ICICI Bank's new policy: Charge fee for depositing money at ATM.

"Effective November 1, 2020, a convenience fee of Rs 50 per transaction, will be levied on cash deposited in the cash acceptor or recycler machines on bank holidays and between 6:00 pm and 8:00 am on working days," ICICI Bank said.

ICICI bank has decided to impose a convenience fee if the cash deposit in the cash acceptor or recyclers' machine exceeds Rs.10, 000 per month either as a single transaction or multiple ones.

The bank said that the convenience fees will not be applicable to senior citizens, those who are having basic savings bank accounts, Jan Dhan accounts under the Jan Dhan Yojana, accounts held by incapacitated and visually impaired persons, student accounts or any other accounts identified by ICICI Bank.

This is not the first time a bank will be levying charges as earlier this year on Aug 1, Axis bank commenced levying the charges of Rs. 50 for deposit at ATM or cash recyclers after banking hours i.e. between 5:00pm to 9:30am along with national and state bank holidays.

On Sunday, ICICI bank reported an independent net profit of Rs.4, 251 Cr for the quarter ending September 30, 2020. In the year-ago period, it was Rs. 655 Cr. This is basically a six-fold year jump when compared to the net profit of Rs.655 Cr reported in the year-ago period.

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