IDBI customers to get only 20 free cheque leaves per year from Jul 1; other services too revised

free cheque leaves, cheque leaves, IDBI, average quarterly balance, ree transaction limits, idbi customers, new atm rules, idbi bank

IDBI Bank

customers will have to pay Rs 5 per cheque leaf beyond 20 free leaves per year, under the revised charges from next month. Currently, customers can access as many as 60 cheque leaves without any charges in a year in the first year of account opening and 50 leaves in all the subsequent years. Beyond these, one has to pay Rs 5 per leaf.

Introducing the revision of services in savings bank accounts, the lender in a notice said the free transaction limits (for select facilities) and lock discounts offered to individual savings bank customers are being revised from July 1, 2021.

Customers holding the ‘Sabka Saving Account’ will not come under this and will be able to get unlimited free cheque leaves in a year. This is an elementary zero balance account aimed to further inclusive banking in the country.

For depositing cash (home and non home), it has downsized the number for free facilities per month for semi-urban and rural branches to 5 each from the existing 7 and 10, respectively for various savings accounts.

For super savings plus accounts, the free transactions in semi-urban and rural areas will be 8 each as against 10 and 12, respectively as of now.

Among others, the JubileePlus senior citizen account holders will get no discount on locker rent if the monthly average balance (MAB) is less than Rs 10,000.

Customers will get 10 per cent discount on Rs 10,000-24,999 balance for all 12 months and 15 per cent for Rs 25,000 and above MAB.

Currently, the bank offers 25 per cent discount on locker rent if Rs 5,000 is maintained as AQB (average quarterly balance) in all four quarters.

The same revised charges will be applicable on Supershakti women’s account for locker rent. The discount will be offered only on A and B size lockers, the bank said.

Besides, the lender has also cut down the number of free transactions from other bank ATM per month (both financial and non financial) for JubileePlus and Supershakti accounts by half to 5 transactions.

News Related

OTHER NEWS

PM Modi launches e-RUPI: What is it and why is it being envisaged as an alternative to DBT?

In the first steps towards a digital voucher-based welfare distribution system in India, Prime Minister Narendra Modi today launched a contactless, prepaid, electronic prepaid system called e-RUPI. As per industry ... Read more »

Food delivery workers protest 'exploitation' on Twitter; companies deny charges

Mumbai/Bangalore: Delivery partners for Swiggy and Zomato, who have in the past protested against these companies in traditional ways, are now using social media to amplify their voices. Over the ... Read more »

Bypassing rule: Banks' use of FD-OD fix irks RBI

Banks are cutting new deals with corporates to dodge a recent Reserve Bank of India (RBI) rule. The tactic is not going down well with the regulator, which has got ... Read more »

OCBC Q2 profit up 59% to $1.16 billion; dividend climbs to 25 cents a share

OCBC’s earnings topped the $1.14 billion average estimate of six analysts polled by Bloomberg. SINGAPORE – OCBC’s earnings continued to rebound from last year as it posted on Wednesday (Aug ... Read more »

UOB Q2 profit up 43% to $1.01 billion; dividend raised to 60 cents per share

SINGAPORE (THE BUSINESS TIMES) – UOB’s net profit for its second quarter rose 42 per cent, as more economies reopened and as it posted lower credit allowance, it said on ... Read more »

StanChart reinstates payouts but income drop signals challenges ahead

StanChart announced a US$250 million share buyback and resumption of interim dividend payments worth 3 cents per share. HONG KONG (REUTERS) – Standard Chartered reported a higher than expected 57 ... Read more »

Baffled investors fear nothing's off limits in China regulatory crackdown

Bewildered investors in China’s tech sector scrambled once again from regulators on Tuesday, fearing that a state media story that likened internet gaming to opium signals a new front in ... Read more »

Leap raises $34 million in funding

Pallet pooling firm Leap has raised $34 million in a secondary round from investors led by Schroder Adveq and IIFL fund, giving early backers Mayfield Fund, IndiaNivesh and Six Sense ... Read more »

RBI tightens rules for payment companies outsourcing core activities

The Reserve Bank of India has formalised the framework for payment companies outsourcing payment and settlement related activities to third party operators. The central bank’s fresh guidelines come at a ... Read more »

PNB awaits SAT order on Carlyle deal

Punjab National Bank (PNB) has said it will wait for the Securities Appellate Tribunal (SAT) order before taking any decision on the PNB Housing Finance-Carlyle deal. “We await judgement by ... Read more »

PM Modi to launch digital payment solution e-RUPI today

Prime Minister Narendra Modi will launch e-RUPI, a person and purpose specific digital payment solution, on Monday via video conferencing, his office said. Underlining that Modi has always championed digital ... Read more »

Bhavin Turakhia's Titan raises $30 million from Automattic

Titan, the professional email startup founded by serial entrepreneur Bhavin Turakhia has raised $30 million from Automattic, the parent company of WordPress.com, valuing it at $300 million, a senior company ... Read more »

Healthtech startup Onsurity gets $16 million from Quona Capital, others

Mumbai: Onsurity, an employee health benefits platform, has raised $16 million in a Series A funding round led by Quona Capital and existing investors Nexus Venture Partners and Whiteboard Capital. ... Read more »

PM Modi to launch e-RUPI today. Here's all about the cashless digital payment solution

Prime Minister Narendra Modi will launch e-RUPI, a person and purpose specific digital payment solution on Monday via video conferencing. The event will take place at 4.30 pm. e-RUPI is ... Read more »

Banks close lakhs of current accounts, clients open grievance accounts

Indian banks have closed hundreds of thousands of current accounts, inconveniencing many small business owners, as the time to comply with a Reserve Bank of India directive has ended. Banks ... Read more »

As India Inc opens up, industry seeks clarity on availability of ITC under CSR spending

With India Inc opening up purse strings during the pandemic to provide medical equipment and aid, non-availability of input tax credit on goods purchased as part of corporate social responsibility ... Read more »

Madras HC strikes down provisions to ban online gaming; companies cheer

Chennai/Mumbai: The Madras High Court on Tuesday struck down the entirety of Part II of the Tamil Nadu Gaming & Police Laws (Amendment) Act, 2021, which banned betting or wagering ... Read more »

StackBox gets $1.2-million funding from Ecosystem Ventures, others

New Delhi: StackBox, a logistics technology startup, has raised $1.2 million (about Rs 8.9 crore) in a funding round led by Ecosystem Ventures alongwith participation of LetsVenture and existing investors. ... Read more »

Sterlite Technologies teams up with Facebook Connectivity for 4G, 5G radio products

New Delhi: Sterlite Technologies Ltd. has collaborated with Facebook Connectivity to design and develop 4G and 5G radio products, as part of the Evenstar program to help accelerate commercial deployment ... Read more »

Alibaba misses revenue estimates as e-commerce growth slows

China’s Alibaba Group Holding Ltd missed analyst estimates for first-quarter revenue on Tuesday, as its e-commerce business was hurt by rising competition from smaller players such as JD.Com Inc and ... Read more »

Agritech startup Krishify gets $2.7 million from Omidyar, others

New Delhi: Krishify, an agriculture technology startup, has raised $2.7 million in a pre-Series A funding round led by Omidyar Network India, Ankur Capital and Orios Ventures. Nitin Kaushal and ... Read more »

RBI's new rules on interchange fee, 24/7 bulk clearing facility functional

The Reserve Bank of India’s new directions on raising interchange fee and making available the facility of bulk clearing round the clock have become effective from Sunday onwards. The RBI ... Read more »

Non-bank lenders to see high levels of stress, recovery only in FY23: ICRA

Non-bank lenders would continue to see elevated levels of asset quality stress on their books, with the situation improving only in the next fiscal year, rating agency ICRA said on ... Read more »

PSU banks mobilise record funds of Rs 58,700 crore from markets in FY'21

Notwithstanding economic disruptions caused by the pandemic, public sector banks (PSBs) have managed to raise a record Rs 58,700 crore from markets in FY2020-21 through a mix of debt and ... Read more »

Ola Electric scooter coming this August 15. Here's what we know so far

Ola Electric will launch its much anticipated scooter this August 15, Bhavish Aggarwal, the CEO of the company, said today. Ola Electric started taking bookings for its electric scooter in ... Read more »

The $29 billion deal in 11 weeks: how Square bought Afterpay

Jack Dorsey introduced the world to expressing itself in just 140 characters as the creator of Twitter Inc, and his payments company, Square Inc, also likes getting straight to the ... Read more »

'We listed in India so our customers could own a part of us'

Food-delivery and restaurant-discovery platform Zomato , the first high-profile consumer internet unicorn to list on Indian bourses last month, will continue to chase growth and build a long-term business, undeterred ... Read more »

No error of judgement in PNB Housing Finance deal; future course as per SAT order: PNB MD

Asserting that there was no error of judgement with regard to the fund infusion decision of PNB Housing Finance, Punjab National Bank (PNB) managing director S S Mallikarjuna Rao on ... Read more »

Infra.Market gets funding at $2.5-billion valuation, eyes acquisitions

Bengaluru: Infra.Market, a business-to-business (B2B) commerce platform for construction materials, has raised $125 million from existing investor Tiger Global at a post-money valuation of $2.5 billion, founder Souvik Sengupta told ... Read more »

MG Motor ties up with Jio for connected features in its upcoming mid-size SUV

MG Motor India on Tuesday said it has tied up with digital services provider Jio India for the Internet of Things (IOT) features in its upcoming mid-size SUV. The automaker, ... Read more »

upGrad acquires edtech startup KnowledgeHut to tap the skilling market

New Delhi: upGrad, an edtech startup focused on higher education, has acquired KnowledgeHut to enter the short-duration upskilling and reskilling segment that has a market potential of more than $58 ... Read more »

Manu Kumar's HiHello raises $7.5 million from Foundry Group, others

New Delhi: HiHello, a digital business card and contact manager app, has raised $7.5 million in a Series A funding round led by Foundry Group along with participation of Lux ... Read more »

IDFC First Bank logs Rs 630-crore loss in Q1 on pandemic provisions

Private lender IDFC First Bank on Saturday posted a net loss of Rs 630 crore at the end of the June quarter, with provisions more than doubling from the year-ago ... Read more »

Honda Motorcycle & Scooter India July sales rise 20 pc to 3,85,533 units

Honda Motorcycle & Scooter India (HMSI) on Tuesday reported a 20 per cent rise in total sales at 3,85,533 units in July. The company had sold 3,21,583 units in the ... Read more »

UST chalks out hiring plan to keep up with demand for digitalisation

Pune: UST, a provider of digital technology and transformation solutions, plans to hire more than 10,000 people globally this year as it looks to keep up with the accelerated demand ... Read more »

Skill-Lync raises $17.5 million from Iron Pillar, others

Mumbai: Y Combinator-backed Skill-Lync, an engineering-focused edtech startup, has raised $17.5 million in a Series A funding round led by Iron Pillar. While the India-focused venture capital invested $15 million, ... Read more »

IDFC First Bank logs Rs 630 crore loss in Q1 on Covid provisioning

Private lender IDFC First Bank on Saturday reported a net loss of Rs 630 crore in the April-June quarter due to provisioning measures for cushioning the impact of the second ... Read more »

CarTrade Tech IPO to open on August 9; price band fixed at Rs 1,585-1,618

New Delhi: The initial public offering (IPO) of CarTrade Tech will open for subscription on August 9. The price band for the same has been fixed at Rs 1,585-1,618 per ... Read more »

Nykaa files papers with Sebi for IPO

Mumbai: Lifestyle retailer Nykaa has filed its draft red herring prospectus with the Securities and Exchange Board (Sebi) on Monday for a initial public offering, said bankers. The issue will ... Read more »

Govt seeks info to up PLI sops for IT hardware

The government has sought estimates of production, exports and the nature of value addition that will take place if the production-linked incentive (PLI) scheme for IT hardware were to be ... Read more »