ICICI Bank Introduces Convenience Fees for Cash Deposits at ATMs

Strategic Insights -

ICICI Bank has recently announced the introduction of a convenience fee of Rs 50 per transaction for cash deposits made at their ATMs, starting November 1st. This fee will be applicable for cash deposits between 6PM and 8AM on working days and on bank holidays. Additionally, customers who deposit more than Rs 10,000 in a month will also be charged a separate convenience fee.

The bank has exempted certain customers from this fee, including senior citizens, basic savings account holders, Jan Dhan account holders, visually impaired account holders, and students. This move is part of the bank's efforts to discourage cash-based transactions and promote digital payments.

The convenience fee will be charged on top of any existing charges for cash deposits, and customers will have to pay Rs 50 for each transaction exceeding Rs 10,000 in a month. ICICI Bank's move is also in line with other banks, such as Axis Bank, which has already started charging Rs 50 for depositing cash via ATMs during non-working hours and holidays.

Key Takeaways:

  • ICICI Bank will charge a convenience fee of Rs 50 per transaction for cash deposits made at their ATMs on bank holidays and between 6PM and 8AM on working days.
  • The fee will be applicable for cash deposits exceeding Rs 10,000 in a month, with a separate convenience fee charged on each transaction.
  • Exempted customers include senior citizens, basic savings account holders, Jan Dhan account holders, visually impaired account holders, and students.
  • Axis Bank has already started charging Rs 50 for depositing cash via ATMs during non-working hours and holidays.
  • Public sector banks have started charging Rs 150 per cash withdrawal and Rs 40 for depositing cash, after a limit.

Statistics:

  • Convenience fee of Rs 50 per transaction for cash deposits at ICICI Bank ATMs.
  • Separate convenience fee of Rs 50 per transaction for cash deposits exceeding Rs 10,000 in a month.
  • Exempted customers: 5 categories (senior citizens, basic savings account holders, Jan Dhan account holders, visually impaired account holders, and students).
  • Axis Bank charges Rs 50 for depositing cash via ATMs during non-working hours and holidays.
  • Public sector banks charge Rs 150 per cash withdrawal and Rs 40 for depositing cash, after a limit.

Sources:

  • "ICICI Bank Users To Pay Rs 50 At ICICI Bank ATM" published by Armoks Interactive, distributed by Contify.com.
  • Details of Axis Bank's convenience fee policy published on their website.
  • Public sector banks' charges for cash transactions published on their respective websites.