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IDBI Bank waives charges on savings and current account services

It's first, it's free and it's for everybody

Last Updated : Jan 21 2013 | 4:48 AM IST

A Press Conference was organised at IDBI Bank Head Office on September 1, 2010 where Shri R. M. Malla, Chairman and Managing Director, IDBI Bank, announced that IDBI Bank has decided to waive charges on Current and Savings Accounts as a measure to further strengthen the Bank's bonds with its customers. Excerpts from his speech are as below:

As you are aware, I have taken charge as Chairman of IDBI Bank less than two months back and today I am delighted at this opportunity to meet all of you.
On this occasion, I would like to share with you the details of a major strategic initiative that IDBI Bank has undertaken to strengthen our bond with our customers, existing and new.
I am sure you have many questions to ask me and I believe questions are great. In fact, this entire new philosophy of banking was born the day a question came to us – What is more valuable than money?
And the answer is - You. Each customer that we have, existing and future, inside and outside this room, is more valuable than money. Each person who could be our customer is more valuable than money.
Which brought us to take a step no bank has taken yet – to do banking without banking charges. Its free, it’s the first in the banking sector and its for everybody.
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.
The list of charge-free services is ready and will be shared with all. But we’re not here to share a list. We’re here to share a new way of banking. We’re here to tell everyone in here and everyone out there that you are important, you are precious and you are invited – to be a part of this new world.
Our communication captures our new philosophy in a single sentence – Because you (the customer) mean more than your money. These are not just words. This is the experience that will reach every customer. This is the belief that will make more and more people trust us. This is the blood that runs through the veins of IDBI Bank. Because yes, a bank is about money; but we believe the time has come for us to be about money and yet above money.

List of charges that have been removed: