ICICI Bank Charges for NEFT Transaction

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1. August 2009 - Overview wrote:

   [...] ICICI Bank Charges for NEFT Transaction [...]

   September 1st, 2009 at 12:01 am
2. Restriction on free ATM usage!!! wrote:

   [...] the banks started adding more burden to the customers. ICICI started charging for every online tranaction you have made from your netbanking. It is not good as the RBI is just bending for all the bank [...]

   September 3rd, 2009 at 3:05 am
3. ICICI Bank Removed NEFT Transaction Fees wrote:

   [...] I have written about the NEFT transaction charges levied by the ICICI bank. Also I mentioned in that article that charging for the online transactions are not good option [...]

   January 16th, 2010 at 12:01 am
4. HDFC Bank charges for NEFT Transactions wrote:

   [...] our previous articles I have written about the NEFT charges by ICICI Bank. Later they have withdraw the charges. It is known that SBI bank is already charging for the online [...]

   January 26th, 2010 at 12:01 am

1. sen said:

   Very worst thing. Initially all the private bank comforts the users, then they are charging for all facilities. It seems like cheating the users.

   August 26th, 2009 at 11:23 pm
2. sen said:

   At-least hereafter the users should move towards the non-private nationalized banks. Some banks like IOB, Indian banks are providing all this facilities for free of cost.

   August 26th, 2009 at 11:24 pm
3. krishnas said:

   Hello Sen,

   You are correct. The banking facility in India going back to the olden days. Every one talking about the ebanking and papaerless world to save the environment, but here its happening in the reverse.

   Facilities in government banks like IOB will be very slow and you can not complete the work on time, that’s why people prefer to go for the private banks like ICICI or HDFC. Hope they will remove these charges soon.

   Thank you for visiting my site.

   Thanks,
   Krishna

   August 27th, 2009 at 12:01 am
4. sen said:

   You are right krishna. To pay more charges in this private sector, we can go for slow process.

   Due to these charges, most of the customers will change their way back to manual. Instead of moving manual we can select those slow process.

   As you told, me too think that the private banks will remove the charges soon.

   August 27th, 2009 at 3:56 am
5. sen said:

   You are right krishna. But to pay more charges in this private sector, we can go for slow process.

   Due to these charges, most of the customers will change their way back to manual. Instead of moving manual we can select those slow process.

   As you told, me too think that the private banks will remove the charges soon.

   August 27th, 2009 at 3:56 am
6. krishnas said:

   Hello Sen,

   You are correct. Instead of paying more we can adopt for the slow proces. But, here most affected is the business people who are doing many transaction every day. They can’t go and wait in the queue for clearing the cheques. Finally it shows the government’s lack of interest in supporting the people.

   Thanks,
   Krishna

   August 27th, 2009 at 4:49 am
7. srini said:

   This is too much, I think they really don’t want to give good service, Instead of doing this they could have tried for loans recovery..

   August 31st, 2009 at 8:25 pm
8. srini said:

   Or B..g is another option.

   August 31st, 2009 at 8:26 pm
9. krishnas said:

   Yes..srini. Nowadays customer service is becoming worst. The problem is govt. is upporting them whatever they do.

   Thanks,
   Krishna

   August 31st, 2009 at 9:27 pm
10. sen said:

    You are right man. Govt. is supporting them, because they are enjoying the benefits from them.

    September 1st, 2009 at 12:00 am
11. krishnas said:

    Another example how govt. is bending to private companies:
    http://economictimes.indiatimes.com/Infotech/ITeS/IT-companies-free-of-labour-laws-for-2-years/articleshow/4957110.cms

    Even there is recession, I don’t see any major slump in revenue of IT companies rather they are doing well in this times too. they are using recession as one weapon to cut the wages and take more work from employees. There is no justice for the common man nowadays.

    Thanks,
    Krishna

    September 1st, 2009 at 1:08 am
12. sen said:

    Yes of-course; you are right. Most of the companies are doing well and enjoying the recession periods.

    Using this as a tool the companies are firing the high valued workers and replace with freshers for low cost; or else reducing the salary for them.

    September 2nd, 2009 at 12:22 am
13. vijay said:

    penalising customers for flimsy reasons may be an “Easy Money” for private banks in India. even if small amount like Rs.10 is charged to say 4 lac customers out of say 10 lac customers, it gives 40 lac revenue to the bank!!! (is it not a scam??) out of 4 lacs let’s say 50% customers complain about it, they had to refund only 20 lacs. remaining customers- either they- 1. donot get time to out of their busy hectic schedules and ignore it 2. some prefer to ignore presuming it is small amount 3. some can’t spare time although they wish to 4. someone feel that my cost of travel to the bank is more than the amount bank has charged 5. all banks are generally closed on sundays and holidays, so their is no question of fighting with banks on working days-especially to office goers. 6. some ignore it simply because of harrassments and false promises after frequent visits. Some banks are very smart and they have full idea of this so called customer philosophy. In the beginning only private banks were treated as cheaters but now even many nationalised banks also entered into this shady business. JAY HO!!!!!!!!!!!!

    September 11th, 2009 at 9:15 am
14. krishnas said:

    Hello Vijay,

    Well said. Nowadays SBI bank, once considered as one of the most trusted bank in India also started cheating customers. The main reason is competition. I think RBI is sleeping

    Thanks,
    Krishna

    September 11th, 2009 at 5:52 pm
15. suresh said:

    Very worst thing…ICICI always proving WORST PRIVATE BANK in INDIA………..

    September 15th, 2009 at 1:58 am
16. Raghav said:

    I am not happy with this and have sent a message to RIB. I would encourage everyone to do the same.

    Go to http://rbi.org.in/scripts/helpdesk.aspx and send the message to RBI

    Also send the same feedback to ICICI also.

    September 15th, 2009 at 5:34 pm
17. krishnas said:

    I don’t think there is use of sending the request to RBI. These banks has to realize that banks are for helping the people, not just for making money.

    September 15th, 2009 at 7:06 pm
18. krishnas said:

    Nowadays many public sector banks also doing the worst things.

    September 15th, 2009 at 7:11 pm
19. sen said:

    You are correct man. But still some banks like axis and indian banks are providing some good relationship with customers. Among these culprits these 2 are little better.

    September 15th, 2009 at 9:06 pm
20. krishnas said:

    Yes… Few banks not doing all the wrong things. Those banks won’t be much popular

    September 16th, 2009 at 1:26 am
21. rmks said:

    this is a not a good idea to charge for online transactions.
    1. All branches are over crowded.
    2. The cost of online transaction is much cheaper than over the counter transfer.
    3. It looks like ICICI wants to pull money from other banks without anycharges but wants you to pay charges for transfering money ! (looks like a local police man asking for haftha).

    ICICI bank down down. better improve ur service.

    October 20th, 2009 at 12:51 am
22. krishnas said:

    Hello Rmk,

    You are correct.

    Thanks,
    Krishna

    October 20th, 2009 at 2:44 am
23. Paresh said:

    Lets all go back to past and bury the money in pots in houses

    October 29th, 2009 at 1:09 am
24. krishnas said:

    Hello Paresh,

    If it goes like this, we have to save the money in same way what you told

    Thanks,
    Krishna

    October 29th, 2009 at 6:10 am
25. Pravin Balaji Dhayfule said:

    Its no point in writing to RBI against this, because this is implemented by RBI itself….

    http://www.rbi.org.in/Scripts/FAQView.aspx?Id=60
    Q.9. What about Processing Charges/Service Charges

    Ans : While RBI has waived the processing charges till March 31, 2009. With a view to rationalize the service charges levied by banks for offering various electronic products, a broad framework has been mandated as under: –

    a) Inward transactions – Free, no charge to be levied
    b) Outward transactions –
    Upto Rs. 1 lakh – not exceeding Rs.5 per transaction.
    Rs. 1 lakh and above – not exceeding Rs. 25 per transaction.

    So…..
    What’s next?
    Settle aborad?

    November 2nd, 2009 at 12:25 am
26. krishnas said:

    Hello Pravin,

    All the rules are implemented by RBI. Without their approval banks cannot implement new rules. But, here banks are requesting RBI to impelment rules fvaour for them, RBI also listening to the banks suggestions.

    Thanks,
    Krishna

    November 2nd, 2009 at 7:56 pm
27. Pravin Balaji Dhayfule said:

    then this is crazy….
    then may be try http://www.core.nic.in

    November 3rd, 2009 at 12:39 am
28. Vishnu said:

    Hi
    All are Talking about only the charges levied per transactions, but actually banks are deducting charges for fund transfer and service tax of the amount we are transferring.

    Considering, if we are transferring medium amount service charges paid and transaction charges paid will be more than if we visit the bank and deposit the money.

    Am i right

    November 20th, 2009 at 1:59 am
29. krishnas said:

    Hello Vishnu,

    Thank you for the comments.

    You are correct. When you are depositing in the bank branches, they will charge you if you don’t have the account with them. Online there is no such charges. Recently ICICI bank started introducing the charges. It is not necessary, since many of the bank offering without any charges, it will be a loss for the customers. Instead of that, they can put some other charges. There is so many other charges already exist in the banks.

    Thanks,
    Krishna

    Thanks,
    Krishna

    November 20th, 2009 at 2:26 am
30. zoheb said:

    http://www.onlinesbi.com/osbi_rtgs_faq.html

    Take a break….. SBI charges for the NEFT tooo

    November 26th, 2009 at 5:34 am
31. krishnas said:

    It is not good news

    November 28th, 2009 at 6:19 pm
32. Sanjay Jain said:

    We are talking about paperless office and saving the environment. Such ridiculous act of ICICI bank should be booked in law and RBI must act reverse this. Think of Environment ……..

    December 2nd, 2009 at 8:20 pm
33. krishnas said:

    Hello Sanjay,

    The worst case is banks like SBI also started working like private banks. They too charging for the online transactions.

    Thanks,
    Krishna

    December 2nd, 2009 at 8:23 pm
34. zion99 said:

    guys, icici has stopped charging for neft transactions…[:)]

    January 15th, 2010 at 1:16 am
35. krishnas said:

    HI,

    Thank you for the comments. Yes..There is no transaction charges for the online money transfer. that is good news.

    Thanks,
    Krishna

    January 15th, 2010 at 4:34 am
36. Pravin Balaji Dhaydule said:

    But their website still claims the charges
    http://www.icicibank.com/Pfsuser/icicibank/depositproducts/com_r&f.htm

    January 17th, 2010 at 10:30 pm
37. Hiren said:

    No its not good news. Private banking do charge NEFT Transaction. Recent Example is HDFC Bank. It has started to impose 5 Rs per neft transaction.

    January 20th, 2010 at 9:05 am
38. krishnas said:

    Hello Hiren,

    ICICI is not charging for the NEFT transaction now. That have removed that. New entrant is HDFC bank. It is not at all good news.

    Thanks,
    Krishna

    January 20th, 2010 at 7:34 pm
39. krishnas said:

    Hello Pravin,

    I think they hav not updated their site.

    Thanks,
    Krishna

    January 20th, 2010 at 7:38 pm
40. Sen said:

    All banks are charging for NEFT to other banks. For eg. ICICI to ICICI or SBI to SBI is not charged; but SBI to ICICI, ICICI to HDFC like transactions are charged.

    January 20th, 2010 at 9:44 pm
41. Pravin Balaji Dhaydule said:

    Hi Folks,

    I have just created a petition to plead RBI to ask banks to cancel the NEFT Charges on online net transfers
    http://www.petitiononline.com/RBIPET1/petition.html

    Please sign the petition if you hate NEFT Charges levied on customers, which actually banks have to pay.

    Can’t guarantee if it will be 100% successful, but at least lets hope it becomes successful.

    January 20th, 2010 at 11:14 pm
42. krishnas said:

    Hello Sen,

    ICICI is not charging for other banks. I have checked it.

    Thanks,
    Krishna

    January 21st, 2010 at 1:29 am
43. Sen said:

    Hey Krishna,

    They (ICICI) are not taking it immediately… Later they are debiting from our account… Lots of time i was charged by them man.

    January 21st, 2010 at 1:37 am
44. krishnas said:

    Hello Pravin Balaji Dhaydule,

    Thank you for taking the initiative. I will sign on that right now.

    Thanks,
    Krishna

    January 21st, 2010 at 7:47 pm
45. krishnas said:

    Hello Sen,

    Thank you for the reply. I have not observed whether they are deducting the later time. I will check it and update here.

    But, my thinking is they would have removed it.

    Thanks,
    Krishna

    January 21st, 2010 at 7:48 pm
46. Pravin Balaji Dhayfule said:

    Great thereare now 40 signatories for that petition.
    Thanks for them who supported it. I have forwarded the online petition to RBI, lets hope they read and ask the banks to stop this blunder.

    January 22nd, 2010 at 10:21 am
47. krishnas said:

    Hello Pravin,

    That is great work. But, RBI would have already known these things and decided about the options.

    Thanks,
    Krishna

    January 22nd, 2010 at 6:04 pm
48. Pravin B. Dhayfule said:

    May be….
    Just lighting a hope

    January 24th, 2010 at 1:20 am
49. krishnas said:

    Pravin,

    How ever that’s good initiative.

    Thanks,
    Krishna

    January 24th, 2010 at 1:22 am
50. Harsimran Singh said:

    Users are not aware of the NEFT chrges as the Banks have displayed it on their websites after 16 Jan Hopefully the people will get upset and will definetly sign the petition .. I did.. and will ask my frnds.. also.. mail the same.. to IDEACELLULAR who post their add to save tree. if they start charging for NEFT people shall go to the traditional way of making the payment . Cheques.. which will again .. cost.. paper wastage..

    Also these banks will send us mails stating that save paper get estatement.. now.. what happened.. to them. they are intereseted in wasting time money and paper. for all their. customer…

    regards
    harsimran SIngh

    Hope we stop making such foolish decisions.. to charge. 5 rs.. for such transfers.

    pissed with HDFC . now got another reason. to be upset.

    January 24th, 2010 at 2:23 pm
51. Pravin Balaji Dhaydule said:

    Thanks folks for signing the petition.
    I have already mailed RBI the petition url, but still didnt get the reply

    Does anyone here have any contacts in News Media, so that we can publish this petition in news papers?

    January 24th, 2010 at 10:41 pm
52. krishnas said:

    Hello Harsimran Singh,

    You are correct. Banks are talking about the “Save Trees”, but they want charge for the internet banking. It is the business men mentality.

    No one can not save trees, when every one selfish and want to earn more money.

    Thanks,
    Krishna

    January 25th, 2010 at 1:21 am
53. krishnas said:

    Hello Pravin,

    News media won’t be interested. Rather they won’t get sponsor from banks if they show negative news about them.

    Thanks,
    Krishna

    January 25th, 2010 at 1:23 am
54. prashantn said:

    I fail to understand, why folks are reluctant to pay even minimum charges for the NEFT transactions.
    Rs5+Service tax, is cheaper than the vehicle parking fees, one pays in a shopping centre or theatre.

    The benefits are more than the Service Charges by the banks.

    March 2nd, 2010 at 11:05 am

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