Savings Account Fees: Effective May 1, these two major banks will be changing their savings account fees – Details

Do you currently have savings accounts with YES Bank or ICICI Bank? According to information provided by both lenders on their official websites, these two banks will be making some modifications to the fees that clients of their savings accounts starting on May 1, 2024. Furthermore, these two banks have made the decision to stop offering certain account types.

The ICICI Bank website states the following on the updated fees for savings accounts:

With effect from May 1, 2024, service fees for a number of savings account services, such as check books, IMPS, ECS/NACH Debit Returns, stop payment fees, and more, are scheduled to be updated.

View all of ICICI Bank’s updated savings account servicing fees here:

Annual fees for Debit Cards: Rs. 200 per year. For places in Gramin: Rs 99 annually.
Cheque Books: Rs 4 per leaf beyond the first 25 cheque leaves in a year, at no cost.

Regenerating a PIN on a debit card costs nothing.
Debit Card deactivation: 0
Close of account: NIL
Address change requests at branches: NIL Reissue of an Internet user ID or password (Branch or non-IVR Customer Care): NIL
Give up Payment fees: Rs 100 for the specific check (free via customer service IVR & Net banking).
The cost for retrieving old transactional documents, making inquiries about old records, canceling POs, making duplicates, and revalidating them is Rs 100 per occurrence.

Certificates of Balance and Interest: NIL
Attestation of signature: Rs 100 for each letter or application
Verification of address: NIL ECS / NACH Debit Returns: For budgetary considerations, up to Rs 500 per occurrence. Maximum recovery shall be carried out for the same National Automated Clearing House (NACH) Mandate three times each month. Physical one-time mandate authorization fees: NIL
Savings account lien marking and unmarking: NIL
Changes to an address at a branch: NIL ECS / NACH Address reissue or password (Branch or non-IVR Customer Care): NIL Debit Returns: For budgetary considerations, up to Rs 500 per occurrence. Maximum recovery shall be carried out for the same National Automated Clearing House (NACH) Mandate three times each month. One-time mandate: NIL Physical authorization fees
According to the YES Bank website, the fees for savings accounts have been changed.

YES Bank, a major private sector bank, has also updated its savings account fees. As stated on the official YES Bank website, the increased fees will take effect on May 1, 2024. A few account types have also been terminated by the bank.

Schedule of charges for savings accounts at YES Bank:

Average Monthly Balance (AMB) requirements, as periodically updated by YES Bank, for certain locations:

The maximum fee for Savings Account PRO Max is Rs 50,000; for Savings Account Pro Plus / Yes Essence SA, it is Rs 1,000. YES Respect SA, the maximum charges are Rs 750 Rs 10,000 for Savings Account PRO, Rs 750 Rs 5000 for Savings Value / Kisan SA, Rs 500 Rs 2500 for My First YES, and Rs 250
If equilibrium is preserved, then

= 100% of the required amount – NIL 50% of the required amount – 5% of the remaining balance
10% of the balance deficit and 5% of the balance shortfall for Savings Value equals 50% of the requirement.The AMB requirements are Rs 5,000 for YES Grace, Rs 2,500 for YES Respect, and Rs 2,500 for YES Value, as specified from time to time by YES BANK at certain locations. The Average Yearly Balance (AYB) for a Kisan Savings A/c must be Rs 1,000 everywhere. For savings values with an AMB requirement of Rs 2,500, the monthly maximum charge for failing to maintain balances is Rs 125. Charges for Kisan Savings A/C will be Rs 100 annually, according to the YES Bank website.

Fees for savings account debit cards using ATMs

Debit Card and One-Time Fee:

· Debit Card for Element: Rs 299

· Debit Card Engagement: Rs 399

· Explore 599 Debit Card

· Rupay Debit Card: Rs 149 (exclusive to Kisan accounts)

Transactions at other bank ATMs are free at YES Bank:

The lender offers a free first five transactions each month, after which each financial transaction costs Rs. 21 and each non-financial transaction costs Rs. 10.