The fee for inter-bank transfer of funds would be levied from April 1, along with a slew of revisions in ICICI Bank’s various service charges
Private sector bank ICICI Bank will charge its customers Rs5 per transaction from April for transfer of funds over mobile phones, a service available for free as of now.
The fee for inter-bank transfer of funds would be levied from April 1, along with a slew of revisions in the bank’s various service charges.
The Bank would also limit such fund transfers at Rs50,000 per transaction a day.
ICICI Bank is one of the top banks offering this service and has more than 30 lakh customers using the facility.
Regarding many other service charges, ICICI Bank has also decided moved to a monthly basis of levying fees and maintenance of minimum account balance, from quarterly now.
For regular savings accounts, ICICI Bank would require its customers to maintain a monthly average balance of Rs10,000 in metro and urban locations, Rs5,000 in semi-urban and Rs2,000 in rural areas.
For non-maintenance of minimum balance, it would levy a charge of Rs250 a month in metro/urban areas against Rs750 per quarter currently, in case of the average balance being Rs5,000-Rs10,000 and Rs350 a month for average balance falling below Rs5,000. For ECS debit returns, the bank has increased the charge from Rs250 per return to Rs350 with effect from April 1. The bank would allow four free cash transactions at the base branch in a month, as against 12 in a quarter now, and would levy a charge of Rs90 per transaction thereafter (from Rs50 currently).
However, the Bank has withdrawn its charges for all multi-city cheque payments, which is currently charged at Rs3 per Rs1,000 for transactions above Rs50,000.
SBI Cards second initiative called ‘No Income Documents’ aims at making life simple for existing mortgage and auto loan customers of banks
SBI Cards and Payment Services Pvt Ltd has launched two new innovative initiatives.
The first initiative is an innovative customer referral program and has been named ‘Link’. The idea is to provide a compelling platform for existing SBI Cards customers and invite them to refer their friends thereby becoming a SBI Card Link. Customers stand a chance to win exciting rewards and gifts by linking friends to SBI Cards. Each successful Link will also stand to win exciting cash prizes and gifts.
The second initiative called ‘No Income Documents’ aims at making life simple for existing mortgage and auto loan customers of banks as it eliminates the need of providing income documents at the time of applying for a new card. The customer has to simply sign a declaration and provide the KYC (Know Your Customer) documents for enrolment. The customer does not need to provide any kind of income documents to acquire the SBI Card.
TimesofMoney has developed a new tool that helps online merchants increase their trade by up to 40% by tracking those shoppers who have dropped out at the last moment
Online remittance services provider TimesofMoney is planning to enter the mobile and domestic remittance services, TimesofMoney, president, Avjit Nanda, told PTI.
“However, this is under work and we are yet to approach the Reserve Bank of India for permission,” Mr Nanda added.
The firm, which has become one of the top independent inward forex remittance service providers in India, said it has developed a new tool that helps online merchants increase their trade by up to 40% by tracking those shoppers who have dropped out at the last moment.
“The tool has been developed as a part of the firm’s aggressive diversification into providing payment gateway solutions with its flagship service, DirecPay, which is a bank-neutral payment processing platform for online merchants,” Mr Nanda said.
Besides, it has also developed another tool called risk analytic engine that can help merchants detect fraudulent shoppers, he added.
Pegging the e-commerce market at Rs50,000 crore, he said as much as 80% of this comes from ticketing. The domestic e-commerce market has been logging in a CAGR (compound annual growth rate) of 54% since the past five years.