Wednesday, April 17, 2024

ICICI Bank ATM Withdrawal, Transaction Charges Set to Increase from Next Month

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ICICI Bank, one of the largest private lenders in India, is gearing up to implement revisions to cash transactions, ATM interchange as well as chequebook charges from next month. The ICICI Bank charges will be taking effect for the domestic savings account from next month. The bank rule revisions are set to take effect as of August 1, 2021, as per the bank’s official website. Following the changes, ICICI bank account holders will have to pay a fee at a higher price for cash withdrawals from non-bank ATMs after the first three transactions. With that said, here are the changes that bank goers will have to contend with, in the coming month of August.

1) Chequebook Charges

Bank account holders with ICICI Bank will have to pay a fee for the use of additional cheque books in the coming month. More specifically, the revision to the rules indicates that the first 25 leaf chequebook for a given year will have no additional charges attached to it. However, there is a charge of Rs 20 for every additional chequebook of 10 cheque leaves thereafter.

2) Cash Withdrawal Limit Charges

The first cash withdrawal of the calendar month will be free of charge from August. After that, bank account holders will have to pay a Rs 5 charge for every Rs 1,000 that they withdraw. The bank has also fixed a limit of Rs 1 lakh for said free cash transaction every month. This is subject to a minimum of Rs 150. These changes apply to home-branch accounts where the account was opened or ported. For Non-home branches there will be no charge for transactions of up to Rs 25,000 per day, exceeding the limit will levy the same charges as mentioned above.

3) ATM Transactions for Financial Transactions

ICICI customers can enjoy the first three transactions free of charge from non-bank ATMs across six metros – Mumbai, Delhi, Chennai, Kolkata, Hyderabad and Bangalore. This is in one month. Exceeding this limit will levy a charge of Rs 20 per financial transaction. Cardholders with Silver, Gold, Magnum, Titanium and Wealth variants accounts will be affected

4) ATM Transactions for Non-Financial Transactions

Every other location other than the above-mentioned metros will provide five free transactions. As per the bank’s website, these include financial and non-financial transactions. Exceeding the limit of the non-financial transaction will result in a charge of Rs 8.50 for each following transaction in that calendar month. This applies to account types of Silver, Gold, Magnum, Titanium and Wealth variants will face this as well for the non-financial transactions.

5) Cash Transactions at the Home-Branch

The ICICI Bank will allow for four free transactions per month at the home brand, be it a Cumulative Deposit or Withdrawal for regular savings accounts. Exceeding the limit will attract a charge of Rs 150 per transaction.

6) Third-Party Transaction

For any third party transactions, be it withdrawal or deposits, the upper limit on this will be Rs 25,000 per day. There will be a charge of Rs 150 per transaction. Keep in mind that above Rs 25,000 per day is not allowed.

7) Charges for Plus Salary Account Holder

For the average plus salary account holder in ICICI Bank, the first four transactions will be made free of charge in a given calendar month. After this, there will be a charge of Rs 5 per every Rs 1,000 or part thereof, subject to a minimum of Rs 150 in that month. When it comes to deposits, there will be no charges for the first one in the month as the Cash Recycler Machine (CRM). After the limit is exceeded, the charge will be Rs 5 per every Rs 1,000.

8) Value Limit Charges (Home Branches)

Starting from August 1, the home-branch value limit will be set to Rs 1 lakh for customers in a given month, for one account. Exceeding the limit brings about a charge of Rs 5 for every Rs 1,000, subject to a minimum of Rs 150.

9) Value Limit Charges (Non-Home Branches)

No charges will be levied for cash transactions of up to Rs 25,000 per day. Exceeding the limit costs Rs 5 per every Rs 1,000 thereafter, subject to a minimum of Rs 150.

10) Senior Citizens’ Accounts and Star/Smart Star Accounts

These types of accounts will have an upper limit of Rs 25,000 per day on transactions, but the account will not be charged in this case.

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