Private companies Yes Bank and ICICI Bank are going to make some changes to the fees and rules for their savings accounts starting May 1st.
Let’s talk about the changes at Yes Bank
Yes Bank is altering the minimum balance required for various types of savings accounts.
For the Pro Max account, you’ll need to keep a minimum average balance of Rs 50,000, and the maximum charge will be limited to Rs 1,000.
For customers with Saving Account Pro Plus, Yes Essence SA, and YES Respect SA, the new minimum balance will be Rs 25,000.
If you have a Saving Account Pro, the minimum balance will be Rs 10,000. The maximum charge for these accounts will be Rs 750.
Yes Bank will also be closing some accounts, such as Saving Exclusive and Yes Saving Select.
Now, let’s see what changes ICICI Bank is making
ICICI Bank is adjusting the fees for certain services like minimum average balance, cash transaction charges, and ATM interchange fees.
In the Regular Savings Account, the annual fee for a debit card has been raised to Rs 2,000, although it’s Rs 99 for rural areas.
If you use too many checkbooks from ICICI Bank, you’ll have to pay extra charges.
The first 25 pages are free each year, but after that, you’ll be charged Rs 4 for every additional page.
Additionally, ICICI Bank customers will now have to pay charges for IMPS transactions, which can vary from Rs 2.50 to Rs 15 depending on the transaction value.
ICICI Bank is also closing some accounts like Advantage Woman Savings Account, Privilege Accounts Advantage Woman Saving Account, Asset Linked Saving Account, and Aura Savings Account.
