ICICI Bank revising savings account charges: What changes for customers?
What's the story
ICICI Bank has announced a revision in its savings account service charges, effective from December 1. The bank will increase the cost of certain cash transactions and penalties for failed electronic debit payments. Customers who frequently deposit or withdraw cash at branches or have recurring payments linked to their accounts should check the revised fee structure to understand how it could affect their banking expenses.
Fee increase
Cash deposit and withdrawal charges
Under the revised schedule for applicable savings account variants, the charge for cash deposits at branches and cash recycler machines will increase from ₹3.50 to ₹4 per ₹1,000 after crossing the monthly value limit.
The same revision applies to branch-based cash withdrawals.
Customers are entitled to three free cash transactions every month. Beyond this limit, a charge of ₹150 per transaction is applicable.
Transaction fees
Free transaction limits
Cash transactions up to ₹1 lakh/month are free of value-based charges.
After crossing this limit, the charge will be ₹4 per ₹1,000 or ₹150, whichever is higher.
If a transaction exceeds both the monthly transaction-count and value limits, the higher applicable charge will be levied.
However, customers who stay within these free limits won't have to pay these additional charges.
Penalty update
Penalties for failed electronic debit payments
ICICI Bank will also revise penalties for electronic clearing service (ECS) and National Automated Clearing House (NACH) debit returns due to insufficient funds.
From December 1, the charge for the first return will remain ₹500 while the second and third returns under the same mandate will attract a penalty of ₹550 each.
The bank can recover charges for a maximum of three instances per month for the same mandate.
Account details
Basic savings accounts cash charges remain nil
The bank's revised schedule for Basic Savings Bank Deposit Accounts (BSBDA), including accounts linked to the Pradhan Mantri Jan Dhan Yojana, continues to show cash transaction charges as nil.
However, the December 1 revision to ECS/NACH debit return penalties is also specified in these accounts' schedules.
Customers should check the charges applicable to their particular account variant rather than assume that all savings accounts follow an identical tariff.