This May, significant changes have been made by major banks of India regarding new savings accounts, account fees, banks’ credit card rules, FD deadlines, etc. Starting May 1st, 2024. Let’s see what those are.
ICICI bank has brought an update in its fees for its various savings account services which also include chequebooks, Immediate payment service transactions, (Electronic Clearing Service/National Automated Clearing House), debit card fees, and stop payment charges.
2.HDFC’ s Deadline Extension of Special Fixed Deposit (1st May 2024)
HDFC on the other hand, has introduced an extension for the deadline for investment in its special fixed deposit (FD) scheme for senior citizens. Launched in May 2020, this senior citizen care FD offers higher interest rates. Now, the deadline for investing in this scheme has been extended to May 10, 2024.
Yes Bank Savings Account Charges (1st May 2024)
Yes bank has provided an update to its savings account fee schedule. As per Yes Bank’s website, the new charges are as follows for the average monthly balance requirements:
As for Yes Bank’s account service charges, only more than half the required balance (A charge of 5% on the amount you fall short) and half the required balance or less will be charged (10% on the shortfall; 5% for Savings Value accounts). While in full balance or more, there’ll be no charge.
As per Yes’s bank minimum balance requirements & associated charges for different accounts, It will vary. For example for a/c like Yes Grace, value and respect, maintenance of the average monthly balance will be under the range of Rs.5000-Rs.2500. As for kisan savings a/c, the average yearly balance is Rs.1000, (If not maintaining AYB in kisan savings: It is Rs.100 per year).
3. Yes Bank’s New Credit Card Rules
Yes bank has undertaken the revision of its credit card terms except private credit cards.
Starting 1st May, the usage of Yes Bank credit for utility bills i.e. gas & electricity will now cost more. As per Yes Bank’s website, a charge of 1% will be applicable on all utility transactions in a statement cycle.
Further declared that if you use a YES Bank credit card for the payment of more than Rs. 15,000 in utility bills in a single statement cycle, the GST will be charged with 1% tax. Meanwhile, this extra charge does not apply to those using Yes Bank’s private credit card.
4. ATM cum Debit Card Charges for Yes Bank Savings Account
2. Engage Debit Card: The annual fee is Rs. 399.-
3. Explore Debit Card: The annual fee is Rs. 599.-
4. Rupay Debit Card (only for Kisan accounts): The annual fee is Rs. 149.
5. IDFC First Bank Credit Card Rule
IDFC credit card has updated its credit card policies concerning utility bill payments. If using IDFC’s first bank credit card to pay utility bills like gas, electricity, or internet, no surcharge if the total amount is Rs 20,000 or less in a single statement cycle.
But if exceeding Rs 20,000 in the statement cycle, a 1% surcharge plus 18 percent GST will be applied. The exceptions to this surcharge rule are- FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.
