ICICI Bank, Axis Bank, and Yes Bank revise savings account charges: Check latest service fees, other changes | Business

Latest savings bank account charges: Several major Indian banks, including ICICI Bank, Axis Bank, and Yes Bank, have recently announced changes to their savings bank account service fees. The revised charges, effective from April 1 and May 1, 2024, impact a range of services including cheque books, debit cards, cash transactions, and more.

ICICI Bank savings account charges

An ET report states that ICICI Bank has revised fees for various savings bank account services, including cheque books, IMPS transactions, ECS/NACH debit returns, and stop payment charges.As per the ICICI Bank website, these changes will be implemented starting May 1, 2024.
ICICI Bank’s revised savings account service charges, effective May 1, 2024:

  • Debit card fees: Rs 200 per annum; Rs 99 per annum for Gramin locations.
  • Cheque books: No charge for the first 25 cheque leaves per year; Rs 4 per leaf afterward.
  • DD/PO fees: Rs 100 for cancellation, duplicate, or revalidation.
  • IMPS – Outward: Charges for transactions up to Rs 1,000.
  • Account closure: No charge.
  • Debit card PIN regeneration: No charge.
  • Debit card de-hotlisting: No charge.
  • Balance and interest certificates: No charge.
  • Retrieval of Old Documents: No charge.
  • Signature attestation: Rs 100 per application/letter.
  • ECS/NACH debit returns: Rs 500 per instance for financial reasons, with a maximum of 3 instances per month for the same mandate.
  • National Automated Clearing House (NACH) mandate: No charge for one-time physical authorisation.
  • Lien marking/unmarking of savings account: No charge.
  • Reissue of internet user ID or password: No charge.
  • Address change request at branches: No charge.
  • Stop payment charges: Rs 100 for a specific cheque (free through customer care IVR and net banking).

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Axis Bank savings account tariff

Axis Bank has updated its savings account tariff structure, affecting the minimum balance requirements for savings and salary accounts, as well as cash transaction limits. According to the Axis Bank website, these new charges will take effect on April 1, 2024.
Average balance requirement changes
The average balance requirement for Priority Savings Accounts has changed. Previously, an Average Quarterly Balance (AQB) of Rs 200,000 was needed. Now, an Average Monthly Balance (AMB) of Rs 200,000 is required.
Revised cash transaction limits
For Prime, Liberty, Prestige, and Priority Savings Accounts, there is now a free limit for third-party cash transactions of Rs 25,000 per month. Beyond this limit, there’s a charge of Rs 10 per thousand, with a minimum fee of Rs 150.
The number of free cash transactions varies by account type:
– Prime/Liberty: First 5 transactions or up to Rs 1.5 lakh per month.
– Prestige: First 5 transactions or up to Rs 2 lakh per month.
– Priority: First 7 transactions or up to Rs 5 lakh per month.
New fee for no salary credit in salary savings accounts
Salary Savings Accounts will incur a fee of Rs 100 per month if they meet the following criteria:
1. 4 months vintage
2. Do not receive salary credits for two consecutive calendar months.
3. Do not maintain the average balance as per the corresponding non-salary segment.
The required average balance varies:
– Easy & Equivalent Savings: Rs 12,000
– Prime/Liberty: Rs 25,000
– Prestige: Rs 75,000
– Priority: Rs 2 lakh
The following accounts are exempt from these fees: Burgundy, Burgundy Private, NRI variants, Defence & Police, Axis Republic, Top Corporate Labels, Reimbursement accounts (SBERA).
NRI priority savings accounts
The required balance has changed from an Average Quarterly Balance (AQB) of Rs 200,000 to an Average Monthly Balance (AMB) of Rs 200,000.
Non-maintenance fee changes
– Previously, accounts with less than 25% of the required balance were charged Rs 6 per Rs 100 of the shortfall or Rs 600, whichever was lower.
– Now, accounts with less than 75% of the required balance will be charged Rs 6 per Rs 100 of the shortfall or Rs 600, whichever is lower.
These changes are subject to applicable taxes and will take effect from April 1, 2024.
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Yes Bank savings account charges

Yes Bank, a private-sector lender, has updated its schedule for savings account charges. These changes will take effect on May 1, 2024, according to the bank’s official website. In addition, the bank has discontinued a few account types.
Revised savings account charges schedule
Average Monthly Balance (AMB) Requirements:
– Savings Account PRO Max: Rs 50,000. Maximum charge for non-maintenance is Rs 1,000.
– Savings Account Pro Plus, Yes Essence, Yes Respect: Rs 25,000. Maximum charge for non-maintenance is Rs 750.
– Savings Account PRO: Rs 10,000. Maximum charge for non-maintenance is Rs 750.
– Savings Value, Kisan SA: Rs 5,000. Maximum charge for non-maintenance is Rs 500.
– My First YES: Rs 2,500. Maximum charge for non-maintenance is Rs 250.
If the balance maintained is:
– 100% or more of the requirement: No charge.
– More than 50% of the requirement: 5% of the balance shortfall.
– 50% or less of the requirement: 10% of the balance shortfall (5% for Savings Value).
Additional information
The AMB requirement for YES Grace is Rs 5,000, and for YES Respect and YES Value, it’s Rs 2,500. Kisan Savings Account requires an Average Yearly Balance (AYB) of Rs 1,000 at all locations. The maximum charge for not maintaining the balance in Savings Value is Rs 125 per month, and for Kisan Savings Account, it’s Rs 100 per annum.
ATM and debit card charges
Annual Fees:
– Element Debit Card: Rs 299.
– Engage Debit Card: Rs 399.
– Explore Debit Card: Rs 599.
– Rupay Debit Card (for Kisan account): Rs 149.
ATM transaction charges
The first 5 transactions at other bank ATMs in India are free each month. After that, financial transactions are Rs 21 per transaction, and non-financial transactions are Rs 10 per transaction.

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