ICICI Bank Will Charge Rs 125 Per Transaction From These A/C Holders; Digital Push Is The Reason?

We have been heavily covering bank reforms these days, complying to the transient and prominent changes public and private banks have been coming up with. Just a couple of days back we covered a change in reform story of the State Bank of India. Straying on the similar lines, today we shall be covering the same for ICICI Bank.

Among the changes in minimum balance and pension norms and many more, there has been pretty bashing reports coming in from ICICI Bank.

News Flash for ‘Zero Balance’ ICICI Account Holders!

ICICI Bank has declared that starting from October 16, account holders having zero balance in their ICICI accounts will have to pay up a fee of Rs 100 to Rs 125 on every cash withdrawal they make, at any of its branches. This, along with a fee will too be charged on any cash deposits made by such account holders, at its currency recyclers.

In a communication issued by the bank on Friday, it justifies such a move by saying that it wants to encourage its customers to do their banking transactions through digital mode, thus contributing towards the Digital India initiatives.

To support its cause, ICICI has waived off all charges for fund transfers through NEFT, RTGS and UPI transactions that use mobile banking or internet banking. ICICI Bank’s transaction fee charges as of now:

• For NEFT transactions, the fee ranges from Rs 2.25 to Rs 24.75, for amounts below Rs 10,000 and up to Rs 10 lakh.
• However, for RTGS transactions made at branches, the fee charged is between Rs 20 and Rs 45, for amounts above Rs 2 lakh and up to Rs 10 lakh.

Along with all of these regulations it is declaring to put in action from Oct 16, the bank has also requested its account holders to go for a changeover to other basic savings accounts or close their accounts.