Private Banks To Charge Higher for Bank Services from April 1, 2015

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Get ready to shed more for the banking services with effect from April 1, 2015. Most of the private banks have increased the services charges which will be applicable from April 1,2015.

Most of the major private banks such as ICICI Bank, HDFC Bank, Axis Bank, Yes Bank and Kotak Mahindra Bank are set to increase service charges and penalties.

Private Banks To Charge Higher for Bank Services from April 1, 2015

ICICI Bank

ICICI Bank will charge on the cash deposits made by the customers or the customer representatives at branches not in the city where the account is opened.

If the person visits a branch, he can deposit an amount, but there would be a charge of Rs 5 per thousand rupees or part thereof, subject to a minimum of 150 .

At the cash deposit machines, there is no charge, for the first cash deposit of a calendar month. Thereafter for subsequent cash deposits during the month, Rs. 5 per thousand rupees or part thereof, subject to a minimum of Rs. 150 would be levied.

Click for full list of  Service Charges and Fees

HDFC Bank

HDFC Bank has hiked the penalty charges for non maintenance of minimum average Monthly Balance from range of Rs 150 to Rs 600 which depends on the type of account and where it is based.

For semi-urban areas the new charges are in the range of Rs 150 to Rs 300.

For the second cheque book, the bank will charge Rs 75 for every 25-page book.

Click for full list of Service Charges and Fees

Axis Bank

Axis Bank has hiked the penalty charges for non maintenance of minimum average Monthly balance for the normal savings account from Rs 250 to Rs 300.

Click for full list of Service Charges and Fees

Kotak Mahindra Bank

Kotak Mahindra Bank has also made an upward revision in the charges, depending on the type of account and balance, for customers.

In the event of a default in maintenance of Average Monthly Balance as agreed to between the Bank and customer for the month (referred as ‘Default Month').

The Bank will notify the customer clearly of the default and that the Average Monthly Balance for the account has to be met in the subsequent month.

It will be the responsibility of the customer to have a valid email id, mobile number and address updated with the Bank at all times, failing which, customer may not receive the notification/s, the bank said.

Click for full list of Service Charges and Fees

However, as per RBI guidelines, in the event of non-maintenance of minimum balance threshold, the bank will notify an individual by SMS/e-mail/ letter.

Also, individuals will then be given 30 days of grace period to meet minimum balance requirement. Even if that fails to meet the savings account balance requirement, charges for non-maintenance of minimum balance will be applicable.

GoodReturns.in

Read more about: banks, hdfc, icici
Story first published: Tuesday, March 31, 2015, 14:42 [IST]
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