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Tuesday, December 9, 2014

ICICI Bank – Hike in ATM Charges-LessCash Transactions Motivational Tip

            As per press reports, ICICI Bank from 01 January 2015, is rolling out a LessCash motivation tip to its account holders.

            ICICI Bank has decided to levy charges on its own customers for accessing their Automated Teller Machines (ATMs) after five transactions.

After exceeding the five free transaction limits, customers will have to pay Rs 20 per financial transaction excluding service tax and Rs 8.50 for every non-financial transaction for using own bank's ATM.

These charges will also be applicable at non-ICICI Bank ATMs in six metros after three free transactions--Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad.

In case if the card is used in non-metro areas then customers can enjoy five free transactions per month at non-ICICI Bank ATMs, after which the same charges will apply.

            As a minor concession, customers maintaining an average monthly balance of more than INR 25,000, will not be charged for using the bank's ATM even beyond five transactions.

            This is in line with RBI Circular dt October 10, 2014 on Usage of ATMs –Rationalization of number of free transactions.

            Through this step the respective Banks are encouraging their customers to migrate from Cash Transactions to Electronic Transactions.

            The pressure will be more on commercial establishments and organizations to offer alternate payment channels to their customers.


            Yes, this is the way to go ahead for LessCash Transactions in our country. 

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