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

 

[hriday.haria]

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

They wasted additional rupees. I have 3 Account Conversion Forms which I got from the Branch Yesterday ... 25k to 10k conversion

 

[devmallya]

@Batmanbaba Yes you are correct.

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

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

Awesome. Looks like somebody felt the backlash

 

[007]

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

But most would have lost trust now, they can introduce these charges again. Who knows! 🤷‍♂️

 

[Batmanbaba]

They wasted additional rupees. I have 3 Account Conversion Forms which I got from the Branch Yesterday ... 25k to 10k conversion

I think it won't be required anymore....

 

[Souvik]

Will do ... Kotak and IDFC before June

Which account variant in Kotak ?

 

[AllSeeker]

Why kotak?

 

[mrutyunjayap]

Can anyone share link of that public notice where 499 Charges were mentioned. Just want to cross check because previous link is not working properly.

 

[iamvk]

Can anyone share link of that public notice where 499 Charges were mentioned. Just want to cross check because previous link is not working properly.

IDFC removed it from website. Check your email. You must have received one

 

[hriday.haria]

Guys ... I have some bad news.
I just spoke to my RM today, he said all cards are going to be charged as per their earlier circular from 1 July 2022, they have not revoked the decision.
It is only removed from the Notice Board.
He advised me to close my Debit Card in case I do not use it.

 

[AllSeeker]

Guys ... I have some bad news.
I just spoke to my RM today, he said all cards are going to be charged as per their earlier circular from 1 July 2022, they have not revoked the decision.
It is only removed from the Notice Board.
He advised me to close my Debit Card in case I do not use it.

Can you ask if just permanently blocking the debit card from app works or not?

 

[007]

Guys ... I have some bad news.
I just spoke to my RM today, he said all cards are going to be charged as per their earlier circular from 1 July 2022, they have not revoked the decision.
It is only removed from the Notice Board.
He advised me to close my Debit Card in case I do not use it.

That's bad! 🤷‍♂️

 

[hriday.haria]

Can you ask if just permanently blocking the debit card from app works or not?

Yes it works. But he said, if the Branch is near, ensure and double check once with Branch if its closed after Permanent Blocking.
It should show to the Teller "No Debit Card Issued" or something like that when they enquire in their system.

 

[Souvik]

Guys ... I have some bad news.
I just spoke to my RM today, he said all cards are going to be charged as per their earlier circular from 1 July 2022, they have not revoked the decision.
It is only removed from the Notice Board.
He advised me to close my Debit Card in case I do not use it.

My RM says that new accounts which would be opened from July onwards would have a debit card fee, but this logic does not make sense to me yet.

However, charging all cards from July is more rational to avoid complexity. Its really sad that these guys are already floundering market confidence.

 

[Souvik]

Do you have account at IDFC?

Unfortunately, very recently I fell for this IDFC trap (should have gone for IndusInd instead), and so yes I have a 25k account (opened online), trying to work with my RM to upgrade that to Wealth (after maintaining MAB).

But looks like RM's in IDFC has less command over the way things work and most of it is automated. Hoping to get a relief from debit card charges fiasco once my account moves to wealth. But one fine day I know they will start charging for wealth debit cards too . Its just a race to the signal. Owning to the recent changes in interest rates, credit card devaluation, debit card charges blink and miss, this bank is not at all dependable.

I would strongly advise you do not think of IDFC as of now @anirbanm . Let the dust subside, sit on the fence for maybe next 6-9 months.

 

[hriday.haria]

So current/existing users dont have annual fee... Finally a clarification after all that confusion.
Their own employees in branch and RM conflict each other and now this !!

 

[Souvik]

So current/existing users dont have annual fee... Finally a clarification after all that confusion.
Their own employees in branch and RM conflict each other and now this !!

Finally we have some confirmation, sounds good for the time being !

 

[AllSeeker]

This is good, I was liking IDFC app very much so I didn't want to throw a tantrum over debit card fees.

I guess don't need to shift to HDFC max for time being.

 

[hriday.haria]

This is good, I was liking IDFC app very much so I didn't want to throw a tantrum over debit card fees.

I guess don't need to shift to HDFC max for time being.

Yes. Even I am not. Though I did have a Issue with Debit card fees.
As it was issued as Zero Charges Initially.

And mind you, this has followed the devaluation of CCs and lowering of interest rate to 4 percent under 10 lakhs

 

[AllSeeker]

Yes. Even I am not. Though I did have a Issue with Debit card fees.
As it was issued as Zero Charges Initially.

And mind you, this has followed the devaluation of CCs and lowering of interest rate to 4 percent under 10 lakhs

Yes, those were bummers, IDFC has done great disservice to itself by devaluing its CC especially. I happen to have IDFC millennia and its seating in my cupboard now instead of my pockets.

 

[hriday.haria]

Yes, those were bummers, IDFC has done great disservice to itself by devaluing its CC especially. I happen to have IDFC millennia and its seating in my cupboard now instead of my pockets.

Exactly, same here. And I even redeemed all my points via Amazon GV.

Even if LTF, with devaluation the reward rate has gone down, and then redemption charges now.
It actually almost nullifies the value of reward rate ... Almost zero !

Even one card reward rate is low, but atleast they have good offers !