Leading private sector bank ICICI Bank will charge its customers Rs 5 per transaction from next month for transfer of funds over mobile phones, a service available for free as of now.
Its peer HDFC Bank has already revised service charges with effect from January 1, when it also introduced charges for a few services. Banking industry experts said that a few other private sector banks could also soon revise these rates.
As per a circular issued by ICICI Bank, it will levy a service charge of Rs 5 per transaction on its IMPS (Interbank Money Payment Service) customers and would also limit such fund transfers at Rs 50,000 per transaction a day.
ICICI Bank is one of the top banks offering this service and has more than 30 lakh customers using the facility.
Regarding many other service charges, ICICI Bank has also decided moved to a monthly-basis
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