IDBI Bank Customers To Get Only 20 Free Cheque Leaves Per Year From July 1; Other Services Too Revised

IDBI Bank customers will have to pay Rs 5 per cheque leaf beyond 20 free leaves per year, under the revised charges from next month. Currently, customers can access as many as 60 cheque leaves without any charges in a year in the first year of account opening and 50 leaves in all the subsequent years.

Beyond these, one has to pay Rs 5 per leaf. Introducing the revision of services in savings bank accounts, the lender in a notice said the free transaction limits (for select facilities) and lock discounts offered to individual savings bank customers are being revised from July 1, 2021. Customers holding the 'Sabka Saving Account' will not come under this and will be able to get unlimited free cheque leaves in a year.

This is an elementary zero balance account aimed to further inclusive banking in the country. For depositing cash (home and non home), it has downsized the number for free facilities per month for semi-urban and rural branches to 5 each from the existing 7 and 10, respectively for various savings accounts. For super savings plus accounts, the free transactions in semi-urban and rural areas will be 8 each as against 10 and 12, respectively as of now.

Among others, the JubileePlus senior citizen account holders will get no discount on locker rent if the monthly average balance (MAB) is less than Rs 10,000.Customers will get 10 per cent discount on Rs 10,000-24,999 balance for all 12 months and 15 per cent for Rs 25,000 and above MAB. Currently, the bank offers 25 per cent discount on locker rent if Rs 5,000 is maintained as AQB (average quarterly balance) in all four quarters.

The same revised charges will be applicable on Supershakti women's account for locker rent. The discount will be offered only on A and B size lockers, the bank said. Besides, the lender has also cut down the number of free transactions from other bank ATM per month (both financial and non financial) for JubileePlus and Supershakti accounts by half to 5 transactions.

(PTI)