ICICI Bank will be making revisions to a number of banking services, including minimum monthly average balance, cash transaction fees, ATM interchange costs, etc.
The servicing fees for savings accounts will change effective May 1st at Yes Bank and ICICI Bank. Furthermore, certain account types will no longer be offered by either bank.
ICICI Bank:
ICICI Bank will be making changes to a number of banking services, including minimum monthly average balance (MAB), cash transaction fees, ATM interchange fees, etc.
The bank plans to cancel a number of accounts, including the Advantage Woman Savings Account, Privilege Accounts Advantage Woman Savings Account, Asset Linked Savings Account, and Aura Savings Account, among others.
The new fees for ICICI Bank’s standard savings account are as follows: IMPS – Outward Transactions: Depending on the magnitude of the transaction, the bank will impose tiered fees each transaction, ranging from ₹2.50 to ₹15.
Charges for cash transactions, including those involving third parties, will be modified by ICICI Bank for both in-person and out-of-person branches.
The annual fees for debit cards are ₹200 (₹99 for Gramin locations).
The cost of cheque books is ₹4 per leaf beyond the first 25 leaves in a year, which is free.
Yes Bank:
According to the website of Yes Bank, the following websites will be shut down:
YES Savings Select / Yes Prosperity, Prime/Ascent/Crest, Yes Respect, Savings Advantage/Yes Grace / Savings Exclusive, XLRATE SA, and Savings PRO.
Indeed, the bank will also update its minimum average balance (AMB) standards for the various types of savings accounts.
Yes Essence SA, YES Respect SA, and Savings Account Pro Plus will require an AMB of ₹25,000, with a maximum charge of ₹750.
Savings Account PRO will have a similar maximum charge of ₹750 and require an AMB of ₹10,000.
₹5000 for Kisan SA / Savings Value; the highest amount charged is ₹500.
₹2500 for My First YES; there is a ₹250 maximum charge.
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