PLEASE READ THE LATEST ADDITION IN THE BOTTOM OF REVIEW:
Do you have an ICICI account? If no - Be Happy. If YES....please read
on...
You are allowed to enter the Bank only once in a month for free.
(thrice in a quarter) There after you have to pay Rs.50/- every time.
This means you should not go to the branches.
For every cheque leaves you need to pay Rs. 2/- So if you are using
50 cheques you have to pay Rs.100/- So you are discouraged using Cheques.
With effect from April 1, 2004 ICICI is charging you Rs.99/- for
your ATM Card. Even for ATM card (remember ATMs are replacement for
branches) we need to pay. Now the only way you could withdraw your
money is to pay and withdraw. With this imagine the amount of cash that ICICI
would make every year with out doing any thing. If you consider as 10 lakh
customers, 10 Crores of rupees ever year ! - assured income for ICICI.
You can use ATM. But only twice in a month (six times in a quarter).
There after you have to pay just Rs.25/- every time.
So how do you use your money at ICICI bank?
Compare these with nationalized banks. Those days we used to happily
use the bank branches (free of course). Cheque books are supplied for free of
cost.
These private banks have captured the market by many ways. They have
slashed down the interest on savings account and on Fixed Deposits. They
eliminated branches and introduced ATMs - Cost cutting. Probably at cost of one
single branch they could put in many ATMs. Now they charge you for using those
ATMs as well. It is after all our money that we deposit with them.
To use your own money you need to pay ICICI !.
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I contacted the ICICI officials again to get a clarification from them, and I got the below latest information. Hope it would be useful to you.
- If you deposit cash in your account from any other Branch other than the
Branch where you hold the account, more than once during a month, there are certain charges associated with the same. The charges for every cash deposit are Rs.5/- per thousand with a minimum of Rs.100/-. The same was
effective from 1st January, 2004. These are charged on monthly basis
Your cheque book will continue to be free, you will be charged Rs. 2/- only if you do not maintain the Average Quarterly Balance in your account
From 1st April, 2004 your debit card has these enhanced features:
a. The debit card would now have an increased withdrawal limit of 25000/-.
b. Debit card can also be used in the shared ATM network of Andhra Bank and Federal Bank for withdrawal of cash up to.25, 000/- per day at the following transaction charges:
Cash withdrawal ? Rs. 20/- per transaction
Balance Enquiry ? Rs. 10/- per transaction
c. Increased purchase limits on the Debit card at the merchant outlets from Rs.15, 000/- to Rs. 25, 000/- per day
In light of these enhanced features, it has been decided to levy a annual fee of Rs. 99/-
- ATM usage is also free for all customers, except to those who do not maintain the Average Quarterly Balance in their account, where first six transactions are free, and hence forth they will be charged Rs. 25/- per transactions
The conclusion is that most of the charges mentioned in the mail received by you is applicable only if you do not maintain the Average Quarterly Balance in your account, hence if you maintain the minimum balance in your account, most of the charges discussed will not be applicable to you.