Starting May 1, 2024, several major banks in India, such as Yes Bank and ICICI Bank, are rolling out changes to their savings account charges and credit card regulations. For instance, HDFC Bank has extended the deadline for its Senior Citizen Care Fixed Deposit scheme, originally launched in May 2020, allowing investments until May 10, 2024. ICICI Bank will introduce revised service charges for various savings account transactions from May 1, affecting services like cheque book issuance and IMPS transfers.
Here's a detailed overview of the changes:
1. ICICI Bank's revised service charges for savings account transactions include:
- Debit card annual fees of Rs.200 per year.
- Charges for additional cheque leaves after the first 25 free leaves.
- Fees for DD/PO cancellation, duplicate, or revalidation.
- IMPS outward transaction charges based on the transaction amount.
- No charge for account closure, debit card PIN regeneration, or balance/interest certificates.
- Other charges for signature attestation, ECS/NACH debit returns, and lien marking/unmarking.
2. Yes Bank will implement a revised schedule of charges for savings accounts from May 1, 2024, along with discontinuing certain account types. Changes include minimum balance requirements for different account types and ATM cum debit card fees.
3. YES Bank has also updated its credit card rules, particularly affecting the fuel fee category on some card types. Utility transactions made using YES Bank credit cards will incur a 1% charge within a statement cycle, with additional fees if bill payments exceed Rs 15,000. However, payments made with the Yes Bank Private Credit Card will be exempt from this fee.
4. IDFC First Bank will apply an additional 1% charge plus GST on credit card payments for utility bills exceeding Rs 20,000 in a statement cycle, excluding select credit card types.
These changes reflect adjustments in banking policies aimed at enhancing customer experience and aligning with evolving financial needs and market dynamics.
