Banking Alert: Major Changes in ICICI and HDFC Bank Rules Effective from July 1
From July 1, several key changes will come into effect for customers of two major private sector banks—ICICI Bank and HDFC Bank. These updates pertain to transaction fees, debit and credit card usage, and charges on digital payments. Customers are advised to take note of these new regulations to avoid unexpected charges.
ICICI Bank: Changes in IMPS and ATM Charges
ICICI Bank has revised its charges on Immediate Payment Service (IMPS) and ATM transactions. Under the new rules:
ATM Transaction Limits: Customers in metro cities will be allowed only three free transactions per month, while those in non-metro locations can avail up to five free transactions. Beyond these limits, charges will apply.
Cash Withdrawal Fees: The charge for cash withdrawals from ATMs has increased from ₹21 to ₹23 per transaction.
Non-Financial Transactions: Simple services like balance inquiries or PIN changes at ATMs will now cost ₹8.50 per transaction.
IMPS Transactions: Transferring funds via IMPS will now attract charges based on the transaction amount, though exact slabs remain to be confirmed.
These changes are likely to impact customers who frequently use ATMs or rely on IMPS for fund transfers.
HDFC Bank: New Credit Card Charges for Gaming, Wallets, Fuel & Utilities
HDFC Bank has introduced a new set of charges applicable to specific credit card transactions, particularly in digital spending categories:
Gaming Transactions: Customers who spend over ₹10,000 per month on gaming platforms like MPL or Dream11 using an HDFC credit card will now be charged an additional fee of 1% or more.
Third-Party Wallet Top-Ups: Loading more than ₹10,000 monthly into digital wallets such as MobiKwik, Paytm, Ola Money, and Freecharge will incur a 1% fee.
Fuel Expenditure: Spending over ₹15,000 per month on fuel will attract an extra 1% charge.
Utility Bill Payments: Payments exceeding ₹50,000 per month for electricity, water, or gas bills will also be subject to a 1% surcharge.
These changes reflect the bank’s shift toward discouraging high-volume digital spending in specific categories and may significantly affect customers who rely on credit cards for everyday transactions.