Anti-Cash Drive: Pay Rs 50 For Using ICICI Bank ATM For This Critical Activity

Starting November 1st, all ICICI Bank customers need to pay Rs 50, if they use ICICI Bank ATM for this critical activity.

This can be described as a major anti-cash drive.

Will other private banks too start charging this additional fees?

Keep reading to find out more!

ICICI Bank Users To Pay Rs 50 At ICICI Bank ATM

ICICI Bank has announced that effective November 1st, all their customers will need to pay Rs 50 for depositing cash at their ATMs.

This has been declared as a ‘convenience fees’.

However, in case this cash deposit is made during holidays and non-working hours, then only this fees will be charged.

Hence, two scenarios when this convenience fees will be charged:

• Cash deposits made between 6PM and 8AM every workingn day
• Cash deposits made during holidays

This is what ICICI Bank said:”Effective November 1, 2020, a convenience fee of Rs 50 per transaction, will be levied on cash deposited in the cash acceptor or recycler machines on bank holidays and between 6:00 pm and 8:00 am on working days”.

Fees For More Than Rs 10,000 Cash Deposited

Besides, if any ICICI Bank customer deposits more than Rs 10,000 in a month, a separate convenience fees will be charged.

This limit of Rs 10,000 cash deposit can be made either one-time, or in installments, per month.

Who Will Be Exempted

ICICI Bank will not charge this special convenience fees for despositing cash, from these uers:

• Senior Citizens
• Basic savings account holder
• Jan Dhan accounts
• Visually impaired account holders
• Students

Will Other Banks Too Charge Money For Depositing Cash?

Effective August 1st, Axis Bank has already started charging Rs 50 for depositing cash via ATMs, during non-working hours and holidays.

Besides, public sector banks have started charging Rs 150 per cash withdrawal and Rs 40 for depositing cash, after a limit.

We will keep you updated, as more details come in.