Hike in bank, credit card charges from May 1: What changes for you?
Several banks will charge an additional 1 per cent fee on all utility payments made using their credit cards from May 1. This will be in addition to the rent payments that are made through credit cards. Among banks, Yes Bank and IDFC FIRST Bank said that their credit card customers will have to pay a higher amount as fees for paying utility bills. As per the new rules, Yes Bank customers will have a free usage limit of ₹15,000 while IDFC First Bank customers will have a limit of ₹20,000.
YES Bank revised some of its charges on credit cards barring for the ‘private’ credit cards. The changes will only affect the fuel fee category on some of the bank’s credit card types and “a charge of 1% will be applicable on all utility transactions in a statement cycle”, the bank said.
IDFC First Bank has also put in place a 1 per cent surcharge + GST extra when the total amount of credit card payments for utility bills paid exceeds ₹20,000. FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card will be exempt from this change, the bank said.
ICICI Bank will collect new charges for savings account transactions such as chequebook issues, clearance, IMPS and debit returns. As per the revised rule, the customer can collect only 25 cheque leaves free for a year after which a fee of ₹4 will be charged.
The last date to invest in the special fixed deposits for senior citizens has been extended by the HDFC Bank to May 10 for the Senior Citizen Care FD Plan.
