May 2024 Money Updates: Savings Account Charges, Credit Card Rules, and Special FD Deadlines Unveiled

Some banks are raising savings account fees, while others are adding surcharges to credit card utility payments.

May 2024 Money Updates: Individuals should prepare for several significant shifts in May, especially mutual fund investors and bank customers, even though May may not bring a flurry of financial change like April or March.

Banks are adjusting charges for savings account services, while others plan to introduce surcharges on credit card utility payments.

In addition, some financial institutions may announce deadlines for senior citizen fixed deposits (FDs).

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To manage personal finances effectively in the months to come, individuals need to stay abreast of these changes.

Savings accounts, fixed deposits (FDs), and credit card transactions will be affected by a series of changes.

HDFC Bank's Senior Citizen Special FD deadline

Those interested in HDFC Bank's senior citizens-only special fixed deposit scheme have until May 10, 2024, to take advantage of the enhanced interest rates on offer.

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New Savings account charges at ICICI Bank

Customers living in regular locations pay Rs 200 annually, while those living in Gramin areas pay Rs 99.

There is no charge for the first 25 cheque leaves, but thereafter, there is a charge of Rs 4 per leaf. There is a charge of Rs 100 for a stop cheque payment through customer care IVR and internal banking.

A duplicate passbook costs Rs 100, and updating a passbook costs Rs 25 per page.

Charges for IMPS:

• Amount up to Rs 1,000 – Rs 2.50 per transaction
• Amount above Rs 1,000 to Rs 25,000 – Rs 5 per transaction
• The amount above Rs 25,000 to Rs 5 lakh – Rs 15 per transaction.

According to Visa regulations, customers will be charged 1.8% of their bookings.

On bank holidays and between 6:00 p.m. and 8:00 a.m. on working days, the bank will charge Rs 50 per transaction on cash deposited in the cash acceptor/recycler machines.

Charges for savings accounts at Yes Bank

A new rate schedule for savings accounts will be implemented by Yes Bank effective May 1. In addition, the bank will discontinue some account types while setting new average monthly balance (AMB) requirements for others, along with associated non-maintenance fees.

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New Rules for YES Bank credit cards

Gas, electricity, water, and internet bill payments will be subject to a 1% surcharge plus GST by Yes Bank.

All utility bill transactions will be charged an extra 1% fee if the total value exceeds Rs 15000. According to the YES Bank website, "1% will be charged on all utility transactions."

New Credit Card Rule for IDFC First Bank

Moreover, IDFC First Bank announced a 1% surcharge and GST extra on utility bill payments. The 1% surcharge will only apply to bills paid with a credit card over Rs 20,000.

Certain credit cards do not charge utility surcharges.

Customers must stay informed about the changing financial services landscape to successfully navigate these changes.

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