1 min read.Updated: 01 Nov 2020, 12:10 PM IST Written By Anulekha Ray
Several private sector lenders have introduced a convenience fee for cash deposits in machines. Here the new rules you must know
ICICI Bank, the private sector lender, will charge a convenience fee for cash deposits by customers in cash recyclers during non-business hours and bank holidays. A fixed amount of ₹50 will be levied for each transaction on the bank holidays and between 6:00 pm and 8:00 am on working days, starting from Sunday, the lender mentioned.
“Effective November 1, 2020, a convenience fee of ₹50 per transaction, will be levied on cash deposited in the cash acceptor or recycler machines on bank holidays and between 6:00 pm and 8:00 am on working days," ICICI Bank said.
The bank will also levy a convenience fee if the cash deposit in the cash acceptor/recycler machines exceeds ₹10,000 per month either as a single transaction or multiple transactions.
The fee will not be applicable to senior citizens, basic savings bank account, Jan Dhan accounts, accounts held by incapacitated and visually impaired persons, student accounts or any other accounts identified by ICICI Bank, the lender mentioned.
Axis Bank had already started levying the charge earlier this year. It levies convenience fee on cash deposit transaction done at the rate of ₹50 per transaction after banking hours (or between 5:00 pm to 9:30 am) and on national and State bank holidays. The convenience fee was effective from 1 August.
ICICI Bank reported a six-fold year-on-year jump in its September quarter net profit to ₹4,251 crore. The bank’s core income or net interest income rose 16% year-on-year to ₹9,366 crore as on 30 September from ₹8,057 crore.
Private sector lender Axis Bank reported a net profit of ₹1,682.67 crore in the September quarter of FY21. The net interest income (NII) — difference between interest earned and interest expended — increased 20% year-on-year to ₹7,326 crore.