New Delhi: ICICI Bank will charge a convenience fee of Rs 50 per transaction made using cash deposit machines after non-business hours and on bank holidays.
The new fee has come into effect from Sunday (November 1).
In a communication sent to its customers last month, the ICICI Bank had informed that the new charges that will come into effect on November 1.
The charge will be applicable on transactions carried out between 6.00 PM and 8.00 AM during normal business days and also on the transactions done on bank holidays.
“We are not the only bank that is doing it, we have informed our customers one month in advance as per the regulations,” a source told ETV Bharat.
The source clarified that if the customers use a cash recycler (cash deposit machine) during the normal business hours then the levy will not be applicable.
If the cash deposit in the cash acceptor/recycler machines is more than Rs 10,000 per month, either as a single transaction or multiple transactions, the bank will levy the convenience fee.
However, a certain category of account holders will be exempt from these charges.
The fee will not be applicable to senior citizens, basic savings bank account, Jan Dhan accounts, accounts held by incapacitated and visually impaired persons, student accounts or any other accounts identified by ICICI Bank.
Axis Bank had started levying similar charges from August this year.
