Bank / Credit Union

India's ICICI Bank to charge fee to ATM users

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November 3, 2020

India's top financial institution, ICICI Bank, has announced that effective immediately, all customers will be required to pay a "convenience fee" of $0.67 for depositing cash at any of the bank's ATMs, according to a report in Trak.In. However, the fee will only be charged for cash deposits made between 6 p.m. and 8 a.m. on working days or cash deposits made during holidays.

Separate convenience charges will be made for cash deposits of more than Rs 10,000 ($135) in a month, either as a one-time deposit or in installments per month.

Exempt from the charges will be:

• Basic savings account holders.
• Jan Dhan accounts.
• Visually impaired account holders.
• Students.
• Senior citizens.

Axis Bank and public sector banks have been charging $0.67 for depositing cash via ATMs, during non-working hours and holidays since August.