Starting on May 1, Yes Bank and ICICI Bank will modify their savings account servicing fees. In addition, both banks have made the decision to stop offering certain account kinds.

Savings Exclusive, YES Savings Select /XLRATE SA, Savings Advantage/Yes Grace /Yes Prosperity, Prime/Ascent/Crest, Yes Respect (for Senior Citizen), and Savings PRO (Limited KYC) are among the programs that Yes Bank has announced would be discontinued.

In addition, Yes Bank stated that it is updating its Average Minimum Balance (AMB) specifications for several savings account options.

• Rs 5000 for Kisan SA / Savings Value; the highest amount charged is Rs 500 

• Rs 2500 for My First YES; there is a Rs 250 limit fee. 

• Yes Essence SA, YES Respect SA, and Savings Account Pro Plus would require an AMB of Rs 25,000, with a maximum fee of Rs 750. 

• Savings Account PRO will require an AMB of Rs 10,000, with a corresponding Rs 750 maximum fee. 

Interest rates offered by Yes Bank range from 3% to 7%, depending on the amount in savings accounts. All account holders, including regular, senior citizen, rural, semi-urban, and urban clients, are subject to these prices. The prices will go into force on January 1, 2024.

If equilibrium is preserved:

More than 100% of the required = NIL 2. More than 50% of the requirement = 5% of the gap in balance.

A number of banking services, including the minimum monthly average balance (MAB), cash transaction fees, ATM interchange costs, and others, may be revised, according to ICICI Bank.

The Advantage Woman Savings Account, Privilege Accounts Advantage Woman Savings Account, Asset Linked Savings Account, and Aura Savings Account are just a few of the accounts that the bank will be closing.

A number of banking services, including the minimum monthly average balance (MAB), cash transaction fees, ATM interchange costs, and others, may be revised, according to ICICI Bank.

The Advantage Woman Savings Account, Privilege Accounts Advantage Woman Savings Account, Asset Linked Savings Account, and Aura Savings Account are just a few of the accounts that the bank will be closing.

Updated fees for the standard savings account at ICICI Bank:

• Annual Debit Card Fees: Rs. 200 (Rs. 99 for Gramin locations). 

• Cheque Books: Rs 4 per leaf beyond the first 25 cheque leaves in a year, at no cost. 

• IMPS: Outward Transactions: Depending on the transaction value, the bank will impose tiered fees based on transaction amounts, ranging from Rs 2.50 to Rs 15 per transaction. 

• Cash Transaction Fees: ICICI Bank will modify fees for both in-person and off-site transactions, including those involving third parties.