Holding Savings Account in ICICI Bank? Then brace up to pay more for banking transactions like cash withdrawing, depositing. ICICI Bank said that account holders will have to pay more for transactions from December 15, 2019. ICICI Bank has stated this development on its official website that it is set to hike deposit and withdrawal charges on all savings accounts transactions.
Also, the bank will charge customers a fixed amount after a certain amount of cash transactions is breached. After the implementation of the new charges, the ICICI Bank customers will be allowed to make four free cash transactions per month. After four transactions, a charge of Rs 150 per transaction will be imposed.
Transactions at 'home' branch:
The savings account holders will be allowed to deposit or withdraw up to Rs 2 lakh from their home branch without any fee i.e. no charges will be levied for transactions up to Rs 2 lakh.
For the transactions above Rs 2 lakh, the customers will have to pay Rs 5 per Rs 1,000, subject to a minimum of Rs 150, ICICI Bank says on its official website.
"Home Branch (Branch where the account is opened or ported) Rs 2 lakh. Free per month per account. Above Rs 2 lakhs – Rs 5 per Rs 1,000, subject to a minimum of Rs 150," it said.
Transactions at 'non-home' branch:
For deposits and withdrawals made at a non-home branch, no charges will be levied on transactions up to Rs 25,000/per day.
On transaction above Rs 25,000, the customers will have to pay the same amount. "No charges for cash transactions value up to Rs 25,000 per day. Above Rs 25,000 – Rs 5 per Rs 1,000 subject to a minimum of Rs 150," the website.
In the case of third party transactions, ICICI Bank customers will have to pay Rs 150 per transaction with a limit of Rs 25,000 per day. Also, the bank won't allow transactions above Rs 25,000.
Cash Transaction Charges
(Cumulative of Deposit and Withdrawal) (with effect from Dec 15, 2019)
1) Number Limit (Sum total of deposits and withdrawals)
4 free cash transactions per month.
Charges above free limits: Rs 150 per transaction.
2) Value Limit (Sum total of deposits and withdrawals) The value limit is inclusive of both Home and Non-home branch transactions.
a) Home Branch (Branch where the account is opened or ported)
Rs 2 lakh. Free per month per account.
Above Rs 2 lakh – Rs 5 per Rs 1,000, subject to a minimum of Rs 150
b) Non-Home branch –
No charges for cash transactions value up to Rs 25,000 per day.
Above Rs 25,000 – Rs 5 per Rs 1,000 subject to a minimum of Rs 150
3) Third-party Cash transaction (Sum total of deposits and withdrawals) -
Up to a limit of Rs 25,000 per day – Rs 150 per transaction.
Above Rs 25,000 not allowed.
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