Major financial institutions such as Yes Bank, ICICI Bank, and Axis Bank have recently updated their fee structures for savings accounts. Starting April 1, these banks implemented certain service fees while some other charges will be implemented from May 1, 2024. Read on for details.

ICICI Bank Savings Account Charges

ICICI Bank has updated fees for several services associated with savings accounts, such as cheque book issuance, IMPS transfers, ECS/NACH debit returns, stop payment charges, and others. These modifications are scheduled to be implemented starting from May 1, 2024, as indicated on ICICI Bank website.

Here are the various revisions made by ICICI Bank to the charges for savings account services.

• Annual charges for Debit Card: Rs.200 per annum; Reduced to Rs.99 per annum for rural locations.
• Cheque Books: Complimentary for the first 25 leaves annually; Subsequent leaves priced at Rs. 4 each.
• Fees for DD / PO – Cancellation / Duplicate / Revalidation: Rs.100 per occurrence.
• Outward IMPS Charges: Varying rates apply – Rs 2.50 for transactions up to Rs 1 thousand, Rs 5 for amounts between Rs 1 thousand to Rs 25 thousand, and Rs 15 for transactions between Rs 25 thousand to Rs 5 lakhs.
• No charges for Account closure.
• No fees for Debit Card PIN regeneration.
• No charges for Debit Card de-activation.
• Balance Certificate and Interest Certificate issuance: Free of charge.
• Retrieval of old transactional documents / Enquiries related to past records: No fee applicable.
• Signature attestation: Rs. 100 per application or letter.
• Address confirmation: No charges.
• ECS/NACH Debit Returns incur a charge of Rs 500 per instance due to financial constraints, with a maximum limit of 3 occurrences per month for the same mandate.
• NACH Mandate Authorization Charges (physical): No one-time fee.
• No charges for Lien marking and unmarking of savings account.
• Reissue of Internet user id or password (Branch or non-IVR Customer Care): No fees.
• Branch-requested address change: No charges.
• Stop Payment charges: Rs.100 per specific cheque (excluding customer care IVR & Net banking).

Also Read: SBI ATM Cash Withdrawal Limits for Different Types of Debit Cards in 2024

Axis Bank Savings and Salary Accounts Charges

Axis Bank has updated its savings account fee schedule, including changes to the minimum average balance requirement for both savings and salary accounts, as well as limitations on cash transactions. These revisions came into effect starting April 1, 2024, according to information provided on the Axis Bank website.

Here are revised Information as per the website

Streamlining of Complimentary Cash Transaction Thresholds:

• Updated Scheme:
  • Introduction of a distinct allowance of Rs 25,000 per month for third-party transactions.
  • Post-allowance, a levy of Rs 10 per thousand, with a floor of Rs 150.
  • Transaction quotas for different account echelons remain unaltered:
  • PRIME/LIBERTY: Initial 5 transactions per month / transactions capped at Rs 1.5 lakhs monthly.
  • PRESTIGE: Inceptive 5 transactions per month / transactions capped at Rs 2 lakhs monthly.
  • PRIORITY: Primary 7 transactions per month / transactions capped at Rs 5 lakhs monthly.

Revision of Fee Imposed for Absence of Salary Credits in Salary Savings Accounts

• Proposed Alteration: The duration for assessing the fee is shortened to 4 months.
  • Additional criteria include consecutive calendar months devoid of salary credits and failure to maintain an average balance corresponding to the non-salary segment.

Fee for Failure to Maintain Average Balance

• Revised Norm: The threshold for levying the fee is increased to accounts with less than 75% of the desired TRV or balance. The fee structure remains at INR 6 per INR 100 of the deficit from the AMB requirement or Rs 600, whichever is lower.

Cash Transaction Limit for Priority and Prime Savings Account:

• Adjusted Norms:
  • Introduction of a separate allowance of Rs 25,000 per month for third-party transactions.
  • Following the allowance, a charge of Rs 10 per thousand, with a minimum of Rs 150.
  • Transaction limits for Priority and Prime accounts remain static:
  • Priority: Inceptive 7 transactions per month / transactions capped at Rs 5 lakhs per month.
  • Prime: Inceptive 5 transactions per month / transactions capped at Rs 1.5 lakhs per month.

Change in NRI Priority Savings Account

• Revised Standard: Transition from the Average Quarterly Balance (AQB) requirement to an Average Monthly Balance (AMB) mandate of Rs 200,000.

Also Read: SBI Card Charges: What changed for SBI Credit Card in April 2024 and other key fees

Yes Bank Savings Account charges

Yes Bank, a privately-owned financial institution, has updated its fee structure for savings accounts. As per the information available on Yes Bank’s official site, these changes will come into effect from May 1, 2024. Additionally, the bank has chosen to discontinue several account types.

Yes Bank has updated its policy, halting the opening of new Priority & Prime Savings Accounts (Cash Transaction Limit), as indicated on its website. These include:

• Savings Exclusive
• YES Savings Select /XLRATE SA
• Indeed Grace / Indeed Prosperity Prime/Ascent/Crest
• Yes Respect (for Senior Citizens)
• Savings PRO (Limited KYC)

As per the guidelines set forth by YES BANK, the Average Monthly Balance (AMB) criterion is defined and established to ensure smooth banking operations.

• Invest Rs. 50,000 in the Savings Account PRO Max, with a cap on charges at Rs. 1,000 at maximum.
• Allocate Rs. 25,000 towards either the Savings Account Pro Plus or opt for YES Essence SA or YES Respect SA, ensuring the maximum charge remains at Rs. 750.
• Contribute Rs. 10,000 to the Savings Account PRO, with a ceiling on charges at Rs. 750.
• Deposit Rs. 5000 into either the Savings Value or Kisan SA, ensuring the maximum charge does not exceed Rs. 500.
• Initiate with Rs. 2500 for the My First YES account, ensuring the maximum charge is limited to Rs. 250.

You can find all the information mentioned above on the bank’s website. Please refer to the website for details.

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