5 Money Changes in May 2024: Two major banks, ICICI Bank and YES Bank, are set to revise their charges for savings accounts from May 1. YES Bank and IDFC First Bank credit card holders will have to shell out extra 1% fee now on all utility bill payments. In the fixed deposit space, HDFC Bank will end its special FD offer for senior citizens on May 10.
Let’s look at these 5 money changes to take place from tomorrow, May 1, one by one:
New ICICI Bank Savings Account Charges
Here are 7 major changes in savings account service charges announced by ICICI Bank:
Debit Card Annual Fees: The bank will charge Rs 200 annually from customers living at regular locations and Rs 99 from those living in gramin areas.
Cheque Book Charges: First 25 cheque leaves in a year will be free, but thereafter one needs to pay Rs 4 per leaf.
Stop Cheque Payment Charges: For a particular cheque – Rs 100 (Free through customer care IVR and internt banking).
Duplicate Pass Book: The bank will charge savings account customers Rs 100 for duplicate pass book and Rs 25 per page for updation.
IMPS Charges:
Amount up to Rs 1,000 – Rs 2.50 per transaction
Amount above Rs 1,000 to Rs 25,000 – Rs 5 per transaction
Amount above Rs 25,000 to Rs 5 lakh – Rs 15 per transaction.
Surcharge on Railway Bookings: Customers will be charged 1.8% of bookings as per Visa regulations.
Cash Deposit Charges – Cash Acceptor/Recycler Machines:
The bank will charge Rs 50 per transaction, to be levied on cash deposited in the cash acceptor/recycler machines on bank holidays and between 06:00 p.m. and 08:00 a.m. on working days.
New YES Bank Savings Account Charges
The requirement of Average Monthly Balance (AMB), as defined by YES Bank from time to time, at select locations:
- Rs 50,000 for Savings Account PRO Max, the maximum charge is Rs 1,000
- Rs 25000 for Savings Account Pro Plus / Yes Essence SA YES Respect SA, the maximum charge is Rs 750
- Rs 10,000 for Savings Account PRO, maximum charge is Rs 750
- Rs 5000 for Savings Value / Kisan SA, maximum charge is Rs 500
- Rs 2500 for My First YES, maximum charge is Rs 250
If balance maintained is:
= 100% of the requirement- NIL
50% of the requirement- 5% of balance shortfall
<= 50% of the requirement – 10% of balance shortfall, 5% of balance shortfall for Savings Value
“^AMB requirement, as defined by YES BANK from time to time, at select locations, is Rs 5,000 for YES Grace, Rs 2,500 for YES Respect and Rs 2,500 for YES Value. For Kisan Savings A/c, Average Yearly Balance (AYB) of Rs 1,000 is required at all locations. For Savings value where AMB requirement is Rs 2,500, Maximum Charges for non-maintenance of balances is capped at Rs 125 per month. For Kisan Savings A/c, Charges would be Rs 100 per annum,” as per the YES Bank website.
YES Bank Credit Card Rules
YES Bank has announced imposing 1% surcharge plus GST on all utility bill payments, including gas, electricity, water and internet. The extra 1% fee will be levied only when the aggregate value of all utility bill transactions cross Rs 15000. According to the YES Bank website, “A charge of 1% will be applicable on all utility transactions in a statement cycle.”
IDFC First Bank Credit Card Rule
IDFC First Bank too announced a 1% surcharge and GST extra on the utiliti bill payments. The 1% surcharge will be lvied only when the total amount of utility bills paid through the credit card exceeds Rs 20,000. There are certain categories of credit cards that are not subject to the utility surcharge.
HDFC Senior Citizen Care FD
HDFC Bank’ special senior citizen FD plan – HDFC Senior Citizen Care FD – is available for subscription till May 10. The FD scheme, which was first launched in May 2020, will complete 4 years after having received multiple extensions by the bank. The special fixed deposit scheme for seniors offers an interest rate of 7.75%.
HDFC Senior Citizen Care FD is for resident senior citizens who are 60 years or above. The special senior citizen FD plan is applicable for both new deposits and renewals.