If you have ever considered opening a salary account, you might have been drawn to the idea of a “zero balance” account. On paper, it sounds like a great deal—an account where you do not have to worry about maintaining any minimum balance.
Let’s break it down simply and find out whether these accounts truly offer freedom from fees or if there are hidden costs lurking in the fine print.
IDFC FIRST Bank: Does this bank truly offers zero-fee banking?
Yes, it does! Here’s a breakdown of the fees and charges associated with the account:
- IMPS, NEFT, RTGS (outward transfers): All these services are free for salary account holders.
- ATM transactions: IDFC FIRST Bank ATMs: Free, other bank ATMs: Free
- Debit card charges: Issuance: Free, Annual fees & replacement charges: Free
- SMS alerts & cheque services: Both SMS alerts and cheque book issuance/re-issuance are free of charge.
- Cash deposit & withdrawal: At branches (number and value): Free. Third-party cash deposits/withdrawals: Free
- Miscellaneous charges: These include services like duplicate statements, cheque returns (issued or deposited), and stop payment requests—all free.
- Debit card PIN and I-Pin regeneration: Free
- Account closure: Free
You can go through the bank’s schedule of charges to know about all the services for which charges have been waived off by IDFC FIRST Bank. A true customer first initiative.
Non-maintenance charges (NMC):
While the account remains zero balance as long as a salary is credited, there are conditions if the salary credit stops. You must maintain an Average Monthly Balance (AMB) to avoid Non-Maintenance Charges (NMC). Here’s how the NMC works for different salary accounts:
Platinum plus account:
For this account, you need to maintain an AMB of ₹25,000 or have a minimum monthly salary credit of ₹50,000. If you fail to maintain the balance, NMC charges range from ₹50 to ₹400, depending on the shortfall.
Classic plus/platinum account:
Here, you need to maintain an AMB of ₹10,000 or have a minimum monthly salary credit of ₹15,000. If the AMB falls short, the NMC charges range from ₹50 to ₹400 basis the shortfall.
Vishesh account:
This is a more basic account with a lower AMB requirement of ₹5,000 and a minimum monthly salary credit of ₹10,000. If the balance is not maintained, NMC charges range from ₹75 to ₹200, depending on how far the AMB falls.
Important notes on NMC:
If the salary is not credited for three consecutive months or if the AMB is not maintained, IDFC FIRST Bank will levy NMC charges. However, the bank is transparent and notifies customers of the non-maintenance via SMS, email, or other methods.
It is the customer’s responsibility to ensure their contact details are updated to receive these notifications. Keeping your email, phone number, and address current with the bank helps avoid missing important updates and incurring unexpected fees.
Ending note
IDFC FIRST Bank offers a genuinely zero-fee banking experience for all commonly used banking services on your salary account, allowing customers to enjoy mental peace. Just remember to keep an eye on your AMB if you opt for an account with such a requirement, as non-maintenance charges can apply. But overall, for those who want transparent and fee-free banking, this is a bank that delivers on its promises.
Not only do you avoid unnecessary fees for everyday banking transactions, but you also benefit from a customer-friendly approach that prioritises clarity and simplicity. This makes it an excellent choice for anyone looking to avoid hidden charges while managing their finances smoothly.
