January 16, 2010
Earlier 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 because millions of people using the net banking and it eliminates the long queue in the bank branches. Finally ICICI Bank not charging for the online transactions. That is good news for this new year!!!
[...] 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 transactions. Nowadays many banks [...]
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January 17, 2010 at 9:06 am
Thanks for sharing the update krishna…
I have also written about this on my blog 
January 22, 2010 at 9:17 am
Thank you aman!!
December 28, 2010 at 11:11 pm
I HAVE A ICICI BANK SAVINGS A/C (NORMAL).
PLEASE LET ME KNOW WHETHER ICICI BANK STILL CHARGING NEFT TRANSFER CHARGES TO OTHER BANK FROM ICICI? IF SO THE RATE OF CHARGES AND THE EFFECTIVE DATE.
THANKS & REGARDS,
NILAY BARAT
December 31, 2010 at 4:52 am
Hi Nilay,
There are no transfer charges applicable.
Regards,
ICICI Bank Customer Service Team.
February 18, 2011 at 3:58 am
this is not true… i have done an online transaction today and ICICI still charging for that…
February 18, 2011 at 10:43 pm
No ICICI has again started charging. That too without any intimation to its customers. I suppose that this has been started from Feb 2011. I switch from HDFC to ICICI only because ICICI did not charge for NEFT. Now I feel cheated!!! BTW – I find it very difficult to search in ICICI Bank’s website as to where the ‘list of charges’ can be found…
February 20, 2011 at 10:17 pm
Yes ICICI have started charging for NEFT transactions. I had been comfortable with the net banking setup of ICICI and found it a lot convenient and environment friendly to use netbanking rather than go to the paper driven system of cheques. But it seems the Indian banking system is going back to the bad old days of paper and counter system.
It’s a pity that we are reversing all the good measures taken over the years.
Hope RBI acts on it. However the RBI site mentions a list of charges for all tha banks and are very much aware of the variable charges being mentioned for different banks and yet do not act for standardisation.
February 21, 2011 at 3:04 am
Hi,
We are sorry to hear about your discomfort about NEFT Charges. You can find these charges on our website http://www.icicibank.com/service-charges/common-service-charges.html. If you have any issues, please e-mail us at care@icicibank.com & we’ll be happy to assist you.
Regards,
ICICI Bank Customer Service team.
July 29, 2012 at 10:07 am
Hi, I want to know about how much ICICI bank deduct during fund/money transfer upto 50k to Non ICICI bank account.
Regards
Param Prakash
July 29, 2012 at 8:03 pm
Hello Param,
It is Rs. 5 + Rs. 1(Service Tax).
You can verify that with your transactions.
Thanks,
Krishna
February 21, 2011 at 10:43 pm
Today, I did NEFT transaction and ICICI again started charging for this transaction. ICICI is the worst bank I have come across so far.
February 22, 2011 at 6:09 am
Hi,
We have introduced OTP in online banking for enhancement in security of customer’s account. Please write to us at care@icicibank.com to give us your feedback on any problem that you are facing. Refer “1285257″ in subject line.
Regards,
ICICI Bank Customer Service Team.
February 22, 2011 at 12:06 pm
Cheats!!! These guys are pathetic. I’m gonna stop using NEFT and go back to writing checks. Screw you ICICI
February 22, 2011 at 9:17 pm
Guyz time to order checkbooks…. ICICI has decided to chare customers for online fund transfers..
I dont understand wht RBI will do with this kind of money….
Sooon they will start charging for checkbooks too…
lol so now making a payment also will have payments…..
Every one is gona screwwww us
I think some banks are not charging like Axis bank…i am considering shifting my banking transaction to another bank….
July 17, 2012 at 5:55 pm
Already so many banks (like City Union Bank, Karur Vysya Bank, etc.) are charging to the extent of Rs.40+tax for SB account holders.
February 22, 2011 at 11:37 pm
Hi Vish,
We are sorry to hear about your discomfort about NEFT Charges. RBI permits NEFT service to be chargeable. You can find these charges on our website http://www.icicibank.com/service-charges/common-service-charges.html. We have started levying these charges from Feb 15th, 2011 onwards. If you have any issues, please e-mail us at care@icicibank.com & we’ll be happy to assist you.
Regards,
ICICI Bank Customer Service Team.
February 23, 2011 at 12:14 am
When I made an online fund transfer (NEFT), I had to accept the Rs. 5 deduction clause. However, my transaction history page does not show a deduction of the Rs. 5 (or any other additional amount by way of service tax) — it only shows the amount I had transfered. I am now confused what that clause actually meant when it asked me to confirm the deduction or cancel the fund transfer. Is this an error on part of ICICI bank? Or is this an indication of future steps that ICICI online fund transfer is going to take? Or have I already been charged, and the deduction will show up in my transaction history eventually?
Can anyone help me with some insight? Thanks!
February 23, 2011 at 11:48 pm
Hi,
We are sorry to hear about your discomfort about NEFT Charges. RBI permits NEFT service to be chargeable. You can find these charges on our website http://www.icicibank.com/service-charges/common-service-charges.html. We have started levying these charges from Feb 15th, 2011 onwards. If you have any issues, please e-mail us at care@icicibank.com & we’ll be happy to assist you.
Regards,
ICICI Bank Customer Service Team.
February 25, 2011 at 3:01 am
Its still charging Rs.5 for every transaction. Earlier, this was not the case.
February 28, 2011 at 6:59 am
Exactly, what percentage do they charge as Service Tax? I need to transfer 30000 to another bank account but I have held back due to fear of being charged a large amount under the pretext of service charge.
February 28, 2011 at 7:56 pm
i am going to close my icici bank account due to the neft charges
March 1, 2011 at 1:49 am
This guideline is issued by RBI and member bank can be exempted till 31st march 2011 after that each and every bank has to pay 5Rs. to RBI and 10.3 % of 5Rs i.e. 50 paise as a service charge.
Few bank has started charging earlier than stipulated date (31st March 2011) and few are giving benefit to customers but after 31st March 2011 no bank can escape for NEFT transactions, so based on this don’t switch banks. This is what best information I have.
http://www.rbi.org.in/scripts/FAQView.aspx?Id=60
March 6, 2011 at 1:53 am
I have decided to close ICICI account because of their NEFT charges. For me ICICI was perfect before they started with this stupid initiative!!
Can someone tell me about any bank that does not levy NEFT charges?
March 8, 2011 at 7:38 am
ICICI again started charging Rs 5 + service tax for NEFT…
This is really ridicules…
March 9, 2011 at 4:34 am
Hi Simi,
RBI permits NEFT service to be chargeable. We have started levying these charges from Feb 15th, 2011 onwards.
Regards,
ICICI Bank Customer Service Team.
July 17, 2012 at 12:45 pm
I have observed that the NEFT charges are not applied to all the customers. Can ICICI clearly specify on what grounds it decides the eligibility for not charging the transactions? Have been asking their customer care but haven’t received any answers as yet. Hope to receive one here on this forum
July 17, 2012 at 1:29 pm
Hello Rohan Bhosale,
It is not charged within the ICICI bank. Otherwise all other transfers are charged.
Thanks,
Krishna
July 17, 2012 at 2:18 pm
Initially I had been under the same impression but even inter bank transfers have not been charged for quite a few ICICI customers I’ve known and that’s when I started this quest for the real reason behind the charges.
No answers as yet.
July 17, 2012 at 3:38 pm
Hi Rohan Bhosale,
I am not sure about that. From my experience they have charged for all my transactions.
Thanks,
Krishna
July 17, 2012 at 1:28 pm
Hello ICICI Bank Care,
Thank you for the information.
Thanks,
Krishna
March 9, 2011 at 9:52 am
@ICICI Bank Customer Service Team – Why these charges re levied now? I suppose processing cheques manually charges more. Also, ICICI was supporting green initiative, then why charge for online transactions when you want people not to use papers and save trees!!!
March 11, 2011 at 3:52 am
The NEFT charges should not be levied.
I can understand that the charges are very nominal but still it is another side to let the customer run to the icici branches.
To let the green go this kind of charges should be avoided to save the trees and save the time which are both very precious.
March 11, 2011 at 5:15 pm
I am going to close my ICICI Bbank Account due to the neft charges.!
March 13, 2011 at 10:49 pm
Just called ICICI to check the details.
They said they charge Rs. 5 + 10.3% of Rs. 5, not related to the amount.
For large amounts, I think it is fine to pay some Rs 5.52 which it comes out to. Saves me the hassle of driving around with a cheque and depositing.
They also said that on some accounts the charge is not levied, though weren’t clear about how they decide that. That might explain if you aren’t seeing the charges being debited at all.
March 15, 2011 at 10:32 pm
ICICI bank is still charging NEFT charges….even now…..
March 17, 2011 at 8:24 am
Charges are not levied if you are transfering from ICICI to ICICI. Yes on large amounts the charge is 5.52/- but still it depends on frequency of online transactions one does. If a person does 3-4 transfers in a month, he ends up simply giving away 22/-
Also, most of the times we do not transfer large amounts. For small transfers, the charges are like losing money for free!! And imagine going to bank for depositing cheque of 100 INR or 500 INR and the processing charges that comes on bank!! And even wasting paper against their green initiative…
Probably they should think about putting a limit amount like that can be transferred for free in a day
March 19, 2011 at 2:46 am
one can use imps instead of neft to transfer funds.
Its easy and secure via icici imobile(a bank mobile application).
Imps means inter bank mobile payment service.
March 19, 2011 at 2:56 am
Imps has following advantages.
1. It’s free.
2. It transfers funds immediately (within 15-30 seconds.
3. It is 24*7 service, no need to wait for working hours(as in neft – 10 am to 3 pm).
4. The only required things are mmid and mobile number.
5. Easy transfer in seven participating banks.
July 9, 2012 at 11:19 pm
ICICI DO charge for IMPS as well.
IMPS-Outward Charges – Rs. 5 per transaction
Another disadvantage with IMPS is that you can only transfer a maximum amount of Rs. 50000 in a day.
ICICI NEFT charges are as below:
Upto Rs.1 lakh – Rs. 5 per transaction.
Rs. 1 lakh to Rs. 2 lakhs – Rs. 15 per transaction
Above Rs. 2 lakhs – Rs. 25 per transaction.
March 25, 2011 at 12:14 am
ICICI bank has started changing money on fund transfer. So I am closing my 4 year old account and transferring all of my funds and investment to other banks. As its matter of values .
May 24, 2011 at 9:10 pm
Thanks for sharing the information that ICICI bank are not charging on NEFT transaction, as I find it very convenient to transfer funds to other accounts.
July 6, 2011 at 9:00 pm
i transfered 100 INR to another bank acct to check the transaction charges… amount debited is 106.. i thought it shd b 105.52… why 106…?? can any1 expain this to me…
July 11, 2011 at 1:16 am
we transfered 100 INR to another bank acct to check the transaction charges… amount debited is 1006.. so why 1006…?? can any1 expain this to me…
August 1, 2011 at 2:25 am
I transfered 200 INR to another bank acct to check the transaction charges… amount debited is 206.. can any1 expain this to me?
What is the service charges?
September 7, 2011 at 3:55 am
Hi,
ICICI bank is charging the NEFT transaction charges since July2011 onwards. So be aware on the funds transfer charges to Non-ICICI accounts.
September 22, 2011 at 3:42 am
Hi all, Try with Citibank. I have an account with Citibank. they do not charge for NEFT or for that matter have not seen charges even for using their debit card or their facilities. Axis Bank has Debit card charges. ICICI Bank charges for NEFT, I came to know today, that too even if somebody has a salary account. Luckily I do not use ICICI Bank online transactions.
July 10, 2012 at 12:05 am
Hello Ravi,
It looks like soon all the banks will start charging the NEFT.
Thanks,
Krishna
July 17, 2012 at 11:45 am
During 2nd week of July, 2012, for online NEFT transfer, ICICI has charged Rs. 15+1.85(taxes) for tranferring Rs. 2 lakhs. ICICI has not withdrawn charging for the NEFT transaction. All kindly note.
July 17, 2012 at 1:26 pm
Hello Meena Rangan,
Yes. They have started charging for the NEFT again. Read this article:
http://www.thinkplaninvest.com/2012/07/charges-neft-transactions/
Thanks,
Krishna
July 29, 2012 at 8:08 pm
Please read this article:
http://www.thinkplaninvest.com/2012/07/charges-neft-transactions/
August 30, 2012 at 6:25 pm
W.e.f. August 1, 2012
Upto Rs.10,000 – Rs. 2.50 per transaction.
Rs.10.001 to Rs.1 lakh – Rs. 5 per transaction.
Above Rs. 1 lakh to Rs. 2 lakhs – Rs. 15 per transaction.
Above Rs. 2 lakhs – Rs. 25 per transaction.