There are no changes to some charges. The fee for cash payments at bank branches will still be ₹100 per transaction, while fuel surcharge and fare payments will continue to be charged at 1% of the transaction amount.
If you have an ICICI Bank credit card, then get ready to pay new charges from November 15. The bank has announced several changes in the charges. The changes include finance charges, late payment charges and additional transaction charges for education, utilities and fuel.
According to the news of Livemint, from November 15, finance charges on loans and cash advances extended to ICICI Bank credit cardholders will now be applied at a monthly rate of 3.75%, which is equivalent to an annual rate of 45%. This applies to overdue interest on unpaid balances and any cash advances on credit cards.
Late payment charge
ICICI Bank has restructured its late payment charges based on the outstanding amount. According to the new change, the fee will be Rs 100 for a balance between ₹ 101 to ₹ 500. Similarly, for amounts above ₹50,000, the late payment charge will be up to ₹1,300. Balances below ₹100 will be exempt from any late payment charge.
Education-related transactions
There will be no additional charge on payments made directly to schools or colleges, including international education fees. Yes, if you make payments through third-party applications, a 1% fee will be applicable on such payments. The purpose of this change is to compensate for the processing costs associated with external payment platforms.
Utility and fuel transaction charges
According to the news, for utility payments, if the transaction amount is more than ₹50,000, a new fee of 1% will be charged. Similarly, if there is a fuel transaction of more than ₹10,000, a 1% fee will also be charged.
Unchanged fees and other charges
No changes have been made to some of the charges. The charge for cash payments at bank branches will still be ₹100 per transaction, while fuel surcharge and fare payments will continue to attract a 1% fee on the transaction amount. Additionally, interest charges on all overdue balances and cash advances will continue to apply until the balance is paid in full. In cases of default, the maximum monthly rate will be 3.8% (46% per annum).