ICICI Bank – Revision of Service Charges w.e.f 01/04/2012

 Well, this is not a April Fool’s Day trick, ICICI bank will be charging Rs5/- per IMPS transaction. ICICI Bank was part of the Pilot Banks launch for IMPS way back in June 10. At present, ICICI has issued 30.65 lacs MMID’s. The mobile transactions must be going up, for ICICI Bank to venture into this new direction I.e levying service charges for IMPS transactions.

 The present list of revised charges can be viewed at the ICICI Bank home page.

 I have a feeling that for the present, ICICI Bank has revised only services charges for major options, and a 2nd list of revised services charges is on the way.

 The top 5 points you should know about this revision: –

 01) The Minimum Average Balance requirement to be maintained monthly instead of quarterly

 02) Youngstars account, Bank at campus, Silver Savings, Gold and Titanium account holders are exempt from being charged for Cash Transactions even if minimum Balance is not maintained.

03) Charges are not applicable for Cash transactions at base branch (branches in same city) for Life Plus senior citizen, Bank@Campus, Silver savings ,Gold, Titanium, Retiral, Defence, Pension and Wealth accounts, even if minimum balance in not maintained.

04) Charges for Multicity cheque payment are free, in all types of Saving Bank Accounts.

05) IMPS (Interbank Mobile Payment Service) are Rs. 5 per transaction ( Max limit per transaction per day: Rs. 50,000)


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