News

Indian bank intros new ATM transaction fees

April 13, 2004

MUMBAI, India - Leading private sector bank ICICI is introducing ATM transaction charges, beginning this month.

In a message to its account holders, the bank said the first six ATM transactions per quarter will be free; thereafter ATM users will pay 25 rupees (U.S. 57 cents) per transaction.

The bank will also only offer three branch cash transactions per quarter free. Thereafter, each transaction will cost 50 rupees (U.S. $1.14), according to an Sify Finance report.

The bank has also announced that its cardholders can use the ATMs of Andhra Bank and Federal Bank; they will be charged 20 rupees per transaction for cash withdrawal and 10 rupees for balance inquiries.

ICICI Bank has India's single largest fleet of ATMs, with some 1,700 machines and has been one of the country's most aggressive off-premise deployers.

The bank also increased ATM withdrawal limits from 15,000 (U.S. $342) rupees to 25,000 rupees (U.S. $571) per day.