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ICICI Bank To Revise Its Savings Accounts Service Charges On This Date

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The private sector lender ICICI Bank is all set to raise its service charges on Savings Accounts (with effect from January 1, 2022) just a few weeks after modifying its interest rates on fixed deposits. An adjustment on ATM Transaction Charges for Domestic Savings Account holders has also been notified by the bank. For transactions at ICICI Bank ATMs/Cash Recycler Machines (cash withdrawals), the first 5 financial transactions are free in a month; thereafter, Rs 20 per financial transaction. However, from 1st January 2022, the bank is going to allow the first 5 financial transactions free in a month; thereafter, Rs 21 per financial transaction and all non-financial transactions are to remain free as earlier. ICICI Bank should note that financial transactions include cash withdrawal and non-financial transactions include - Balance Inquiry, Mini-statement & PIN change.

 
ICICI Bank To Revise Its Savings Accounts Service Charges On This Date

On the other hand on ATM Interchange (Transactions at Non-ICICI Bank ATMs), the bank currently allows the first 3 transactions (inclusive of financial and non-financial) in 6 metro locations (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad) for free, first 5 transactions (inclusive of financial and non-financial) at all other locations in a month for free, up to 5 free transactions in a month with a cap of 3 free transactions in 6 metro locations and thereafter, Rs 20 per financial transaction and Rs 8.50 per nonfinancial transaction is applied as of now. Nevertheless with effect from 1st January 2022 the bank is all set to charge Rs 21 per financial transaction and Rs 8.50 per nonfinancial transaction if the limit on ATM Interchange (Transactions at Non-ICICI Bank ATMs) is surpassed by a savings account holder. Customers should also note that taxes at prevailing rates as per Government rules, shall be applicable over and above the mentioned charges.

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According to the conference call highlights of ICICI Bank as of the Quarter ended September 30, 2021 (Q2-2022), the core operating profit increased by 23.3% year-on-year and 10.6% sequentially to 95.18 billion Rupees in this quarter. The profit after tax grew by 29.6% year-on-year and 19.4% sequentially to 55.11 billion Rupees in this quarter. Growth in deposits continued to be strong at 17.3% year-on-year on September 30, 2021. During the quarter, average current account deposits increased by 35.7% year-on-year and average savings account deposits by 24.9% year-on-year. The liquidity coverage ratio for the quarter was 133%, reflecting continued surplus liquidity. Our cost of deposits continues to be among the lowest in the system.

 

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The bank has also said in an official statement that "Our digital platforms are continuously evolving to enable best-in-class end-to-end seamless digital journeys, offer personalized solutions and value-added features to customers and enable more effective data-driven cross-sell and up-sell. These platforms also enable us to acquire new customers. We have shared some details in slides 18 to 30 of the investor presentation. The financial transactions on our digital platform for businesses, InstaBIZ, and our supply chain platforms have grown steadily in the past few quarters. The value of financial transactions on InstaBIZ grew by about 80% year-on-year in Q2 of 2022. We have onboarded about 200 corporate customers on our supply chain platforms. About 70% of the dealers of these customers are active on our supply chain platforms. The value of transactions through these platforms increased 4.7 times year-on-year in Q2 of 2022."

Read more about: icici bank savings account
Story first published: Friday, December 3, 2021, 15:07 [IST]
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