Yes Bank and ICICI Bank have decided to revise the service charges for savings accounts, effective from May 1st. Both banks have also chosen to discontinue certain types of accounts. Detailed information is available on Yes Bank’s official website, where customers can access comprehensive details. Moneycontrol is reporting on the major changes.
The banks have adjusted the Minimum Average Balance (MAB) for different variants of savings accounts. For instance, the Account Pro Max will now require a minimum average balance of ₹50,000, with a maximum charge capped at ₹1,000.
Other notable changes include:
- Savings Account Pro Plus, Yes Essence SA, and YES Respect SA will now have a minimum balance requirement of ₹25,000, with a maximum charge limit set at ₹750.
- Savings Account Pro will require a minimum balance of ₹10,000, with charges up to ₹750.
Yes Bank has decided to discontinue several account types, including Savings Exclusive and Yes Saving Select, which were initiated considering customer needs.
ICICI Bank has also made revisions across various service charges, including minimum average balances, cash transaction charges, and ATM interchange fees, and has decided to discontinue certain accounts like Advantage Woman Savings Account, Privilege Accounts Advantage Woman Saving Account, Asset Linked Saving Account, and Aura Savings Account.
The revised charges for ICICI Bank include:
- Annual debit card fees have been set at ₹2000, with a reduced rate of ₹99 annually for rural areas.
- The first 25-page chequebook annually will be free, with subsequent pages charged at ₹4 per leaf.
- Charges for IMPS transactions will vary between ₹2.50 to ₹15 per transaction, depending on the transaction amount.
- Adjustments will be made to transaction charges at home and non-home branches, including third-party transactions.