YES Bank and ICICI Bank both will discontinue some of the select account types from May 1.
Yes Bank and ICICI Bank will have new service charges on savings accounts from May 1 .
Yes Bank and ICICI Bank will tweak their service charges on savings accounts from May 1. Besides this, both banks have decided to discontinue select account types.
As per Yes Bank’s website, it will discontinue: Savings Exclusive, YES Savings Select /XLRATE SA, Savings Advantage/ Yes Grace / Yes Prosperity, Prime/Ascent/Crest, Yes Respect (for Sn. Citizen), and Savings PRO (Limited KYC).
Besides this, Yes Bank said it revise its minimum average balance (AMB) requirements across different savings account variants.
> Rs 5000 for Savings Value / Kisan SA, maximum charge is Rs 500
> Rs 2500 for My First YES, maximum charge is Rs 250
> Savings Account Pro Plus, Yes Essence SA, and YES Respect SA will necessitate an AMB of Rs 25,000, with a maximum charge of Rs 750.
> Savings Account PRO will mandate an AMB of Rs 10,000, with a similar maximum charge of Rs 750.
Yes Bank provides interest rates from 3% to 7% based on savings account balances. These rates apply to all account holders, including regular, senior citizens, rural, semi-urban, and urban customers. The rates will be in effect starting from January 1, 2024.
If Balance is maintained:
> 1. >= 100% of the requirement- NIL
2. >50% of the requirement- 5% of balance shortfall
3.
ICICI Bank has said it will revise different banking services, including minimum monthly average balance (MAB), cash transaction charges, ATM interchange fees, and more.
Besides, the bank will discontinue several accounts, like Advantage Woman Savings Account, Privilege Accounts Advantage Woman Savings Account, Asset Linked Savings Account, and Aura Savings Account, among others.
ICICI Bank has said it will revise different banking services, including minimum monthly average balance (MAB), cash transaction charges, ATM interchange fees, and more.
Besides, the bank will discontinue several accounts, like Advantage Woman Savings Account, Privilege Accounts Advantage Woman Savings Account, Asset Linked Savings Account, and Aura Savings Account, among others.
Revised charges of ICICI Bank’s regular savings account:
> Debit card annual fees: Rs 200 p.a. (Rs 99 p.a. for Gramin locations).
> Cheque books: Nil for 25 cheque leaves in a year and Rs 4 per leaf thereafter.
> IMPS – Outward Transactions: The bank will introduce tiered charges based on transaction amounts, ranging from Rs 2.50 to Rs 15 per transaction, depending on the transaction value.
> Cash Transaction Charges: ICICI Bank will adjust charges for transactions at home and non-home branches, including third-party transactions.
