of account closures on the way! 🤣🤦‍♂️

 

[Souvik]

Just had a chat with my IDFC RM, initially he is also flummoxed by this sudden change, as of now he is trying to assure me by saying that these charges do not entail for wealth accounts.

So for the time being this may not be a concern, but the way IDFC is changing its stance towards revising rewards system, savings account interest rates and now debit card charges these random changes do not give enough confidence to account holders.

I agree this is a part of the normalization process after initial customer acquisition but it also unsettles lot of prospective accounts (including another account of mine which was on the way, but may not see daylight now )

 

[Batmanbaba]

I think.... My 3rd sense predicted it before... And I closed my account in march only..... What a fall from grace for them....... How will the bank run if they will make credit card unattractive.... No limit and variant upgrades..... Plus now charging for debit cards... Even to Salary account holders... When we have hdfc who is giving everything free above 25000 mab...

 

[hriday.haria]

I am going to downgrade to 10k Variant !

 

[mukundstud]

3 months back, I was thinking to close my IDFC Savings Account, but IDFC automatically upgraded my account to IDFC First Select Account. This put my decision in abeyance. I think the recent introduction of debit card charges does not cover my Select Debit card. So I am still holding on with my account, but with more alertness.

 

[srvdas26]

I think.... My 3rd sense predicted it before... And I closed my account in march only..... What a fall from grace for them....... How will the bank run if they will make credit card unattractive.... No limit and variant upgrades..... Plus now charging for debit cards... Even to Salary account holders... When we have hdfc who is giving everything free above 25000 mab...

Are there any account closure charges?

 

[Batmanbaba]

N

Are there any account closure charges?

No... But you have to visit branch and fill form.... Any branch... You can close....

 

[Souvik]

3 months back, I was thinking to close my IDFC Savings Account, but IDFC automatically upgraded my account to IDFC First Select Account. This put my decision in abeyance. I think the recent introduction of debit card charges does not cover my Select Debit card. So I am still holding on with my account, but with more alertness.

Select & Wealth may be spared for now, looks like these guys want to play only with big money in the long run.

 

[Bob78900]

Soon Credit cards will also be chargeable 🥲🥲 And this is totally ridiculous 25k mab have 499 debit card charges and 10k mab have 199😂😂😂 this should be 10k mab499 and 25 k 199 😂

 

[Bob78900]

LOL 😑🤐 ... Ulta hi game hai inka ... Like seriously

Ajeeb hi terms and conditions hai😂🥲 mei soch raha tha 10k wala account kholne ki ab itne charges debit card ke kon bhare aur bhi charges honge. Debit card usage hai ni meri

 

[ashwink]

Idfc bank to it's customers 😂

 

[mukundstud]

Select & Wealth may be spared for now, looks like these guys want to play only with big money in the long run.

I know Private Banks cannot be trusted. That's why at places where giving bank account details is important(like Mutual Fund houses, stock brokerages, etc.), I give my SBI account details only, so that I do not have to depend on private banks. Thus, even I am playing with the accounts of various private banks😂. I will dump IDFC as soon as I realise that it's benefits are not worth the cost of maintaining it.

 

[mukundstud]

What's MAB of select?

Currently, maintaining only 30k-40k in my account. My excess funds are parked in Cred Mint. Only for 2-3 months(in the first half of 2021), I maintained around 4L in my account, when IDFC was giving 7% interest rate. After interest rate revision, shifted to 12% club and cred Mint, and maintained 30-40k in IDFC since then. Still in Feb 2022 end, I received Select Banking kit from IDFC.

 

[yolofino]

Currently, maintaining only 30k-40k in my account. My excess funds are parked in Cred Mint. Only for 2-3 months(in the first half of 2021), I maintained around 4L in my account, when IDFC was giving 7% interest rate. After interest rate revision, shifted to 12% club and cred Mint, and maintained 30-40k in IDFC since then. Still in Feb 2022 end, I received Select Banking kit from IDFC.

After how many months of maintaining above 1 lakh average balance did you got invite for Select banking program?
and can you tell us if you maintained more than 3 lakh average for X months?

 

[AsB]

Since they are already following Axis Bank way of service charges, I expect that they will start charging a nominal value for their Credit Cards as well. Then, I will drop my interest in those IDFC cards altogether.

 

[mukundstud]

After how many months of maintaining above 1 lakh average balance did you got invite for Select banking program?
and can you tell us if you maintained more than 3 lakh average for X months?

Answer to your 1st Question: 7-8 months.
Answer to your 2nd Question: 2-3 months.

 

[Bob78900]

Guys is it compulsory to hold a debit card in idfc bank i don't use debit card that much. Is is compulsory like icici bank. If not then i can open ac in idfc bank

 

[Batmanbaba]

Y

Guys it is compulsory to hold a debit card in idfc bank i don't use debit card that much. Is is compulsory like icici bank. If not then i can open ac in idfc bank

YOu need that to create upi pin....... Currently idfc is not giving option for aadhar based pin setup....

 

[Bob78900]

Y
YOu need that to create upi pin....... Currently idfc is not giving option for aadhar based pin setup....

I don't need upi I'll use net banking. Maybe in future I'll get aadhar based pin set-up or i can use debit card for a 1 year then close it. I only need for just basic net banking transactions or maybe pre-approved cc. Will use it as secondary account 😔. That's why i asked debit card is compulsory or not. Like in icici you need debit card for both mobile and internet banking. If i don't need debit card for net banking then I'll think of opening an account