Private Banks to Be Strict About Services and Penalties from 1st of April

Published By : 20 Mar 2015 | Published By : QYRESEARCH

All the private banks are going to increase the penalties and service charges from 1st of April and the customers will have to pay higher penalty if they fail to maintain the balance in savings account. Banks are also planning on cutting the lending rates as well.

All the major private lenders which include HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Axis Bank have plans to raise the charges and penalty amount. ICICI Bank which is India's biggest private lender will be charging an amount Rs 100 additionally if the average monthly balance is not mentioned in metros cities and an amount of Rs 50 in all the semi-urban areas. As per the regulations, the average monthly balance for urban areas customers is Rs 10,000 and for semi-urban areas customers Rs 5,000.

Officials of ICICI Bank informed that starting from 1st of April, the banks will inform its customers by sending a message or letter or an e-mail if the balance is not up to the limit and if the balance is not restored till the next month then the bank will apply the non-maintenance charges on the customers.

As per the information provided by HDFC Bank, they will charge an amount of Rs 75 on issuing every 25 page cheque-book after the first one. The bank will charge an amount of 150 to 300 for minimum average monthly balance of Rs 10,000 for the urban customers and an amount of 150 to 600 for minimum average monthly balance of Rs 5,000 for the semi-urban customers.
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