ICICI Bank to levy charges on cash transaction by zero balance account holders from October 16

Private lender ICICI Bank will levy a fee of Rs 100-Rs 125 on every transaction made at the bank’s branches by ‘Zero balance’ account holders from October 16, 2019.

ICICI Bank

Rs 100 (per transaction) for the first two transactions and Rs 125 (per transaction) for any subsequent transaction done  at any ICICI Bank branch or cash deposits done at ICICI Bank Cash Recycler Machines will be charged on  Zero balance account holders.

 “We encourage our customers to do their banking transactions through the digital mode and thus contribute to Digital India initiatives. As an illustration, we would like to mention that customers can withdraw cash by using their Debit Card at any Banks ATM* and funds can be transferred through NEFT/RTGS/UPI using Mobile Banking or Internet Banking at zero charges”, the bank said in an official communiqué.

For promoting digital transactions, the bank has waived off the charges fund transfers through NEFT, RTGS and UPI transactions using mobile banking or internet banking.

If the consumer is not willing to pay the charges, they can visit the nearest bank branch  to convert their Savings Account to a Basic Savings Bank Account by October 16.

 “In case they wish to close the account, they may visit the nearest branch. “The revised terms and conditions shall apply till the date of closure of your account,” the ICICI bank said.

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