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:
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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.
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…
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
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?
@flawlessking check MAB required to be maintained in your Savings Account in icicibank.com
Why dont you just give a call to customer care once
maybe you did more than allowed txn for that zero bal account. As cap is there. https://www.icicibank.com/service-charges/servi... check the charges applicable
@rogerthat
@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.
Why the hell bank is debiting 531 rs per month from my account its happening sinces 4 months ago every other months 531 rs are been deducted from my account
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"