Do you have savings accounts running with ICICI Bank or YES Bank? There will be some changes regarding savings account charges for customers by these two banks, effective May 1, 2024, according to details shared by both the lenders on their official websites. Additionally, these two banks have decided to discontinue select account types.
Here’s what ICICI Bank website says about revised savings account charges:
Service charges are set to be revised for a range of savings account services, including cheque books, IMPS, ECS/NACH Debit Returns, stop payment charges, and more, with effect from May 1, 2024.
Take a look at all the revised savings account service charges by ICICI Bank:
- Debit Card Fees annual fees: Rs 200 p.a. For Gramin locations – Rs 99 p.a.
- Cheque Books: Nil for 25 cheque leaves in a year; Rs 4 per leaf thereafter.
- Debit Card PIN regeneration Charges: NIL
- Debit Card de – hotlisting: NIL
- Account closure: NIL
- Reissue of Internet user ID or password (Branch or non IVR Customer Care): NIL
- Address change request at branches: NIL
- Stop Payment charges: Particular cheque – Rs 100 (Free through customer care IVR & Net banking).
- Retrieval of old transactional documents / Enquiries related to old records: NIL
- DD / PO – Cancellation / Duplicate / Revalidation: Rs 100 per instance
- Balance Certificate, Interest Certificate: NIL
- Signature attestation: Rs 100 per application/letter
- Address confirmation: NIL
- ECS / NACH Debit Returns: Rs 500 per instance for financial reasons. Maximum recovery will be done for 3 instances per month for the same mandate
- National Automated Clearing House (NACH) Mandate. One time mandate authorisation charges (physical): NIL
- Lien marking and unmarking of savings account: NIL
- Reissue of Internet user id or password (Branch or non IVR Customer Care): NIL
- Address change request at branches: NIL
- ECS / NACH Debit Returns: Rs 500 per instance for financial reasons. Maximum recovery will be done for 3 instances per month for the same mandate
- National Automated Clearing House (NACH) Mandate. One time mandate
- Authorisation charges (physical): NIL
Here’s what YES Bank website says about revised savings account charges:
Another private sector big bank, YES Bank, too has revised its savings account charges. According to YES Bank’s official website, the new charges will be effective from May 1, 2024. Additionally, the bank has discontinued a few account types.
YES Bank savings account schedule of 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.
Charges on ATM cum Debit Card for savings account
Debit Card & Annual Fee:
· Element Debit Card: Rs 299
· Engage Debit Card: Rs 399
· Explore Debit Card: Rs 599
· Rupay Debit Card (Only for Kisan account): Rs 149
YES Bank free transactions at other bank ATMs:
The lender allows first 5 transactions free per month and thereafter Rs 21 per financial transaction and Rs 10 per non-financial transaction.