Hotness High Alert!! Bank Chor - New Policy *UPDATE

Hot Deal High Alert!! Bank Chor - New Policy *UPDATE

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Deal Newbie
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Making this New thread coz my previous thread was full of confusions, got the clarity by calling customer care and wanted to inform you guys the NEW POLICY introduced by ICICI bank(may be other banks too)

*You will be charged 100 rs + GST for the first 2 CASH Deposits of the month and 125 rs + GST after that.

Means, If you deposit even 100 rs at your home branch/Cash Deposit Machine (CDM) you will be charged 100 rs plus 18% GST, that’s 118 rs, so your balance would be -18 rs !!!!

Now Depositing money into your saving account isn’t free!!

Wow, My phone banking officer told be it’s a good gesture by banks to encourage digital transactions, to which I replied " Abey gadhe jab bank main paisa daalenge to online transactions kar sakenge na"

Loot machi bhai log!!

32 Comments  |  
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Deal Brigadier
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what type of acct u have?

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Deal Newbie
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digital India , digital transaction karo … cash kam karo

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flawlessking wrote:

Zero Balance Account

is it Basic Savings Bank Account?

https://www.icicibank.com/managed-assets/docs/a...
https://www.icicibank.com/service-charges/basic...

In addition to the above grid, the Savings Account with Zero Balance requirement or accounts where stipulated Monthly Average Balance (MAB) is not maintained, the below charges will also apply #

 All cash transactions (deposits & withdrawals) at ICICI Bank branches or cash deposits in ICICI Bank Cash Recycler
Machines will be charged at Rs 100 (per transaction) for the first two transactions and Rs 125 (per transaction) for
any subsequent transactions up to the threshold limits applicable for the type of Savings Account. This charge will
be levied over and above the non–maintenance of MAB charges stipulated in terms and conditions applicable to
the account.

#Exclusions:
Senior Citizens, Select Circle Accounts, Society Accounts, Student Accounts, Wealth & Private Banking, Basic
Savings Bank Account
, Incapacitated and Blind, Accounts mapped to Family IDs or any other product identified by
the Bank.

@panchabhut as per above i understand Basic Savings Bank Account has 4 free cash transactions per month

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Guys off to ICICI bank, will update you once i am back

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flawlessking wrote:

Guys off to ICICI bank, will update you once i am back

ask them the type of acct u hold. if its Basic Savings Bank Account then its free

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Deal Subedar
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can i apply for senior citizen account on my father’s name ?
wht r the special benefts of senior citizen account ?

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Deal Lieutenant
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Modi hai to mumkin hai.
This will actually promote more small value cash transactions but reduce high value cash transactions

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flawlessking wrote:

Guys off to ICICI bank, will update you once i am back

Basic Savings Bank Account still has free cash deposit as per https://www.icicibank.com/terms-condition/nil-m... on https://www.icicibank.com/notice-boar...ge

Zero Balance Accounts – Terms & Conditions
At ICICI Bank, we encourage our customers to do their banking transactions through the digital mode and thus contribute towards the Digital India initiatives. As an illustration, we would like to mention that customers can withdraw cash by using their Debit Card at any Banks ATM* and funds can be transferred through NEFT/RTGS/UPI using Mobile Banking or Internet Banking at zero charges.

In line with the above, the Bank will be incorporating the below clause in the terms and conditions applicable to your account with effect from October 16, 2019:

All cash transactions will be charged at Rs 100 (per transaction) for the first two transactions and Rs 125 (per transaction) for any subsequent transaction at any ICICI Bank branch or cash deposits done at ICICI Bank Cash Recycler Machines.
In case the above terms and conditions are not acceptable to you,

You have the option to convert the above Savings Account to a Basic Savings Bank Account by October 16, 2019 by visiting the nearest branch.
In case you wish to close the account, you may visit the nearest branch. The revised terms and conditions shall apply till the date of closure of your account.

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flawlessking wrote:

Guys off to ICICI bank, will update you once i am back

there are many type of bank accts which has zero mab req. u need to find out the type of acct u have. if its Basic Savings Bank Account (which is zero mab acct) then u get free cash deposits.

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rajrocks wrote:

there are many type of bank accts which has zero mab req. u need to find out the type of acct u have. if its Basic Savings Bank Account (which is zero mab acct) then u get free cash deposits.

Sure will update here once I am back

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So guys visited them personaly and here are the details.

1. My account type was “Demat Direct linked savings account”
2. It’s no longer zero balance with the effect from Oct 2019, MAB is 5000 rs
3.Regarding the charges, 4 FREE cash deposits are allowed per month but ONLY AT Counter, NO FREE CDM(cash deposit machine) NOW onwards, ALSO for REGULAR SAVING ACCOUNTS THERE WILL BE NO FREE MACHINE DEPOSITS from OCT 2019, those who are not charged will be charged soon in next audit, I did the CDM deposit on NOV but I got charged now
4.So the problem was, CDM was not free and i was charged for the same. And yes cash deposit is still free upto 4 transaction only at the cash officers desk, no CDM IS FREE

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Deal Cadet
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I never deposited cash to any of my 4 accounts in different banks in last 7-8 years. Though I used to deposit cash sometimes before 7-8 years.
Maybe someone who earns in cash needs to deposit amount in the bank but if you’ve a salary account than your earning automatically goes to your account.
Also, charges are different for different types of accounts.

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pradeep.gr wrote:

I never deposited cash to any of my 4 accounts in different banks in last 7-8 years. Though I used to deposit cash sometimes before 7-8 years.
Maybe someone who earns in cash needs to deposit amount in the bank but if you’ve a salary account than your earning automatically goes to your account.
Also, charges are different for different types of accounts.

+1

Same! Charges are based on different types of account.
And Customer-Bank Relation also… sometimes.

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Edit.. Edit your post with your latest findings 😁

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flawlessking wrote:

So guys visited them personaly and here are the details.

1. My account type was “Demat Direct linked savings account”
2. It’s no longer zero balance with the effect from Oct 2019, MAB is 5000 rs
3.Regarding the charges, 4 FREE cash deposits are allowed per month but ONLY AT Counter, NO FREE CDM(cash deposit machine) NOW onwards, ALSO for REGULAR SAVING ACCOUNTS THERE WILL BE NO FREE MACHINE DEPOSITS from OCT 2019, those who are not charged will be charged soon in next audit, I did the CDM deposit on NOV but I got charged now
4.So the problem was, CDM was not free and i was charged for the same. And yes cash deposit is still free upto 4 transaction only at the cash officers desk, no CDM IS FREE

any news on icici Basic Savings Bank Account?

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rajrocks wrote:

any news on icici Basic Savings Bank Account?

No news, just the CDM charges to be imposed,  between my account type and regular saving has similar charges, infact my account has LESS MAB, 5K INSTEAD of 10k,also to get FREE CDM( limited txn) one has to upgrade to SILVER SAVING ACCOUNT with 25k MAB , i see no additional benifits, all in all banks are tightening things slowly and steadily

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flawlessking wrote:

No news, just the CDM charges to be imposed,  between my account type and regular saving has similar charges, infact my account has LESS MAB, 5K INSTEAD of 10k,also to get FREE CDM( limited txn) one has to upgrade to SILVER SAVING ACCOUNT with 25k MAB , i see no additional benifits, all in all banks are tightening things slowly and steadily

Your location must be semi urban/rural .

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Simbha3 wrote:

Your location must be semi urban/rural .

No bhai, I am from South Mumbai

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How to know type of account ? Clicking user name shows following info:
Account TypeSavings
Account CategorySBKIT
MAB required to be maintained in your Savings Account is Rs 0.00

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pradeep.gr wrote:

I never deposited cash to any of my 4 accounts in different banks in last 7-8 years. Though I used to deposit cash sometimes before 7-8 years.
Maybe someone who earns in cash needs to deposit amount in the bank but if you’ve a salary account than your earning automatically goes to your account.
Also, charges are different for different types of accounts.

+1
Only deposit in cash during last 15 years was at the time of De-mo, old 1000 & 500 notes.

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flawlessking wrote:

So guys visited them personaly and here are the details.

1. My account type was “Demat Direct linked savings account”
2. It’s no longer zero balance with the effect from Oct 2019, MAB is 5000 rs
3.Regarding the charges, 4 FREE cash deposits are allowed per month but ONLY AT Counter, NO FREE CDM(cash deposit machine) NOW onwards, ALSO for REGULAR SAVING ACCOUNTS THERE WILL BE NO FREE MACHINE DEPOSITS from OCT 2019, those who are not charged will be charged soon in next audit, I did the CDM deposit on NOV but I got charged now
4.So the problem was, CDM was not free and i was charged for the same. And yes cash deposit is still free upto 4 transaction only at the cash officers desk, no CDM IS FREE

Weird policy with zero logic, cash deposit at counter free while at CDM chargable. rolleyes

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igen wrote:

Weird policy with zero logic, cash deposit at counter free while at CDM chargable. rolleyes

ICICI: It’s more convenient for customer, let’s make money out of it.

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Many of us here (my area btw) feels immense anxiety by keeping money in bank cuz plenty of times the bank staff steals the money and even if you or any group register complain asap… your money is not recovered!!!
Sbi, axis and hdfc had some of the serious loot.
My dad’s retired professor and some other eye doctors were running a successful, low cost eye clinic for a few years and 2 years back there clinic’s account in axis bank was cleaned by some staff. Money was never recovered and even some of their private account was attacked too but failed to empty it completely :/
The scary thing is they can disable sms notifications so one would not be alerted either.

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