ICICI Bank to Revise Banking Service Charges From 1st August
Moneylife Digital Team 06 July 2021
Close on the heels of revised charges from State Bank of India (SBI), private sector lender ICICI Bank is now rolling out revised limits of cash transactions, ATM interchange and cheque book charges for its savings account holders from next month onwards. 
 
ICICI Bank's portal has already announced that the revised charges would come into effect from 1st August. Last week, SBI announced a hike in charges for its Basic Savings Bank Deposit Accounts (BSBDA). 
 
ICICI Bank will allow a total of four free cash transactions per month. The bank's website mentions that charges above free limits would be Rs150 per transaction. 
 
From 1st August, the home branch (branch where the account is opened or ported) value limit for ICICI Bank customers would be Rs1 lakh-- free per month, per account. Above Rs1 lakh, a charge of Rs5 per Rs1000, subject to a minimum of Rs150 would be levied, the bank added.
 
At the non-home branch – no charges for cash transactions up to Rs25000, per day. Above Rs25,000 there would be charges of Rs5 per Rs1000, subject to a minimum of Rs150.
 
Value limit denotes the sum of deposits and withdrawals; the value limit is inclusive of both the home and non-home branch transactions.
 
Up to a limit of Rs 25,000 per transaction, a charge of Rs 150 per transaction for third party cash transactions. 
 
For cheque books: Nil for 25 payable-at-par cheque leaves in a year; Rs20 for every additional cheque book of 10 leaves.
 
No charges for the first four transactions in a month; thereafter Rs5 per thousand rupees or part thereof, subject to a minimum of Rs150 in the same month.
 
Anywhere cash withdrawal
 
Nil for the first cash withdrawal of a calendar month; thereafter in the month, Rs5 per thousand rupees or part thereof, subject to a minimum of Rs150
 
Anywhere cash deposit
 
At the ICICI bank branch – Rs5 per thousand rupees or part thereof, subject to a minimum of Rs150.
 
At cash recycler machine - No charges for the first cash deposit of a calendar month; thereafter in the month, Rs5 per thousand rupees or part thereof, subject to a minimum of Rs150.
 
ATM Interchange (transactions at Non-ICICI Bank ATMs) charges: Silver, Gold, Magnum, Titanium & Wealth variants
 
First three transactions, inclusive of financial and non-financial, in six metro locations (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad) in a month would be free as per the bank's website.
 
First five transactions, inclusive of financial and non-financial, in all other locations in a month would be free.
 
Thereafter, Rs20 per financial transaction and Rs8.50 per non-financial transaction.
Comments
krg1274
2 months ago
Is it wise way to charge different types charges. In my opinion consider one time ????. Charge like ???? or 300
sfz1962
2 months ago
Time has come to migrate to a low cost bank irrespective of private or PSU near home and totally use NEFT, Google Pay, Phone pay, etc for payments...the key is we need to migrate from the high cost bank to a low cost bank without any emotions or our own money will be used up entirely by banks in many ways than low cost deposits as well as fines and charges for keeping our money with them. Better to keep 2 accounts minimum and transfer money online to the low cost bank and keep high cash with you in the first withdrawal itself... What more can be done?
ritakotak3012
3 months ago
Its unfair. The Banking system is becoming worst. If this continues time will come again people will not deposit money in bank instead will invest in somewhere else and this will again give way to black marketing.
mtalmeez1
3 months ago
If this continues like that people will lost trust on banking system and they will search for alternatives.
This is totally unfair for the common people.
deoa1948
3 months ago
Unfair charges as the money is provided to the bank at a cheap rate and lending rates are substantially higher than cost of funds.
komalhema4
3 months ago
There has been a continuous reduction in interest rates in line with other banks and also increase in service charges. At this rate there will be service charge for entering bank.The interest on deposits will be .5 % by 2024.
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