In a bid to streamline their operations and enhance customer service, YES Bank and ICICI Bank have announced revisions to their service charges for savings accounts, effective from May 1st. These changes, aimed at optimizing account management and ensuring financial stability, encompass adjustments to minimum average balance requirements and alterations to various service fees. Here’s a comprehensive overview of the modifications introduced by both banks:
YES Bank Revisions:
- YES Bank has revised the Minimum Average Balance (MAB) requirements for different variants of savings accounts.
- Notable changes include:
- Account Pro Max now requires a minimum average balance of ₹50,000, with a maximum charge capped at ₹1,000.
- Savings Account Pro Plus, Yes Essence SA, and YES Respect SA will now necessitate a minimum balance of ₹25,000, with a maximum charge limit set at ₹750.
- Savings Account Pro will require a minimum balance of ₹10,000, with charges up to ₹750.
- Additionally, YES Bank has decided to discontinue several account types, including Savings Exclusive and Yes Saving Select, in alignment with evolving customer needs.
ICICI Bank Updates:
- ICICI Bank has implemented revisions across various service charges, including minimum average balances, cash transaction charges, and ATM interchange fees.
- Furthermore, certain accounts such as Advantage Woman Savings Account, Privilege Accounts Advantage Woman Saving Account, Asset Linked Saving Account, and Aura Savings Account have been discontinued.
- Key revisions introduced by ICICI Bank include:
- Annual debit card fees have been set at ₹2,000, with a reduced rate of ₹99 annually for rural areas.
- The first 25-page chequebook annually will be free, with subsequent pages charged at ₹4 per leaf.
- Charges for IMPS transactions will range between ₹2.50 to ₹15 per transaction, depending on the transaction amount.
- Adjustments will be made to transaction charges at home and non-home branches, including third-party transactions.
Customers are advised to familiarize themselves with these changes to ensure seamless banking experiences and to avoid any inconvenience. Detailed information regarding the revised charges and account modifications can be accessed through the official websites of YES Bank and ICICI Bank, respectively. These measures underscore the commitment of both banks to adapt to evolving market dynamics and prioritize customer satisfaction in an ever-changing financial landscape.
