ICICI Bank, a leading private sector bank, has recently announced significant changes to its service charges, benefiting many of its customers, especially those using credit cards.
These changes are set to take effect from July 1, 2024. particularly benefiting its credit card customers. These changes are set to take effect from July 1, 2024.
Changes in Credit Card Charges
ICICI Bank has revised its charges related to credit card services, aiming to reduce the financial burden on its customers. While some fees have been eliminated entirely, others have been adjusted:
Increased Charge for Credit Card Replacement: The fee for replacing a credit card has been raised from Rs 100 to Rs 200.
Abolished Charges for Credit Card Users
From July 1, 2024, ICICI Bank will no longer impose the following charges on its credit card holders:
1) Rs 100 fee for cheque or cash pick-up
2) Rs 100 fee for requesting a charge slip
3) Minimum Rs 300 fee for Dial a Draft service
4) Outstation cheque processing fee (minimum Rs 100 or 1% of cheque value)
5) Rs 100 charge for duplicate statement older than 3 months
Implementation and Customer Benefits
According to ICICI Bank, these changes are part of its initiative to enhance customer satisfaction by reducing unnecessary charges. These updates are scheduled to be implemented from July 1, 2024, onwards.
Relief from Late Payment Penalties
In addition to revising service charges, ICICI Bank has also revised its late payment penalty structure. Instead of levying penalties based on the total outstanding amount,
the bank will now calculate penalties based on the net outstanding amount after deducting the payments received during the billing period.
This proactive approach by ICICI Bank is expected to provide substantial relief to its credit card customers, aligning with its commitment to improving customer experience and reducing financial barriers.
