Major private sector banks such as HDFC Bank and ICICI Bank will hike charges on various credit card and banking services, starting from July 1. Both banks have notified their customers about these changes through official notifications. Moreover, the HDFC Bank has also introduced revised fees for credit card users, focusing on transactions related to online gaming, digital wallets, and utility bill payments.
HDFC Bank Fees On Gaming Apps And PayTM
If a customer spends over Rs 10,000 in a month on online skill-based gaming platforms like Dream11, Rummy Culture, Junglee Games, or MPL using an HDFC credit card, a 1% fee will be charged on the total monthly spend in this category. This fee will be capped at Rs 4,999 per month. Also, no reward points will be given for such gaming transactions.
Similarly, if more than Rs 10,000 is loaded in a month into third-party wallets such as PayTM, Mobikwik, Freecharge, or Ola Money using an HDFC credit card, a 1% fee will apply to the entire amount, also capped at Rs 4,999 per month.
HDFC And ICICI Bank Fees On Utility Payments
For utility payments, if the total spending goes beyond Rs 50,000 in a month, a 1 per cent charge will be added, again with a monthly cap of Rs 4,999. However, HDFC Bank has clarified that insurance payments will not be treated as utility payments, so no extra charge will be applied in such cases. The bank has also revised a maximum charges for rent, fuel, and education transactions.
The upper limit for charges in these categories will now be Rs 4,999 per transaction. The 1 per cent fee on rent payments will remain unchanged. Fuel transactions above Rs 15,000 will be charged 1 per cent, while education payments made directly through official college or school websites or their card machines will not be charged.
ICICI Bank Service Charges
ICICI Bank has also made changes in several service charges. The fee for depositing cash, cheques, or for DD (demand draft) and PO (pay order) transactions has been changed. Now, customers will be charged Rs 2 per Rs 1,000, with a minimum fee of Rs 50 and a maximum of Rs 15,000. Earlier, the bank charged Rs 50 for amounts up to Rs 10,000 and Rs 5 per Rs 1,000 beyond that. ATM usage fees have also gone up. After three free ATM transactions at other bank ATMs, ICICI will now charge Rs 23 for financial transactions and Rs 8.5 for non-financial ones.
ICICI Bank ATM Fees And Debit Card Charges
Previously, the financial transaction fee was Rs 21. For ICICI Bank’s own ATMs, regular savings account holders will now pay Rs 23 for each financial transaction beyond the first five in a month, up from Rs 21 earlier. Adding further, the annual fee for ICICI Bank debit cards has increased from Rs 200 to Rs 300. The fee for a replacement debit card has also gone up from Rs 200 to Rs 300. (With Inputs From IANS)
