Leading domestic private banks, like ICICI Bank, Axis Bank, and Yes Bank, have announced revised savings account charges effective May 1st 2024. Customers of top private sector banks like Yes Bank, ICICI Bank, and Axis Bank should know the charges for which services. Some service charges will come into effect from April 1, while others will be from May 1, 2024.
ICICI Bank
ICICI Bank has revised its savings account service charges, including chequebook, IMPS, ECS, NACH debit returns, stop payment charges, etc. Debit card annual charges have increased to Rs. 200, and in rural areas, it is Rs. 99. Checkbook charges are free if below 25 in a year. After that, it will be charged at Rs. 4 per cheque leaf. DD cancellation, duplicate, and revalidation will be charged at the rate of Rs. 100. Rs. 100 will be charged for signature attestation and Rs. 500 for ECS debit returns.
Axis Bank
Another private bank, Axis Bank, has also revised the service charges for Savings Account and Salary Account, which will be effective from April 1, 2024. Priority Savings Accounts should have an average quarterly balance of Rs. 2 lakhs, while the average monthly balance should be Rs. 2 lakh. The third-party transaction-free limit is Rs. 25 thousand per month, and after that, the charges will be Rs. 10 per thousand.
On the other hand, the charges on salary accounts have also been changed. If the salary is not credited for two months, the Bank will charge Rs. 100 monthly. Minimum balance maintenance charges apply. Savings accounts should have at least Rs. 12 thousand per month, and other accounts have different minimum balance requirements.
Yes Bank
According to Yes Bank’s official website, the new Savings Account charges will be effective from May 1, 2024. The Bank has also deleted some accounts. Minimum balance requirements vary according to the type of account, and if the minimum balance is not maintained, a penalty will be charged. Annual fees on ATM debit cards have also changed.
Like these banks, many other government and public sector banks are also set to revise their savings account services charges, which will come into effect soon. We will update the information in My Money Chit Chat; please stay with us.
