Beginning May 1, two major banks, ICICI Bank and YES Bank, are going to change their savings account charges. YES Bank and IDFC First Bank credit card customers will now have to pay an additional 1% charge on all utility bill payments. HDFC Bank’s special fixed deposit offer for older persons will end on May 10.
Let’s take a look at each of these five money adjustments that will take effect from today, May 1:
New ICICI Bank Savings Account Charges
ICICI Bank has announced seven key adjustments to its savings account servicing charges:
- Debit Card Annual Fees: Customers living in regular places will pay Rs 200 per year, while those living in Gramin regions will pay Rs 99.
- Cheque Book Charges: The first 25 cheque leaves are free per year, after which they cost Rs 4 per leaf.
- Stop Cheque Payment Charges: For a specific cheque, Rs 100 (free via customer service IVR and internet banking).
- Duplicate Pass Book: The bank would charge savings account holders Rs 100 for a duplicate passbook and Rs 25 per page for updates.
- IMPS Charges: Amount up to Rs 1,000- Rs 2.50 per transaction. Amounts exceeding Rs 1,000 to Rs 25,000: Rs 5 per transaction. Amounts greater than Rs 25,000 to Rs 5 lakh are subject to a Rs 15 transaction charge.
- Surcharge on Railway Bookings: According to Visa laws, customers will be charged 1.8% of the booking amount.
- Cash Deposit Charges – Cash Acceptor/Recycler Machines: The bank will charge Rs 50 per transaction for cash placed in cash acceptor/recycler machines on bank holidays and between 6:00 p.m. and 08:00 a.m. on business days.
New YES Bank Savings Account Charges
The average monthly balance (AMB), as determined by YES Bank from time to time, at specified locations:
- Rs 50,000 for Savings Account PRO Max; the maximum fee is Rs 1,000.
- Rs 25000 for Savings Account Pro Plus/Yes Essence SA. YES, Respect SA, the maximum fee is Rs 750.
- Rs 10,000 for Savings Account PRO; the maximum fee is Rs 750.
- Rs 5000 for Savings Value / Kisan SA; maximum fee is Rs 500.
- Rs 2500 for My First YES; the maximum fee is Rs 250.
YES Bank Credit Card Rules
YES Bank has stated that it would impose a 1% extra plus GST on all utility bill payments, including gas, electricity, water, and internet. The additional 1% fee would be applied only when the total amount of all utility bill transactions exceeds Rs 15,000. According to the YES Bank website, “A charge of 1% will be applicable on all utility transactions in a statement cycle.”
IDFC First Bank Credit Card Rules
IDFC First Bank has also implemented a 1% levy and GST additional on utility bill payments. The 1% fee will apply only if the total amount of utility bills paid with the credit card exceeds Rs 20,000. Certain types of credit cards are not subject to the utility fee.
HDFC Senior Citizens Care FD
- HDFC Bank’s unique senior citizen FD plan, HDFC Senior Citizen Care FD, is available for subscription until May 10. The FD plan, which was originally started in May 2020, will be completed in four years after receiving repeated extensions from the bank. The special fixed deposit program for seniors provides an interest rate of 7.75%.
- HDFC Elderly Citizen Care FD is for resident elderly persons aged 60 and over. The special senior citizen FD plan applies to both new deposits and renewals.
