<p>Leading private sector bank ICICI Bank will charge its customers Rs 5 per transaction from next month for transfer of funds over mobile phones, a service available for free as of now.<br /><br /></p>.<p>The fee for inter-bank transfer of funds would be levied from April 1, along with a slew of revisions in the bank's various service charges.<br /><br />Its peer HDFC Bank has already revised service charges with effect from January 1, when it also introduced charges for a few services. Banking industry experts said that a few other private sector banks could also soon revise these rates.<br /><br />As per a circular issued by ICICI Bank, it will levy a service charge of Rs 5 per transaction on its IMPS (Interbank Money Payment Service) customers and would also limit such fund transfers at Rs 50,000 per transaction a day.<br /><br />ICICI Bank is one of the top banks offering this service and has more than 30 lakh customers using the facility.<br /><br />Regarding many other service charges, ICICI Bank has also decided moved to a monthly-basis of levying fees and maintenance of minimum account balance, from quarterly now.<br /><br />For regular savings accounts, ICICI Bank would require its customers to maintain a monthly average balance of Rs 10,000 in metro and urban locations, Rs 5,000 in semi-urban and Rs 2,000 in rural areas.<br /><br />For non-maintenance of minimum balance, it would levy a charge of Rs 250 per month in metro/urban areas, as against Rs 750 per quarter currently, in case of the average balance being Rs 5,000-10,000 and Rs 350 per month for average balance falling below Rs 5,000.<br /><br />For ECS debit returns, the bank has increased the charge from Rs 250 per return to Rs 350 with effect from April 1.<br /><br />The bank would allow four free cash transactions at the base branch in a month, as against 12 in a quarter now, and would levy a charge of Rs 90 per transaction thereafter (from Rs 50 currently).<br /><br />However, the bank has withdrawn its charges for all multi-city cheque payments, which is currently charges at Rs 3 per Rs 1,000 for transactions above Rs 50,000.</p>
<p>Leading private sector bank ICICI Bank will charge its customers Rs 5 per transaction from next month for transfer of funds over mobile phones, a service available for free as of now.<br /><br /></p>.<p>The fee for inter-bank transfer of funds would be levied from April 1, along with a slew of revisions in the bank's various service charges.<br /><br />Its peer HDFC Bank has already revised service charges with effect from January 1, when it also introduced charges for a few services. Banking industry experts said that a few other private sector banks could also soon revise these rates.<br /><br />As per a circular issued by ICICI Bank, it will levy a service charge of Rs 5 per transaction on its IMPS (Interbank Money Payment Service) customers and would also limit such fund transfers at Rs 50,000 per transaction a day.<br /><br />ICICI Bank is one of the top banks offering this service and has more than 30 lakh customers using the facility.<br /><br />Regarding many other service charges, ICICI Bank has also decided moved to a monthly-basis of levying fees and maintenance of minimum account balance, from quarterly now.<br /><br />For regular savings accounts, ICICI Bank would require its customers to maintain a monthly average balance of Rs 10,000 in metro and urban locations, Rs 5,000 in semi-urban and Rs 2,000 in rural areas.<br /><br />For non-maintenance of minimum balance, it would levy a charge of Rs 250 per month in metro/urban areas, as against Rs 750 per quarter currently, in case of the average balance being Rs 5,000-10,000 and Rs 350 per month for average balance falling below Rs 5,000.<br /><br />For ECS debit returns, the bank has increased the charge from Rs 250 per return to Rs 350 with effect from April 1.<br /><br />The bank would allow four free cash transactions at the base branch in a month, as against 12 in a quarter now, and would levy a charge of Rs 90 per transaction thereafter (from Rs 50 currently).<br /><br />However, the bank has withdrawn its charges for all multi-city cheque payments, which is currently charges at Rs 3 per Rs 1,000 for transactions above Rs 50,000.</p>