ICICI Bank To Charge Fee On Cash Deposit And Non-Maintenance Of MAB

In a note the country's second largest private sector ICICI Bank said "At ICICI Bank, we encourage our customers to do their banking transactions through the digital mode and thus contribute towards the Digital India initiatives". And in order to promote the same, it has announced the levy of Rs. 100- Rs. 125 on cash deposits at bank branch premises. Also, at the same time it has said to impose similar fee for non-maintenance of minimum average balance (MAB) with effect from October 16, 2019.

In accordance with the bank, customers can withdraw cash using their ATM cum debit cards at any of the bank ATM and even carry out fund transfer via NEFT, RTGS and UPI at no cost using ICICI bank mobile app or net banking.

In case of non-maintenance of required minimum (MAB), for the first 2 cash transactions at ICICI Bank branch or cash recycler machines, the bank will levy Rs. 100 and thereafter for subsequent transactions Rs. 125 will be charged for every transaction.

Also, as regarding salary account at the bank, ICICI Bank said that in case the salary credits do not start by October 31, 2019, it will be converted to a regular savings account.

With regard to minimum balance requirement, the bank has fixed it at 10,000 for metro/urban bank branches and at Rs. 5000 and Rs. 2000 for semi-urban and rural locations.

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