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

 

[devmallya]

You have till June 30th. Open the account (it's almost immediate), get your debit card, set the UPI Pin and then permanently block

 

[AllSeeker]

And in future if really run into a situation where you must have one, get one issues.

I'm going to follow above advice and block mine in June last week.

 

[Souvik]

@devmallya @AllSeeker Does blocking of your credit card restrict the debit card charges/fees to be levied ? Is this documented somewhere on the bank portal ?

I doubt if the overall game is so simple.

 

[AllSeeker]

@devmallya @AllSeeker Does blocking of your credit card restrict the debit card charges/fees to be levied ? Is this documented somewhere on the bank portal ?

I doubt if the overall game is so simple.

Don't think I've read it anywhere, but permanently blocking debit card should be equal to closing it.

 

[007]

Don't think I've read it anywhere, but permanently blocking debit card should be equal to closing it.

Won't they re-issue automatically after you block? 👀

 

[AllSeeker]

Won't they re-issue automatically after you block? 👀

This I also want to find out.

 

[devmallya]

From their site - “Without prejudice to the Bank’s right to cancel, suspend or terminate the use of ATM/Debit Card at its own discretion, the Customer may voluntarily request the Bank to cancel the ATM/Debit Card by blocking the ATM/Debit Card, cutting the ATM/Debit Card in half and returning the same to the Bank for cancellation. Upon receipt of advice/instructions from the Holder, the Bank shall cancel the ATM/Debit Card and PIN”

 

[devmallya]

IDFC’s customer service is decent enough (at least for now), that you can probably request them to cancel/not re-issue through a support ticket online without returning the card itself after blocking. Best to confirm with bank after blocking to be on the safe side.

 

[Souvik]

@devmallya Interestingly, you/anyone tried this in practice ?

 

[devmallya]

nope, which is why your mileage may vary. can only hope for the best. always better to get confirmation from the bank that no charges will be applied.

 

[Bob78900]

You have till June 30th. Open the account (it's almost immediate), get your debit card, set the UPI Pin and then permanently block

Okay that's fine. But i need for net banking. Is it compulsory to hold a debit card for using netbanking and mobile banking. Like we need in icici. If it is compulsory then the account is not for me

 

[devmallya]

Okay that's fine. But i need for net banking. Is it compulsory to hold a debit card for using netbanking and mobile banking. Like we need in icici. If it is compulsory then the account is not for me

Nope, I use IDFC net and mobile banking extensively and never needed the card. It’s the best and simplest one I’ve ever used. Only ICICI has that idiotic grid authentication.

 

[Bob78900]

Nope, I use IDFC net and mobile banking extensively and never needed the card. It’s the best and simplest one I’ve ever used. Only ICICI has that idiotic grid authentication.

Yes that's the only reason i have to pay around 200 every year🥲 okay if i don't have to keep a debit card in idfc then I'll think of opening account thanks for the information ❤️

 

[Batmanbaba]

One of my friends talked to his rm in idfc...... He has told that idfc has rolled back the decision to charge debit charges from existing accounts.... After the huge backlash... They might only charge to new customers after 30 june.... He said he was told by his regional head... Not confirmed news but clear notification possible after 1-2 days...

 

[devmallya]

Would be good. It was a ridiculous decision to begin with. any amount they might collect from this would be negated by the trust (and accounts) they lose.

 

[Souvik]

One of my friends talked to his rm in idfc...... He has told that idfc has rolled back the decision to charge debit charges from existing accounts.... After the huge backlash... They might only charge to new customers after 30 june.... He said he was told by his regional head... Not confirmed news but clear notification possible after 1-2 days...

Sounds good to be true, however i wish it is.

 

[AllSeeker]

One of my friends talked to his rm in idfc...... He has told that idfc has rolled back the decision to charge debit charges from existing accounts.... After the huge backlash... They might only charge to new customers after 30 june.... He said he was told by his regional head... Not confirmed news but clear notification possible after 1-2 days...

I'll see in a week or so if I can go to branch, I'm yet to collect passbook for my a/c too.

 

[Batmanbaba]

So I'll have to open before June ...

Yes.... A lot of people are getting calls regarding this.... You can open till june and save yourself from charges

 

[hriday.haria]

One of my friends talked to his rm in idfc...... He has told that idfc has rolled back the decision to charge debit charges from existing accounts.... After the huge backlash... They might only charge to new customers after 30 june.... He said he was told by his regional head... Not confirmed news but clear notification possible after 1-2 days...

@Batmanbaba Yes you are correct.

@TechnoFino They have removed it from the notice board too !

https://www.idfcfirstbank.com/notice-board

 

[Batmanbaba]

@Batmanbaba Yes you are correct.

@TechnoFino They have removed it from the notice board too !

https://www.idfcfirstbank.com/notice-board

They were considering themselves axis bank... That whenever and howmuch they want they will increase the charges.... And customers will sit silent....