IDBI Bank waives charges on savings, current account services

IDBI Bank today announced that it had decided to waive banking charges on current and savings accounts as a measure to strengthen its bonds with its customers.

Mr R M Malla, Chairman and Managing Director of the bank, told a press conference that the decision was the first of its kind in the banking sector in India.

"This will apply to our savings and current account services, starting today. Any account holder, who walks into our bank and asks for a demand draft, will get it without a charge, starting today. Any account holder can do an electronic fund transfer, without a charge, starting today. No account holder will have to worry about keeping a minimum balance in his or her account, starting today. There are many more," he said.

"Because yes, a bank is about money; but we believe the time has come for us to be about money and yet above money," he said.

The charges that have been removed by this decision relate to average balance, account closure, ATM interchange fee, Mastercard and Visa card fees, cash service, cheque book charges, demand draft, ECS, EFT, new card issue, outstation cheque collection, PO charges, account statement, standing instructions, stop payment, outward charges, MICR cheque charges, DD cancellation, and DD issue charges.

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