Starting on May 1, Yes Bank and ICICI Bank will modify their savings account servicing fees. In addition, both banks have made the decision to discontinue select account types.
ICICI Bank:
Minimum monthly average balance (MAB), cash transaction charges, ATM interchange fees, etc. are some of the different banking services that ICICI Bank will revise.
Several accounts, like Advantage Woman Savings Account, Privilege Accounts Advantage Woman Savings Account, Asset Linked Savings Account, and Aura Savings Account, etc, will be discontinued by the bank.
ICICI Bank’s regular savings account’s revised charges are:
IMPS – Outward Transactions: The bank will introduce tiered charges based on transaction amounts, ranging from ₹2.50 to ₹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.
Debit card annual fees: ₹200 p.a. ( ₹99 p.a. for Gramin locations).
Cheque books: Nil for 25 cheque leaves in a year and ₹4 per leaf thereafter.
Yes Bank:
As per Yes Bank’s website, the following sites will be discontinued:
XLRATE SA, Savings Advantage/ Yes Grace / Savings Exclusive, YES Savings Select / Yes Prosperity, Prime/Ascent/Crest, Yes Respect, and Savings PRO.
Yes Bank will also revise its minimum average balance (AMB) requirements across different savings account variants:
- Savings Account Pro Plus, Yes Essence SA, and YES Respect SA will necessitate an AMB of ₹25,000, with a maximum charge of ₹750.
- Savings Account PRO will mandate an AMB of ₹10,000, with a similar maximum charge of ₹750.
- ₹5000 for Savings Value / Kisan SA, the maximum charge is ₹500.
- ₹2500 for My First YES, the maximum charge is ₹250.
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