IDFC Bank has launched services in Telangana today as part of its nationwide expansion to build a retail franchisee for the masses. Its first branch in the country’s youngest State is located in Banjara Hills.

The bank, with a customer base of over 24 lakh, provides free unlimited ATM transactions, no fees or penalties on savings accounts if the balance falls below the minimum limit. It will focus on reaching the financially excluded and under served segments, said Avtar Monga, Executive Director.

At present, the bank serves customers in over 750 locations in the State digitally through its interoperable MicroATMs. The new branch (130th in the country) will enable customers to experience the full suite of retail solutions, including opening of a new savings account in 4 minutes, using Aadhaar-based biometric authentication, he said.

IDFC Bank also provides 24x7 banker on call to resolve queries, no IVR, accessible on public holidays and Sundays. Its points of presence outside the bank branch for ‘assisted digital’ is accessible in more remote locations through the interoperable MicroATMs, said Amit Kumar, Head-Personal Banking.

A savings account in IDFC Bank comes with a Visa signature debit card, unlimited cash withdrawals from any ATM, unlimited fund transfers and no fee or charges on non-maintenance of average monthly balances in savings. All loan service requirements are processed on mobile banking, he said.

The bank also has 182 Aadhaar Pay Merchant Points in Telangana. Nationwide, it has 17,037 points of presence, including 129 branches, 61 ATMs.

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