Hike in bank, credit card charges come into effect

The revised charges related to savings bank accounts and credit cards announced by major banks came into effect on May 1, 2024. Let's check the details:

ICICI Bank
The bank has started collecting new charges for savings account transactions such as chequebook issues; clearance; IMPS; clearing and debit returns. The debit card annual fee is Rs 200 in urban and Rs 99 in rural areas. As per the revised rule, the customer can collect only 25 cheque leaves free for a year. A fee of Rs 4 is charged for every additional leaf.

The new IMPS charges would be Rs 2.50 for transactions up to Rs 1000; Rs 5 for transactions between Rs 1000 to 25,000; and Rs 15 for transactions from Rs 25,000 to 5 lakh. From May 1 onwards, customers can close their bank account without paying any fee.

Yes Bank
New service charges are applicable for savings accounts. Payment of bills such as gas, electricity and other utilities with Yes Bank credit card have become costlier. However, customers using Yes Bank Private Credit Card are exempted from the revised charges.

IDFC First Bank
If total utility bill payments with a credit card are over Rs 20,000, the customer has to pay a one-percent additional charge and GST. However, FIRST private credit card, LIC classic credit card and LIC select credit card users are exempted from this.

HDFC Bank
The last date to invest in the special fixed deposits for senior citizens has been extended. These plans offer higher interest rates. The last date is May 10, 2024, for the Senior Citizen Care FD Plan.

Share markets
Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) are closed on May 1 and 20, for Maharashtra Day celebrations and polling in Mumbai for the general elections respectively.

Mutual fund application
From April 30 onwards, any disparity between the name on your mutual fund application and your PAN (Permanent Account Number) card will result in the rejection of your application. The Securities and Exchange Board of India has implemented KYC rules to ensure consistency in how names are recorded across official documents. Therefore, for first-time mutual fund investments, your name and date of birth must match exactly with those on your PAN card and income-tax records. It's important to note that this rule applies only to new investments and does not impact existing ones.