Private banks hike credit card, banking charges from July 1
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New Delhi: Starting July 1, major private sector banks, including HDFC Bank and ICICI Bank, will increase charges on various credit card and banking services, according to official notifications issued to customers.
HDFC Bank announced new fees for credit card users, particularly targeting transactions related to online gaming, digital wallets, and utility payments. Customers spending over Rs 10,000 per month on online skill-based gaming platforms, such as Dream11, Rummy Culture, Junglee Games, or MPL, will be charged a 1% fee on the total monthly amount spent in this category. This charge will be capped at Rs 4,999 per month, and no reward points will be awarded on such gaming transactions.
Similarly, if customers load more than Rs 10,000 in a month into third-party digital wallets like PayTM, Mobikwik, Freecharge, or Ola Money using their HDFC credit cards, a 1% fee will apply to the entire amount, with the same monthly cap of Rs 4,999.
For utility payments, a 1% charge will be imposed on total monthly spending exceeding Rs 50,000, also capped at Rs 4,999 per month. HDFC Bank clarified that payments towards insurance will not be classified as utility payments and therefore will not incur additional charges.
The bank has also revised maximum charges for rent, fuel, and education-related transactions. The upper limit for charges in these categories is now set at Rs 4,999 per transaction. The 1% fee on rent payments remains unchanged. Fuel transactions exceeding Rs 15,000 will attract a 1 percent fee, while education payments made directly through official college or school websites or their card machines will remain free of charges.
ICICI Bank has also updated several service fees. The charge for cash deposits, cheque deposits, demand drafts, and pay orders has been revised to Rs 2 per Rs 1,000, with a minimum fee of Rs 50 and a maximum of Rs 15,000. Previously, the fee was Rs 50 for amounts up to Rs 10,000 and Rs 5 per Rs 1,000 thereafter.
ATM usage fees have increased as well. After three free transactions at other bank ATMs, ICICI Bank will now charge Rs 23 for financial transactions and Rs 8.5 for non-financial transactions, up from Rs 21 and lower rates previously. For ICICI Bank’s own ATMs, regular savings account holders will be charged Rs 23 for each financial transaction beyond the first five in a month, up from Rs 21 earlier.
Additionally, the annual fee for ICICI Bank debit cards has risen from Rs 200 to Rs 300, and the fee for replacement debit cards has also increased from Rs 200 to Rs 300.
With IANS inputs
