Using ICICI, Yes Bank, or IDFC? Check new rules effective May 1

Using ICICI, Yes Bank, or IDFC? Check new rules effective May 1

Knowledge is power and when money is involved, keeping up with the changing rules helps us plan our finances better.Â

Several major banks in India, including Yes Bank and ICICI Bank, are implementing changes to their savings account charges and credit card rules starting from May 1, 2024.

Additionally, HDFC Bank has announced an extension of its special fixed deposit (FD) scheme for senior citizens, which started in May 2020, with the last date to invest extended to May 10, 2024.

HDFC Bank senior care special FD deadline extended

HDFC Bank has extended the deadline for its Senior Citizen Care Fixed Deposit scheme exclusively for senior citizens. This special FD, which offers higher interest rates, was launched in May 2020. The new deadline to invest in this scheme is now May 10, 2024.

ICICI Bank savings account charges 

ICICI Bank will implement revised service charges for various savings account transactions starting May 1, 2024. These changes affect services such as cheque book issuance, IMPS transfers, ECS/NACH Debit Returns, and stop payment charges, among others.

Here’s a breakdown of the revised charges:

• Debit card annual fees: Rs.200 per year. For Gramin locations, it is Rs.99 per year.
• Cheque books: The first 25 cheque leaves are provided free annually; Rs.4 per leaf thereafter.
• DD / PO – Cancellation / Duplicate / Revalidation: Rs.100 per instance.
• IMPS – Outward:

1. Up to Rs.1,000: Rs.2.50 per transaction.
2. Above Rs.1,000 to Rs.25,000: Rs.5 per transaction.
3. Above Rs.25,000 to Rs.5 lakhs: Rs.15 per transaction.

• Account closure: No charge.
• Debit card PIN regeneration charges: No charge.
• Debit card de-hotlisting: No charge.
• Balance certificate, interest certificate: No charge.
• Retrieval of old transactional documents / Enquiries related to old records: No charge.
• Signature attestation: Rs.100 per application/letter.
• Address confirmation: No charge.
• ECS / NACH debit returns: Rs.500 per instance for financial reasons. A maximum of 3 instances per month will be charged for the same mandate.
• National automated clearing house (NACH) mandate. One-time mandate authorisation charges (Physical): No charge.
• Lien marking and unmarking of savings account: No charge.
• Reissue of internet user ID or password (Branch or non IVR customer care): No charge.
• Address change request at branches: No charge.
• Stop payment charges for a particular cheque: Rs.100 (Free through customer care IVR & Net banking).

Yes Bank savings account charges from May 1

Yes Bank will introduce a revised schedule of charges for savings accounts effective May 1, 2024. The bank has also discontinued certain account types.

Here are the key changes:

1. Minimum Balance Requirements (AMB):
   • Savings Account PRO Max: Rs.50,000; maximum charge Rs.1,000
   • Savings Account Pro Plus / Yes Essence SA / YES Respect SA: Rs.25,000; maximum charge Rs.750
   • Savings Account PRO: Rs.10,000; maximum charge Rs.750
   • Savings Value / Kisan SA: Rs.5,000; maximum charge Rs.500
   • My First YES: Rs.2,500; maximum charge Rs.250
2. ATM cum debit card fees:
   • Element Debit Card: Rs.299 per year
   • Engage Debit Card: Rs.399 per year
   • Explore Debit Card: Rs.599 per year
   • Rupay Debit Card (for Kisan account): Rs.149 per year
3. ATM usage at other banks:
   • First 5 transactions free per month
   • Subsequent financial transactions: Rs.21 each
   • Non-financial transactions: Rs.10 each.

Changes to Yes Bank credit card rules

YES Bank has made changes to its credit cards, affecting the fuel fee category on some card types.

These alterations impact the calculation of expenditure levels for annual and joining fees. Additionally, there is a modification in the extra fee for utility transactions.

Starting from May 1, 2024, using a YES Bank credit card to pay gas, electricity, and other utility bills will become more expensive.

According to the YES Bank website dated March 29, 2024, a 1% charge will apply to all utility transactions within a statement cycle. If a Yes Bank credit card is used to pay bills exceeding Rs 15,000 in a single statement cycle, GST and a 1% tax will be added.

However, payments made with the Yes Bank Private Credit Card will not incur this additional fee.

IDFC First Bank credit card rule change

IDFC First Bank will apply an additional charge of 1% plus GST if your total credit card payments for utility bills exceed Rs 20,000.

This extra charge does not apply to the FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.

Therefore, you won’t face this extra charge if your combined utility bill payments (including gas, electricity, and internet) in a statement cycle are Rs 20,000 or less. However, if they exceed Rs 20,000, you’ll incur an additional 18% GST along with the 1% surcharge.

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