ICICI Bank Charged me with Additional cash Tran...

ICICI Bank Charged me with Additional cash Transaction charges.

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What the hell is this now? Up to five free cash transaction was allowed till now, that’s fine, but now capping online transactions??? Don’t know if that’s the case, I have been charged 118 rs as “Additional CASH Transaction Charges” don’t know what the hell it is, upon searching online it shows some MAB thing, but well I HAVE ZERO BALANCE saving account with them from past 15 years now. What’s wrong, Can u guys explain :sad:

19 Comments  |  
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Have already dropped a mail to their customer care, but want a quick help here

EDIT:

All free cash transactions at ICICI Bank branches or cash deposits done at 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 transaction in case of non-maintenance of applicable minimum Monthly Average Balance (MAB) stipulated in the terms and conditions applicable to your account. This charge will be levied over and above the non–maintenance of MAB charges stipulated in terms and conditions applicable to the account.


" Koi batayega ye kya likha hai ICICI walo ne, I cant get it"

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You may have used icici CDM machine to withdraw cash or deposit. The charged amount is for the same. It’s not free service unlike SBI.

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rockingneo wrote:

You may have used icici CDM machine to withdraw cash or deposit. The charged amount is for the same. It’s not free service unlike SBI.

No Bro, the last I used the CDM machine was on 28 December and no new cash txn withdrawal or deposit has been done since then…

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Illustration -
MAB requirement in an account is Rs.10,000.
 For the month of October 2019, if customer maintains a balance in the account equal
to or higher than the applicable MAB of Rs.10,000, they will continue to avail cash
transaction facility at ICICI Bank branches as per the applicable terms and conditions
of the product *.
In case customer does not maintain the required MAB of Rs.10,000 for the month of October
2019, then a charge of Rs.100 (per transaction) for the first two transactions and Rs.125 (per
transaction) for any subsequent transaction will be levied at any ICICI Bank branch or cash
deposits done at ICICI Bank Cash Recycler Machines. The charges will be levied from the
month of November 2019 onwards. This charge will be levied over and above the non –
maintenance of MAB charges as stipulated in terms and conditions applicable to the
account.

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rockingneo wrote:

Illustration -
MAB requirement in an account is Rs.10,000.
 For the month of October 2019, if customer maintains a balance in the account equal
to or higher than the applicable MAB of Rs.10,000, they will continue to avail cash
transaction facility at ICICI Bank branches as per the applicable terms and conditions
of the product *.
In case customer does not maintain the required MAB of Rs.10,000 for the month of October
2019, then a charge of Rs.100 (per transaction) for the first two transactions and Rs.125 (per
transaction) for any subsequent transaction will be levied at any ICICI Bank branch or cash
deposits done at ICICI Bank Cash Recycler Machines. The charges will be levied from the
month of November 2019 onwards. This charge will be levied over and above the non –
maintenance of MAB charges as stipulated in terms and conditions applicable to the
account.

See the effective date November 2019

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rockingneo wrote:

See the effective date November 2019

Yes true but what about the Zero Balance account? They should not have charged me. Also, these are cash transactions , I have done all online transactions

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flawlessking wrote:

Yes true but what about the Zero Balance account? They should not have charged me. Also, these are cash transactions , I have done all online transactions

Banks have complete authority to change the T&C/charges of any account,I think your zero balance acc just got changed.Confirm it by email whether your acc is still zero balance & what are the various charges on it now(don’t call,customer care people in most cases don’t know much).

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The Govt wants to reduce the volume of cash transactions. Accordingly, banks have been advised to use deterrents against cash transactions.
ICICI bank had introduced changes on charges applicable for cash transactions on certain type of accounts wef 1st Nov. Mails were sent around middle of Oct.
Zero Balance account means there is no minimum balance requirement and no charges will be levied for non-maintenance of MAB. It does not mean that other charges can not be levied.

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@flawlessking check MAB required to be maintained in your Savings Account in icicibank.com

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panchabhut wrote:

The Govt wants to reduce the volume of cash transactions. Accordingly, banks have been advised to use deterrents against cash transactions.
ICICI bank had introduced changes on charges applicable for cash transactions on certain type of accounts wef 1st Nov. Mails were sent around middle of Oct.
Zero Balance account means there is no minimum balance requirement and no charges will be levied for non-maintenance of MAB. It does not mean that other charges can not be levied.

can u share what was shared in that mail?

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Why dont you just give a call to customer care once

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rajrocks wrote:

can u share what was shared in that mail?

Details available on their website and also came up as the first option on simple google search with “ICICI Cash deposit” However, the change has been made effective from 15th Dec 2019
https://www.google.com/url?sa=t&rct=j&q=&esrc=s...

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panchabhut wrote:

Details available on their website and also came up as the first option on simple google search with “ICICI Cash deposit”
https://www.google.com/url?sa=t&rct=j&q=&esrc=s...

bro checked here https://www.icicibank.com/Personal-Banking/acco... & https://www.icicibank.com/service-charges/basic... still its showing as free.

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rajrocks wrote:

bro checked here https://www.icicibank.com/Personal-Banking/acco... & https://www.icicibank.com/service-charges/basic... still its showing as free.

Checked email. The received mail from the bank included a link to the PDF already shared. Effective date 15th Dec 2019.
Available on the site at Notice board.
https://www.icicibank.com/notice-boar...ge?

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panchabhut wrote:

Checked email. The received mail from the bank included a link to the PDF already shared. Effective date 15th Dec 2019.
Available on the site at Notice board.
https://www.icicibank.com/notice-boar...ge?

thx bro

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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@rogerthat I have salary account with ICICI and for past one year my salary is not credited in that account and I am not maintaining any MAB. But still doing lots of transactions. Is there any chance they can deduct MAB penalty all at once?

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JaiKrish1031 wrote:

@rogerthat I have salary account with ICICI and for past one year my salary is not credited in that account and I am not maintaining any MAB. But still doing lots of transactions. Is there any chance they can deduct MAB penalty all at once?

not likely.


just keep doing sufficient transaction.

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JaiKrish1031 wrote:

@rogerthat I have salary account with ICICI and for past one year my salary is not credited in that account and I am not maintaining any MAB. But still doing lots of transactions. Is there any chance they can deduct MAB penalty all at once?

Godi hai to mumkin hai smiley

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