Yes Bank and ICICI Bank Update: For Savings Account Pro, AMB of Rs 10,000 will be mandatory, and the maximum charge will be Rs 750. For Savings Value and Kisan Savings Account, AMB of Rs 5,000 will be required.
Yes Bank and ICICI Bank are going to make some changes in the service charges of their savings accounts, which will be applicable from May 1. Along with these changes, both banks have also announced the closure of select account types.
Yes Bank
- According to the official website of Yes Bank, the bank will be revising its minimum average balance (AMB) requirements across different savings account types, which are as follows –
- Savings Account Pro Max will require an AMB of Rs 50,000, while the maximum charge will be limited to Rs 1,000. Savings Account Pro Plus, Yes Essence Savings Account, and Yes Respect Savings Account will require an AMB of Rs 25,000, with a maximum charge of Rs 750.
- For Savings Account Pro, AMB of Rs 10,000 will be mandatory, and the maximum charge will be Rs 750. For Savings Value and Kisan Savings Account, AMB of Rs 5,000 will be required.
Apart from this, the bank will be discontinuing several account types, including Savings Exclusive, Yes Savings Select and many others tailored for specific customer segments.
ICICI Bank
ICICI Bank is also going to make changes in many of its banking services. This includes Minimum Monthly Average Balance (MAB), cash transactions charges, ATM interchange fees and more.
Meanwhile, the bank will close many accounts, which include Advantage Women Savings Account, Privilege Accounts Advantage Women Savings Account, Asset Linked Savings Account and Aura Savings Account.
These changes will happen in the regular savings account of ICICI Bank
- Debit card annual fee: Rs 200 per year. (Rs 99 per year for rural locations).
- Check Book: Nil for 25 checks in a year and Rs 4 per check thereafter.
- IMPS: Outward Transactions: The bank will levy tiered charges based on the transaction amount, which will range from Rs 2.50 to Rs 15 per transaction depending on the transaction value.
- Cash Transactions Charges: ICICI Bank will adjust the charges for transactions at domestic and non-domestic branches including third party transactions.
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