For its domestic savings account holders, ICICI Bank is going to modify the limitations on cash transactions, ATM interchange, and cheque book charges. These service charges are going to change from August 1, 2021, according to the official website of the bank.
ICICI Bank Cash Transaction Charges (Cumulative of Deposit and Withdrawal)
ICICI Bank has set a monthly limit of four free cash transactions. Charges over the free limitations, according to the bank's website, would be Rs 150 per transaction. The overall amount of deposits and withdrawals is included in the value limit, which includes both home and non-home branch transactions. With effect from August 1, the value limit for ICICI Bank customers at their home branch will be Rs 1 lakh-free per month, per account. The bank said that over Rs 1 lakh, the cost is Rs 5 per Rs 1,000, subject to a minimum of Rs 150.
There are no fees for cash transactions up to Rs 25,000 per day at non-home branches. Above Rs 25,000, there is a charge of Rs 5 per Rs 1,000, with a minimum of Rs 150. Up to a maximum of Rs 25,000 per transaction, third-party cash transactions (including the sum of deposits and withdrawals) - Rs 150 per transaction. While the restriction of Rs 25,000 per day would apply to Senior Citizen customers with Young Star/Smart Star Accounts, the accounts will not be charged. These charges are applicable for Regular Savings/ Salary Accounts and Variants, according to the bank.
Cash Transaction Charges (Cumulative of Deposit and Withdrawal) for Silver Savings / Salary Accounts
Silver savings and salary account holders are entitled to five free cash transactions per month, which include deposits and withdrawals. If you exceed your free transaction limitations, you will be charged Rs 150 per transaction. Both home and non-home branch transactions are included in the value limit. Rs 2 lakh at the home branch (where the account is established or transferred). (Rs 1 lakh as of August 1, 2021) per month, per account, is free. Above Rs 2 lakh (from August 1, 2021 - Rs 1 lakh), a fee of Rs 5 per Rs 1,000 is levied, with a minimum of Rs 150.
There are no fees for cash transactions up to Rs 25,000 per day at the Non-Home branch. Above Rs 25,000, the cost is Rs 5 every Rs 1,000, with a minimum of Rs 150. Third-party cash transactions (sum total deposits and withdrawals) up to Rs 25,000 per transaction will be charged Rs 150 per transaction. While the restriction of Rs 25,000 per transaction would apply to Senior Citizen customers, Young Star / Smart Star accounts will be excluded from these charges.
Cheque book charges
For the first 25 payable-at-par cheque leaves in a year, no fees will be charged, for each additional cheque book of ten leaves, there is a charge of Rs 20.
ICICI Bank Anywhere Cash Deposit & Withdrawal
For the first cash withdrawal in a calendar month, there is no charge; subsequently, there is a charge of Rs 5 per thousand rupees or part thereof, with a minimum of Rs 150. Rs 5 per thousand rupees or part thereof at any ICICI Bank branch, subject to a minimum of Rs 150, according to the bank. At the Cash Recycler Machine, there are no charges for the first cash deposit of the calendar month; subsequently, there are charges of Rs 5 per thousand rupees or part thereof, with a minimum of Rs 150.
ICICI Bank ATM Interchange (Transactions at Non-ICICI Bank ATMs) Charges: Silver, Gold, Magnum, Titanium & Wealth variants
According to the bank's website, the first three transactions (including financial and non-financial) in six metro cities (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad) in a month would be free. In all other locations, the first 5 transactions (both financial and non-financial) in a month would be free. After that, each financial transaction will cost Rs 20 and each non-financial transaction will cost Rs 8.50.
Meanwhile, ICICI Bank has also extended its 'Cardless EMI' option to include online transactions made through e-commerce portals. Customers will be able to convert high-value transactions up to Rs.5 lakh into equated monthly instalments using this service. The bank has informed its customers via its Twitter handle that "ICICIBank extends its 'Cardless EMI' facility for online purchases made on e-commerce platforms. This service will enable them to convert high-value transactions upto Rs.5 lakh into easy monthly installments."