From IMPS to account closure: ICICI Bank to revise charges of THESE 13 services from May 1

from imps to account closure: icici bank to revise charges of these 13 services from may 1

Starting May 01, 2024, ICICI Bank, a leading private lender, is set to implement revisions in its service charges for current account customers. These modifications aim to streamline and enhance the banking experience while ensuring transparency in fee structures.

Let’s have a look at the changes in charges:

IMPS Outward Charges:

The existing charges for IMPS outward transactions will see adjustments. The revised charges will vary based on transaction amounts, with lower fees for transactions up to Rs 1,000 and increased fees for higher amounts.

Cheque Return Inward:

The fee for cheque return inward due to financial reasons is being reduced from Rs 750 to Rs 500 per instrument, benefiting customers in such scenarios.

Transaction Declines at Other Bank ATMs or POS:

Customers will now incur a charge of Rs 25 per transaction for declines due to insufficient balance, emphasizing the importance of maintaining adequate funds.

Balance Certificate and Duplicate Statement Issuance:

Charges for balance certificates are being waived, while duplicate statement issuance at branches or through non-IVR channels will now attract a fee.

Standing Instructions Setup and Signature Attestation:

Setup charges for standing instructions and signature attestation fees are being eliminated, providing convenience to customers availing of these services.

Courier Return and Document Destruction:

Instances of deliverables returned by courier due to specific reasons and deliverables not picked up within stipulated time will incur nominal charges.

ECS Debit Returns and Standing Instructions Rejection:

Fees for ECS debit returns due to financial reasons and rejection of standing instructions will remain unchanged, ensuring consistency in these areas.

Account Closure Charges:

The charges for account closure are being revised based on the variant of the account and the duration within which it is closed.

Customers are advised to review the complete Schedule of Charges available on the bank’s website for detailed information. Additionally, it’s important to note that standard charges for trade services will also undergo revisions, effective May 01, 2024.