ICICI Bank will implement significant changes to savings account cash transaction charges effective December 1, 2026. According to customer communications from the bank, the fee for cash deposits and withdrawals exceeding the monthly value limit will increase from ₹3.50 to ₹4 per ₹1,000. The monthly value-based complimentary limit remains unchanged at ₹1 lakh each for deposits and withdrawals, but the fee for exceeding this limit will rise from ₹3.50 to ₹4 per ₹1,000, or ₹150, whichever is higher. Customers will continue to receive three free cash deposits and three free cash withdrawals per month, with charges of ₹150 per transaction applying once the free limit is exhausted. For illustration purposes, if the deposit or withdrawal transaction value is ₹1.01 lakh in a month, customers need to pay ₹150 as transaction charges, while if the value is ₹1.38 lakh, they need to pay ₹152 since it exceeds the ₹150 threshold.
The bank is also revising charges for ECS debit returns arising from financial reasons, such as insufficient funds. Under the new structure, the first return will remain at ₹500, while the second and third returns will increase to ₹550 each from the existing flat fee of ₹500 per instance. The bank will recover charges for a maximum of three return instances per month for the same mandate. Customers with recurring payments linked to ECS mandates should ensure sufficient funds are available in their accounts on scheduled debit dates to avoid additional charges.
The revised charges are detailed in ICICI Bank's account-specific schedules covering regular Savings Accounts, senior citizens and pensioners, and several specialized account categories. According to the bank's communication, the applicable charges differ depending on the type of account. Senior citizens and pensioners are covered under separate schedules, with the bank publishing separate schedules for other account categories including student accounts, Basic Savings Bank Deposit Accounts, and accounts for visually impaired or incapacitated customers. The applicable fees and exemptions vary by account type, requiring customers to consult the relevant schedule rather than assuming uniform application across all savings account holders.
The increase in value-based fees could significantly affect customers who frequently conduct high-value cash transactions beyond their complimentary monthly limits. For instance, on an excess amount of ₹1 lakh, the value-based component would rise from ₹350 to ₹400, before considering the minimum charge of ₹150 and applicable GST. The final charge will depend on the transaction amount and whether the customer has also exceeded the number-based limit. The bank's approach ensures that customers who maintain their free transaction limits will not be affected by these changes, while those requiring additional services will face the revised pricing structure. This current revision will not affect those who continue to stay within the limit of free monthly transactions, making it particularly relevant for customers with higher transaction volumes.
