Mumbai: ICICI Bank decided to collect fees for all cash transactions. The new charges will be implemented from 16th October 2019.
The account holders have to pay Rs. 100 (per transaction) for the first two transactions and Rs. 125 (per transaction) for subsequent transactions.
This fee is applicable for cash transactions at the bank branch and cash deposit at ICICI Bank Cash Recycler Machines.
Reason for the changes
Giving the reason for the changes, the bank stated, “We encourage our customers to do their banking transactions through the digital mode and thus contribute towards the 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 also asked its customers to convert the Savings Account to Basic Savings Bank Deposit Account before 16th October 2019 if they are not satisfied with the new terms and condition.