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YES Bank and ICICI Bank account holders may take note: Both these banks will implement revisions to their service charges starting from May 1. These revisions will also see the discontinuation of several account types.
YES Bank updates from May 1
YES Bank has announced changes to the Average Minimum Balance (AMB) requirements for its savings accounts, which will affect various customer segments. Here’s what you need to know:
Savings Account PRO Max: AMB will be set at Rs 50,000, with the penalty capped at Rs 1,000 for non-maintenance.
Savings Account Pro Plus, Yes Essence SA, and YES Respect SA: These accounts will require an AMB of Rs 25,000, with a maximum charge of Rs 750 for non-maintenance.
Savings Account PRO: Requires an AMB of Rs 10,000, with a penalty fee at Rs 750.
Savings Value and Kisan SA: These will need an AMB of Rs 5,000.
In addition to these adjustments, YES Bank will cease offering several account types, including Savings Exclusive and YES Savings Select, among others.
ICICI Bank revisions from May 1
ICICI Bank is also making significant changes to its banking services and discontinuing several account types, impacting various customer groups:
Debit card fees: Annual fees will be Rs 200, reduced to Rs 99 for accounts held in Gramin locations.
Cheque book charges: Customers will receive 25 cheque leaves free per year; subsequent leaves will cost Rs 4 each.
IMPS transactions
Transactions up to Rs 1,000 will entail a charge of Rs 2.50.
Transactions between Rs 1,001 and Rs 25,000 will cost Rs 5.
For transactions above Rs 25,000 up to Rs 5 lakh, the fee will be Rs 15.
Cash transaction charges at ICICI Bank will vary based on whether the transaction is at the home branch or a non-home branch:
Home branch: After 3 free transactions per month, Rs 150 per transaction or Rs 5 per Rs 1,000 beyond Rs 1 lakh, whichever is higher.
Non-Home branch: Rs 5 per Rs 1,000 for transactions over Rs 25,000 per day or Rs 150, whichever is higher.
Third-party transactions: Capped at Rs 150 per transaction, with a maximum transaction amount of Rs 25,000.
Additionally, charges for demand draft (DD), pay order (PO) cancellation, duplicate, or revalidation will be Rs 100 per instance.
The bank will discontinue several accounts, such as Advantage Woman Savings Account, Privilege Accounts Advantage Woman Savings Account, Asset Linked Savings Account, and Aura Savings Account, among others.
These updates will be effective from May 1, so account holders are advised to review their banking arrangements to accommodate these new changes.
First Published: Apr 23 2024 | 10:44 AM IST
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