In recent years, zero-fee banking has become increasingly popular among sports enthusiasts. With the rising costs of gym memberships, equipment, and competition fees, many athletes are looking for ways to save money in other areas - and banking is no exception.
Opening a Savings Account with zero fee banking can be incredibly beneficial for sports and fitness enthusiasts looking to grow their savings quickly. Savings Accounts that offer zero-fee banking services offer numerous benefits, especially if you are just starting out your financial journey.
IDFC FIRST Bank, one of India’s most customer-friendly banks, has introduced zero-fee banking to meet this very need. In this article, you will learn about the slew of free services under this initiative.
What is zero-fee banking?
When the bank does not charge a fee for commonly used savings account services, it is known as zero- fee banking. Under its zero-fee banking promise, IDFC FIRST Bank has made 28 commonly used Savings Account services free from any bank charges. For sports enthusiasts who are constantly on the go and need to manage their finances efficiently, zero-fee banking can be a game-changer.
IDFC FIRST Bank’s zero-fee banking services
Many traditional banks charge fees for services such as ATM withdrawals and transactions at non-home branches. These fees can quickly add up for athletes who travel frequently for competitions and need to access their money from different locations. With zero-fee banking, these extra charges are eliminated, allowing athletes to focus on their sport without financial stress.
IDFC FIRST Bank offers the following services without any bank charges:
1) Fund transfers
IDFC FIRST Bank has waived bank charges for various fund transfer options.
a) RTGS, NEFT, and IMPS fund transfers are free to facilitate smooth digital payments without the burden of bank charges
b) Chequebooks are issued at no cost
c) If you want to stop a cheque payment, you can do so without bank charges
d) If, for some reason, a cheque issued is returned, there will be no cheque-bounce charges
e) There are no bank charges for demand draft/pay order issuance
f) There are no cancellation/revalidation charges for demand drafts
g) You can pay for OTT subscriptions by setting up standing instruction at no charge
2) Cash services
You can make cash deposits and withdrawals from your home or non-home branch without restrictions or fees.
3) Issuance fees
Your requests for issuing a debit card, duplicate statement, duplicate passbook, balance certificate, interest certificate, address confirmation, photo attestation, and signature attestation are fulfilled without bank charges being levied.
Moreover, a debit card can be used for unlimited transactions at IDFC FIRST Bank and other bank ATMs without additional bank charges . There are no bank charges for international ATM/POS transactions.
4) Account closure
IDFC FIRST Bank offers all commonly used Savings Account services for free. However, if you wish to close your savings account for any reason, there will be no account closure charges.
Benefits of zero-fee banking for young athletes
Zero-fee banking provides tremendous benefits to young athletes. Some of these benefits include the following:
1) Cost-effectiveness
Banks often charge customers for services like fund transfers, cash deposits and withdrawals, ATM transactions, etc. These costs can add up to a lot over time, making everyday banking an expensive affair.
The low fees associated with zero-fee banking Savings Accounts make them an attractive option for individuals who are just starting to save or those who may not have a large amount of disposable income.
2) Reach your financial goals faster
Bank charges can eat into your interest earnings, thereby reducing the overall returns from your savings account. With zero-fee banking, more of your money stays in your account, allowing you to save more and reach your financial goals faster.
3) Freedom to do more
Another benefit of zero-fee banking is the flexibility it offers. Unlike high-fee savings accounts, which may come with strict withdrawal limits or penalties, IDFC FIRST Bank Savings Accounts allow for more freedom when it comes to accessing your money. This can be especially helpful in times of financial need or emergencies, giving you peace of mind knowing that you have a safety net to fall back on.
Zero-fee banking - Freedom from bank charges
With no fees on 28 common banking services, added perks, and convenient digital options, it’s no wonder why so many athletes are choosing IDFC FIRST Banking to fulfil their banking needs. So whether you’re a professional athlete or a casual sports enthusiast, consider switching to a Savings Account with zero-fee banking and start reaping the financial benefits today.
From low fees and greater accessibility to improved financial management, this savings account offers a range of advantages that can have a positive impact on your financial well-being. So why wait? Consider opening a Savings Account with zero-fee banking with IDFC FIRST Bank today and start taking control of your financial future.
*Disclaimer: IDFC FIRST Bank offers Zero Fee Banking on all Savings Accounts, subject to maintenance of required Average Monthly Balance in the account. These services are being offered free in good faith, and in case of abuse, the bank reserves the right to charge fees as per market norms. All rights reserved.
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