IDFC Bank charges associated with maintaining accounts vary depending on the type of account chosen. To minimise expenses, opting for a lower-tier account is recommended. IDFC Bank Charges are determined by the type of account and the corresponding privileges. To gain a comprehensive understanding of the charges, it is advisable to review the IDFC First Bank Schedule of Charges Pdf. This will help you identify strategies to reduce fees and costs, allowing you to optimise your savings.
IDFC Bank is one of the leading financial institutions in the country. It offers an array of banking solutions and services. With a focus on transparency and competitive charges, the bank provides convenient and cost-effective solutions for the financial needs of its customers. Explore IDFC products and services for reliable banking services and a commitment to customer satisfaction.
Bank charges being fees and costs for the services and products offered by the banks encompass a wide range of activities like account maintenance, non-maintenance of minimum balance, cheque/ECS dishonour, debit/credit card services, ATM charges, cash withdrawal charges, cash deposit charges, signature verification charges, etc. Each Bank has an individual schedule of charges governed by the respective bank’s policies. Compare the fees and costs across various banks and choose to have dealings with a cost-effective bank.
IDFC Bank has a set schedule of charges for the various services offered by the bank to make the financial journey of its customers hassle-free and seamless. The common types of IDFC Charges are mentioned below
Account Opening Charges
Whenever you open an account you will incur some basic charges like an initial deposit. On opening the account, you will have to deposit an initial amount as stipulated by the bank and have to maintain a balance above the initial deposit level at all times. IDFC First Bank Account Opening Charges are imposed to cover the administrative costs involved in maintaining an account.
Cash Deposit Charges
In order to limit cash transactions, IDFC Bank imposes cash deposit charges for transactions exceeding the free limit i.e., the bank allows a certain number of cash deposit transactions in a month without charges. Any deposit transaction beyond this limit will attract service charges.
Cheque book charges
Customers of IDFC Bank are provided a certain number of cheque leaves in a month without any charges. Anything above the limit will incur charges at a per-leaf rate.
Debit Card Charges
IDFC Bank Debit Card Charges are applicable at the time of issuance as well as renewal. The bank also charges an annual fee for debit cards. Also, a charge will be levied for debit card replacement for lost/stolen debit cards.
Cheque Return Charges
IDFC Bank collects cheque return charges for both cheques deposited as well as returned. The charges are mainly for cheques returned for insufficient funds. This is a step taken by the bank to inculcate discipline in funds management as well as promote adherence to the bank’s guidelines and policies.
Funds Transfer Charges
Generally, funds transfer through modes like NEFT/RTGS/IMPS attract charges when routed through branches. However, IDFC does not apply charges for funds transfer via these modes either through online channels or through the branch.
Minimum Balance Charges
IDFC First Bank stipulates maintaining a minimum balance in the SB and Current Accounts which is made clear to the customer at the time of opening an account. The outflow in the account should not bring down the minimum balance at any point in time. Whenever the balance in the account falls below the minimum balance IDFC Bank Minimum Balance Charges will be applied as a penalty for violation of the bank’s terms and conditions.
Here are some of the tips that will help avoid charges to your account and step up your savings.
- Always maintain the stipulated minimum balance in the account.
- Opt for funds transfer through digital channels.
- Be aware of your financial status at all times.
- Refrain from issuing cheques without maintaining sufficient balance.
- Keep a tag of your utility bills and EMI due dates and make available funds to honour these payments if you have opted for automatic debits for these payments.
- Subscribe for e-statements and avoid obtaining physical account statements.
- Review your accounts regularly to identify erroneous transactions, unreasonable charges, and fraudulent transactions and get them rectified as soon as possible to present financial loss.
With a variety of Savings Account options, IDFC Bank provides you with the advantage of choosing an account that suits your banking needs. The bank collects IDFC Bank Account Opening Charges and the list of Savings Accounts with associated charges is given.
|Type of Account||Charges|
|IDFC Regular Savings Account||Rs. 25000/- (Average Monthly Balance)|
|Corporate Salary Account||Rs. 10,000 to Rs. 25000 (AMB)|
|Senior Citizen’s Savings Account||Rs. 25000 (AMB)|
|First Power||Rs. 25000 (AMB)|
|Vishesh Savings Account||Rs. 5000|
|Honour First Defence Account||Zero|
|Nation First Salary Account||Zero|
|Pratham Savings Account (BSBDA)||Zero|
|Future First Savings Account||Zero|
Non-financial transactions at IDFC Bank ATMs are free. The bank allows 5 free financial transactions and collects fees for the 6th transaction onwards. The IDFC Bank ATM withdrawal charges are given below:
|ATM Cash withdrawals (Financial Transactions) beyond the limit||Rs. 20 + GST|
|Balance Enquiry (Non-Financial Transactions) beyond the limit||Rs. 8 + GST|
When a Fixed Deposit with IDFC Bank is closed before maturity the bank pays the rate of interest for the period the deposit has remained with the Bank. The rate of interest will be the rate applicable at the time of opening the account for the active period of the deposit or the rate applicable on the date of closure, whichever is lower. Also, a penal rate of interest will be charged for premature withdrawal as per the prescribed rate at the time of opening the deposit.
IDFC Bank provides funds transfer and collection services through NEFT for free. The bank does not apply any charges for NEFT outward as well inward transactions routed through both digital channels as well as the bank branches.
The IDFC Bank Charges are not applied for funds transfer and collection through RTGS. The bank provides free service for RTGS transactions routed through Internet Banking, Mobile Banking, and bank branches.
IDFC Bank provides funds transfer facilities through IMPS free of cost. The funds transfer and collection through this channel do not attract any charges. The bank does not apply for IMPS transactions routed through bank branches or online channels.
IDFC Bank Charges : FAQs
IDFC Charges a 2% mark-up of the transaction amount for using debit cards at International ATMs.
The standing instructions registration is done for free at IDFC Bank.
IDFC Bank does not charge for account closure irrespective of the active period.
The IDFC Bank minimum balance charges range from Rs. 50/- to Rs. 400/- depending on the extent of short fall.
The cheque return charges for want of funds is Rs. 250/- per instance for inward cheques (cheques issued by the customer) and Rs. 50/- per instance for outward cheques (cheques deposited into the account).