ICICI Bank to charge 50 rupees extra on cash deposits in ATM is the new talk of the town. According to ICICI Bank’s new rule, the bank is now going to charge a convenience fee on deposits done during the non-banking hours for holidays in ATMs. ATM deposits discipline of its customers and to encourage them to do deposits within the working hours of the employees. Other than that they have also charged a convenience fee on rupees 10,000. The proper amount of the convenience fee is unknown as yet but it seems that it could be proportional to the money. Is a customer page deposits between 6 p.m. and 8 a.m. on working days they are eligible for a convenience fee other than that it is applicable on holidays as well.
Thus when you deposit a certain amount in the cash acceptors at the ATM you are eligible to pay 50 rupees on your deposit. However, there are some accounts that have been exempted from this charge. Among them, the students account for accounts that are held by senior citizens Jan Dhan accounts, visually impaired or in incapacitated people, and the basic savings account foreign the list of exemption.
This rule was effective from the 1st of November of this year and since then it has been followed by the customers. In fact, the ICICI bank is not the first one to apply this rule other than that the Axis Bank was the Pioneer of it. The Axis Bank first started to implement this rule six months ago and then ICICI Bank what in its footsteps. The ICICI Bank reported a net profit of rupees 4251 crores on Saturday for the quarter that ended on September 30, 2020. ICICI Bank took a six-fold leap from rupees 655 crores to the current profit rate in comparison to last year.