ICICI Bank to levy fee for using Cash Deposit Machines – Check limit, fee amount

By: |
November 3, 2020 12:16 PM

Cash Deposit Machines offer a complete automated solution for cash deposit by an account holder or any other person.

ICICI bank, fee, charges, limit, Cash Deposit Machines, Senior Citizens, Basic Savings Bank AccountThe convenience fee will not be applicable to Senior Citizens, Basic Savings Bank Account etc.

ICICI Bank has modified its fee structure for transactions related to cash deposits made in the bank accounts through the Cash Acceptor or Recycler machines. ICICI Bank’s Cash Deposit Machines offer a complete automated solution for cash deposits. Customers and also representatives on behalf of customers can deposit cash into an ICICI Bank account and get instant credit. What’s more, the beneficiary also gets an instant credit alert via SMS. Customers can deposit cash through Debit Card swipe and customer’s representatives can deposit cash by keying in the beneficiary account number on the kiosk

Effective November 1, 2020, a convenience fee of Rs 50 per transaction will be levied on the 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. The convenience fee would be applicable if the cash deposit in the Cash Acceptor/Recycler machines exceeds Rs 10,000 per month either as a single transaction or multiple transactions.

However, the convenience fee will not be applicable to Senior Citizens, Basic Savings Bank Account, Jandhan Accounts, Accounts held by incapacitated and visually impaired persons, Student Accounts or any other Accounts identified by ICICI Bank.

The fee and charges for common ICICI Bank savings account facilities for all products except for Wealth Management / ICICI Bank Private Banking can be seen at the bank’s website. The website also carries the list of bank branches that provides the facility of Cash Deposit Machines.

Instead of standing in a queue for depositing cash, the cash deposit machines comes handy as it saves time in depositing cash into one’s account. As the credit of the amount in the bank account is instantaneous, this feature is found to be helpful to the account holders.

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