Money changeover in May 2024: Major banks like Yes Bank and ICICI Bank have made some changes in their savings bank account charges. credit card rulesStarting from May 1, 2024. Additionally, HDFC Bank’s Special Fixed Deposit senior citizens Its deadline is May 10, 2024. According to a report by ET, here are the financial changes happening and what to expect this month.
1.HDFC Bank Senior Citizen Special FD Deadline
HDFC Bank has extended the investment deadline in its special fixed deposit (FD) scheme for senior citizens. This Senior Citizen Care FD, which offers higher interest rates for senior citizens, was launched in May 2020. The new deadline for investment in this scheme is May 10, 2024.
2. ICICI Bank savings account fee From 1st May 2024
ICICI Bank has updated its fees for several savings account services including check book, IMPS (Immediate Payment Service) transactions, ECS/NACH (Electronic Clearing Service/National Automated Clearing House) debit returns and stop payment charges. According to the ICICI Bank website, these new charges will be effective from May 1, 2024.
Read this also GST collections at all-time high; Crossing Rs 2 lakh crore in April 2024
The changes in ICICI Bank savings account service charges from May 1, 2024 are as follows:
Debit Card Annual Fee:
– General Fee: Rs. 200 per year
– Rural Location: Rs. 99 per year
Check Books:
– First 25 check pages per year are free
– Additional Holidays: Rs. 4 per check
DD/PO Fees:
– Cancellation, Duplicate, or Revalidation: Rs. 100 per example
IMPS Outbound Fee:
– Transactions up to Rs. 1,000: Rs. 2.50 per transaction
– Transactions from Rs. 1,001 to Rs. 25,000: Rs. 5 per transaction
– Transactions from Rs. 25,001 to Rs. 5,00,000: Rs. Rs 15 per transaction
account closure: No fee
Debit Card PIN Regeneration: No fee
Debit Card De-Hotlisting: No fee
Balance Certificate/Interest Certificate: No fee
Recovery of old transaction documents: No fee
signature verification: Rupee. Rs.100 per application/letter
ECS/NACH Debit Returns: Rupee. 500 per instance due to financial reasons (limited to 3 times per month for the same mandate)
Stop Payment Fee:
– For a specific cheque: Rs. Rs.100 (Free through Customer Service IVR and Online Banking)
Address Change Request in Branches: No fee
3. Yes Bank Savings Account Charges from May 1, 2024
Private sector bank Yes Bank has updated its savings account fee schedule. According to the bank’s website, the new charges will start from May 1, 2024.
According to Yes Bank website, the average monthly balance requirements for savings accounts are as follows:
– Savings Account Pro Maximum: Rs. Rs 50,000, maximum fine. Rs 1,000 for non-compliance.
– Savings Account Pro Plus / Yes Essence SA / Yes Honor SA: Rs. Rs 25,000, maximum fine. 750.
– Savings Account PRO: Rs. Rs 10,000, maximum fine. 750.
– Saving Price / Farmer SA: Rs. 5,000, maximum fine Rs. 500.
– My first yes: Rs. 2,500, maximum fine Rs. 250.
Account Service Fee:
1. Full balance or more: No charges.
2. More than half of the required balance: A charge of 5% on the amount you keep less.
3. Half or less of required balance: 10% fee on shortfall (5% for savings value accounts).
According to Yes Bank, the minimum balance requirements and associated charges for different types of accounts are as follows:
– In some places, you have to maintain an average monthly balance (AMB) of Rs. Rs 5000 for Yes Grace. Yes 2500 for respect, and Rs. Yes price for 2500.
– For Farmers Savings Accounts, you need to maintain an average annual balance (AYB) of Rs. 1000.
– If you do not maintain minimum balance in Yes Value account (where AMB is Rs 2500), the maximum charge is Rs. 125 per month.
– For Farmer Savings Accounts, the fee for non-maintenance of AYB is Rs. 100 per year.
Charges for ATM cum Debit Card for Yes Bank Savings Accounts:
– Element Debit Card: Annual fee Rs. 299.
– Engage Debit Card: Annual fee Rs. 399.
– Find Debit Card: Annual fee Rs. 599.
– RuPay Debit Card (only for Kisan accounts): Annual fee Rs. 149.
What does Yes Bank charge when using other bank ATMs in India:
– First 5 transactions per month: No fee.
– After the first 5 transactions, the charges are:
– Financial transactions (like cash withdrawal): Rs. Rs 21 per transaction.
– Non-financial transactions (like balance cheque): Rs. 10 per transaction.
Read this also Save millions in interest costs? What do RBI’s new rules on charging higher interest on loans mean for borrowers?
4. Yes Bank Credit Card Rules from 1st May 2024
Yes Bank has revised the terms of its credit cards, except for ‘Personal’ credit cards. These changes only affect the fuel fee category on certain credit cards and how spending is calculated to waive the annual and joining fees. A new fee has also been imposed for this utility bill payment,
Using Yes Bank credit cards to pay utility bills (like gas and electricity) will be more expensive from May 1, 2024. According to Yes Bank’s website on March 29, 2024, “A charge of 1% will be applicable on all utility transactions in a statement cycle.” If you use your Yes Bank Credit Card to pay more than Rs. Rs 15,000 in utility bills in one statement cycle, you will also be charged GST and 1% tax. However, these additional charges are not applicable when using Yes Bank Private Credit Card.
5. Changes in IDFC First Bank Credit Card rules from May 1, 2024
IDFC First Bank has updated its credit card policies regarding utility bill payments. If you use the IDFC First Bank Credit Card to pay utility bills like gas, electricity or internet, there is no surcharge if the total amount in a statement cycle is Rs 20,000 or less.
However, if the total utility payments exceed Rs 20,000 in a statement cycle, a 1 per cent surcharge and 18 per cent GST will be applicable. This additional charge does not affect all credit cards – First Private Credit Card, LIC Classic Credit Card and LIC Select Credit Card are exempt from this surcharge. This means that with these specific credit cards, you will not face additional charges for utility bill payments.
1.HDFC Bank Senior Citizen Special FD Deadline
HDFC Bank has extended the investment deadline in its special fixed deposit (FD) scheme for senior citizens. This Senior Citizen Care FD, which offers higher interest rates for senior citizens, was launched in May 2020. The new deadline for investment in this scheme is May 10, 2024.
2. ICICI Bank savings account fee From 1st May 2024
ICICI Bank has updated its fees for several savings account services including check book, IMPS (Immediate Payment Service) transactions, ECS/NACH (Electronic Clearing Service/National Automated Clearing House) debit returns and stop payment charges. According to the ICICI Bank website, these new charges will be effective from May 1, 2024.
Read this also GST collections at all-time high; Crossing Rs 2 lakh crore in April 2024
The changes in ICICI Bank savings account service charges from May 1, 2024 are as follows:
Debit Card Annual Fee:
– General Fee: Rs. 200 per year
– Rural Location: Rs. 99 per year
Check Books:
– First 25 check pages per year are free
– Additional Holidays: Rs. 4 per check
DD/PO Fees:
– Cancellation, Duplicate, or Revalidation: Rs. 100 per example
IMPS Outbound Fee:
– Transactions up to Rs. 1,000: Rs. 2.50 per transaction
– Transactions from Rs. 1,001 to Rs. 25,000: Rs. 5 per transaction
– Transactions from Rs. 25,001 to Rs. 5,00,000: Rs. Rs 15 per transaction
account closure: No fee
Debit Card PIN Regeneration: No fee
Debit Card De-Hotlisting: No fee
Balance Certificate/Interest Certificate: No fee
Recovery of old transaction documents: No fee
signature verification: Rupee. Rs.100 per application/letter
ECS/NACH Debit Returns: Rupee. 500 per instance due to financial reasons (limited to 3 times per month for the same mandate)
Stop Payment Fee:
– For a specific cheque: Rs. Rs.100 (Free through Customer Service IVR and Online Banking)
Address Change Request in Branches: No fee
3. Yes Bank Savings Account Charges from May 1, 2024
Private sector bank Yes Bank has updated its savings account fee schedule. According to the bank’s website, the new charges will start from May 1, 2024.
According to Yes Bank website, the average monthly balance requirements for savings accounts are as follows:
– Savings Account Pro Maximum: Rs. Rs 50,000, maximum fine. Rs 1,000 for non-compliance.
– Savings Account Pro Plus / Yes Essence SA / Yes Honor SA: Rs. Rs 25,000, maximum fine. 750.
– Savings Account PRO: Rs. Rs 10,000, maximum fine. 750.
– Saving Price / Farmer SA: Rs. 5,000, maximum fine Rs. 500.
– My first yes: Rs. 2,500, maximum fine Rs. 250.
Account Service Fee:
1. Full balance or more: No charges.
2. More than half of the required balance: A charge of 5% on the amount you keep less.
3. Half or less of required balance: 10% fee on shortfall (5% for savings value accounts).
According to Yes Bank, the minimum balance requirements and associated charges for different types of accounts are as follows:
– In some places, you have to maintain an average monthly balance (AMB) of Rs. Rs 5000 for Yes Grace. Yes 2500 for respect, and Rs. Yes price for 2500.
– For Farmers Savings Accounts, you need to maintain an average annual balance (AYB) of Rs. 1000.
– If you do not maintain minimum balance in Yes Value account (where AMB is Rs 2500), the maximum charge is Rs. 125 per month.
– For Farmer Savings Accounts, the fee for non-maintenance of AYB is Rs. 100 per year.
Charges for ATM cum Debit Card for Yes Bank Savings Accounts:
– Element Debit Card: Annual fee Rs. 299.
– Engage Debit Card: Annual fee Rs. 399.
– Find Debit Card: Annual fee Rs. 599.
– RuPay Debit Card (only for Kisan accounts): Annual fee Rs. 149.
What does Yes Bank charge when using other bank ATMs in India:
– First 5 transactions per month: No fee.
– After the first 5 transactions, the charges are:
– Financial transactions (like cash withdrawal): Rs. Rs 21 per transaction.
– Non-financial transactions (like balance cheque): Rs. 10 per transaction.
Read this also Save millions in interest costs? What do RBI’s new rules on charging higher interest on loans mean for borrowers?
4. Yes Bank Credit Card Rules from 1st May 2024
Yes Bank has revised the terms of its credit cards, except for ‘Personal’ credit cards. These changes only affect the fuel fee category on certain credit cards and how spending is calculated to waive the annual and joining fees. A new fee has also been imposed for this utility bill payment,
Using Yes Bank credit cards to pay utility bills (like gas and electricity) will be more expensive from May 1, 2024. According to Yes Bank’s website on March 29, 2024, “A charge of 1% will be applicable on all utility transactions in a statement cycle.” If you use your Yes Bank Credit Card to pay more than Rs. Rs 15,000 in utility bills in one statement cycle, you will also be charged GST and 1% tax. However, these additional charges are not applicable when using Yes Bank Private Credit Card.
5. Changes in IDFC First Bank Credit Card rules from May 1, 2024
IDFC First Bank has updated its credit card policies regarding utility bill payments. If you use the IDFC First Bank Credit Card to pay utility bills like gas, electricity or internet, there is no surcharge if the total amount in a statement cycle is Rs 20,000 or less.
However, if the total utility payments exceed Rs 20,000 in a statement cycle, a 1 per cent surcharge and 18 per cent GST will be applicable. This additional charge does not affect all credit cards – First Private Credit Card, LIC Classic Credit Card and LIC Select Credit Card are exempt from this surcharge. This means that with these specific credit cards, you will not face additional charges for utility bill payments.
