Newsjaat Desk: Exciting updates are on the horizon for account holders at Yes Bank and ICICI Bank! Starting May 1, both banks are implementing significant changes to their savings account services, ensuring a smoother banking experience for all customers. Let’s delve into the details:
Yes Bank Changes:
Yes Bank is shaking things up with revised minimum average balance (AMB) requirements across various savings account types:
- Savings Account Pro Max: To enjoy this premium offering, customers will need to maintain an AMB of Rs 50,000, with a maximum charge capped at Rs 1,000.
- Savings Account Pro Plus, Yes Essence Savings Account, and Yes Respect Savings Account: A minimum AMB of Rs 25,000 is required, with a maximum charge of Rs 750.
- Savings Account Pro: A reasonable AMB of Rs 10,000 is mandatory, accompanied by a maximum charge of Rs 750.
- Savings Value and Kisan Savings Account: For these accounts, an AMB of Rs 5,000 will be necessary.
Additionally, Yes Bank is streamlining its account offerings by discontinuing several types, such as Savings Exclusive and Yes Savings Select, among others, to simplify choices for customers.
ICICI Bank Updates:
ICICI Bank is also undergoing transformations to enhance its banking services:
- Minimum Monthly Average Balance (MAB): Customers should take note of adjustments in MAB requirements.
- Cash Transactions Charges: The bank is refining charges for transactions at domestic and non-domestic branches, including third-party transactions.
Furthermore, ICICI Bank is bidding farewell to select account types like Advantage Women Savings Account and Aura Savings Account to refine its offerings.
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Key Changes in ICICI Bank Regular Savings Account:
- Debit Card Annual Fee: An annual fee of Rs 200 will apply (Rs 99 for rural locations).
- Check Book: Enjoy the benefit of 25 free checks annually, with a nominal charge of Rs 4 per check thereafter.
- IMPS Outward Transactions: Tiered charges based on transaction amount, ranging from Rs 2.50 to Rs 15 per transaction, depending on value.
These changes aim to optimize banking services, ensuring a seamless and cost-effective experience for all ICICI Bank customers.
Conclusion: The impending changes at Yes Bank and ICICI Bank signify a proactive approach towards enhancing customer satisfaction and simplifying banking processes. Stay informed and make the most of these updates starting May 1!