Five important money changes in May you should know

Big banks like Yes Bank, ICICI Bank have revised their savings account charges and some credit card rules with effect from May 1, 2024. While HDFC Bank senior citizens special FD will end on May 10, according to the website.

Latest savings account charges: ICICI Bank, Axis Bank, Yes Bank revise savings account service fees

Let us take a look at all the money changes that will come into effect in May 2024.

HDFC Bank senior care special FD deadline
HDFC Bank has extended the last date to invest in its senior citizens-only special fixed deposit scheme. This special Senior Citizen Care FD offers higher interest rate benefits for senior citizens and it was launched in May 2020.
The last date to invest in the Senior Citizen Care FD plan has been extended to May 10, 2024.

ICICI Bank savings account charges from May 1, 2024
ICICI Bank has revised savings account service charges of some of the services including cheque book, IMPS, ECS / NACH Debit Returns, stop payment charges and more. These changes will come into effect from May 1, 2024 as per the ICICI Bank website.

Here is a look all the different savings account services charged that have been revised by ICICI Bank

• Debit Card Fees annual fees: Rs.200 p.a. For Gramin locations - Rs.99 p.a.
• Cheque Books: Nil for 25 cheque leaves in a year; Rs. 4 per leaf thereafter.
• DD / PO - Cancellation / Duplicate / Revalidation: Rs.100 per instance
• IMPS – Outward:· Amount up to Rs 1 thousand - Rs 2.50 per transaction Amount above Rs 1 thousand to Rs 25 thousand - Rs 5 per transaction Amount above Rs 25 thousand to Rs 5 lakhs - Rs 15 per transaction
• Account closure: NIL
• Debit Card PIN regeneration Charges:NIL
• Debit Card de – hotlisting: NIL
• Balance Certificate, Interest Certificate: NIL
• Retrieval of old transactional documents / Enquiries related to old records: NIL
• Signature attestation: Rs. 100 per application/letter
• Address confirmation: NIL
• ECS / NACH Debit Returns: Rs 500 per instance for financial reasons. Maximum recovery will be done for 3 instances per month for the same mandate
• National Automated Clearing House (NACH) Mandate. One time mandate authorisation charges (physical): NIL
• Lien marking and unmarking of savings account: NIL
• Reissue of Internet user id or password (Branch or non IVR Customer Care): NIL
• Address change request at branches: NIL
• Stop Payment charges: Particular cheque - Rs.100 (Free through customer care IVR & Net banking).

Yes Bank savings account charges from May 1
Yes Bank, a private sector lender, has revised its savings account charges schedule. According to Yes Bank’s official website, the schedule will be effective May 1, 2024. The bank has also discontinued a few accounts.

Yes Bank savings account schedule of charges

According to the Yes Bank website, “AMB requirement, as defined by YES BANK from time to time, at select locations;

• Rs. 50,000 for Savings Account PRO Max, the maximum charge is Rs 1,000
• Rs. 25000 for Savings Account Pro Plus / Yes Essence SA YES Respect SA, the maximum charge is Rs 750
• RS 10,000 for Savings Account PRO, maximum charge is Rs 750
• Rs 5000 for Savings Value / Kisan SA, maximum charge is Rs 500
• Rs 2500 for My First YES, maximum charge is Rs 250

Account Service Charge
If Balance maintained is

• 1. >= 100% of the requirement- NIL
• 2. >50% of the requirement- 5% of balance shortfall
• 3. <= 50% of the requirement - 10% of balance shortfall, 5% of balance shortfall for Savings Value

According to the Yes Bank website, “^AMB requirement, as defined by YES BANK from time to time, at select locations, is Rs. 5000 for YES Grace, Rs. 2500 for YES Respect and Rs. 2500 for YES Value. For Kisan Savings A/c, Average Yearly Balance (AYB) of Rs. 1000 is required at all locations. For Savings value where AMB requirement is Rs. 2500, Maximum Charges for non-maintenance of balances is capped at Rs. 125 per month. For Kisan Savings A/c, Charges would be Rs. 100 per annum.”

Charges on ATM cum Debit Card for savings account
Debit Card & Annual Fee
· Element Debit Card: Rs. 299
· Engage Debit Card: Rs. 399
· Explore Debit Card: Rs. 599
· Rupay Debit Card (Only for Kisan account): Rs. 149
At other bank ATMs in India

First 5 transactions free per month;
thereafter Financial Transaction - Rs. 21 per transaction
Non-financial Transaction- Rs. 10 per transaction

Yes Bank credit card rules May 1
YES Bank has revised various aspects of all of its credit cards, with the exception of the 'private' credit card type. The changes only affect the fuel fee category on some of the bank's credit card types. These modifications, with the exception of 'private', are linked to the computation of the expenditure level for remission of the annual and joining fees. There is also a change in terms of the extra fee for utility transactions.

Paying gas, electricity, and other utility bills using YES Bank credit card to get costlier from May 1, 2024

According to the YES Bank website as of March 29, 2024, "A charge of 1% will be applicable on all utility transactions in a statement cycle."
When a Yes bank credit card is used to pay bills totaling more than Rs 15,000 in a single statement cycle, the Yes Bank will add GST and a 1% tax. But when using the Yes Bank Private Credit Card to make a payment, there won't be an additional fee.

IDFC First Bank credit card rule change May 1
Meanwhile, IDFC First Bank has said that it will impose a 1 percent + GST extra when the total amount of credit card payments for utility bills paid exceeds Rs 20,000. The FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card are not subject to the utility surcharge. Therefore, there is no surcharge if the total of your utility bill transactions (gas, electricity and internet) within a statement cycle is Rs 20,000 or less. However, if they go beyond Rs 20,000, there would be an additional 18% GST on top of the 1 percent surcharge.