Private sector Yes Bank and ICICI Bank are going to change the service charges of Savings Accounts. Also, both banks are going to close some accounts. These changes will come into effect from May 1.
What will be the change in Yes Bank?
Yes Bank has changed the minimum average balance of different variants of savings accounts. If we talk about the Pro Max account, then the minimum average balance will be Rs 50 thousand. At the same time, there will be a limit of Rs 1,000 for the maximum charge.
If we talk about customers with Saving Account Pro Plus, Yes Essence SA, and YES Respect SA, then the minimum balance for them will now be Rs 25,000. If a customer has a Saving Account Pro account, then the minimum balance for him will be Rs 10,000. If we talk about charges, the maximum limit will be Rs 750.
Yes Bank is also going to close some accounts. Such as Saving Exclusive and Yes Saving Select.
What changes will ICICI Bank make?
ICICI Bank has also changed the fee structure of some services. These include things like minimum average balance, cash transaction charges, and ATM interchange fees.
ICICI Bank has made some important changes to the Regular Savings Account. For example, the annual fee of a debit card has become Rs 2000. However, for rural areas, it will be Rs 99 annually.
Using too many checkbooks will be expensive
If you use the ICICI Bank checkbook more, you will have to pay additional charges. A checkbook of 25 pages will be free for a year. But, after that, you will have to pay Rs 4 for every additional page.
Now ICICI Bank customers will have to pay charges on the transaction amount of IMPS (Immediate Payment System). It can range from Rs 2.50 to Rs 15 per transaction. However, the amount charged will depend on the value of the transaction.
ICICI Bank has also announced the closure of some accounts. Such as Advantage Woman Savings Account, Privilege Accounts Advantage Woman Saving Account, Asset Linked Saving Account, and Aura Savings Account.
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