Some time bank when all the banks introduced the levy of the NEFT (National Electronic Funds Transfer) Transaction Fees, the India’s 2nd largest bank ICICI Bank also joined the race by charging the fees. But in the latest announcement from the bank, ICICI bank has withdrawn the NEFT transaction charges.
The fees levied on the online transactions was not considered to be a good move as millions of people use the Internet banking facility which in turn, eliminates the long queues in the bank branches.
Because of this, many may have moved to transferring the funds by visiting the bank branch personally. Maybe, taking this into consideration and saving the time to be devoted on the customers in the bank branches, ICICI bank has finally waived off the NEFT charges. So, you may again use the Net Banking facility for free and send the money to your loved ones at the click of a mouse. 
Customers, this is a great gift from the ICICI bank for this New Year!!!
What are your views about this move from the ICICI bank? How is it going to affect you individually. Please share your valuable feedback below. Every single view is highly appreciated.
{ 18 comments… read them below or add one }
Hope Axis and SBI will follow the same as i have accounts with both of them,…
Rajesh Kanuri @ TechCats´s last blog ..Sunday Morning : Weekly Roundup #1
ICICI is the best bank in India. All the trends are started by icici…sbi follows.
You are correct, Suresh.
We have seen this happening all the times, ICICI sets the trend which other banks follow. My personal choice has always been ICICI
ICICI Netbanking and Inward Fund Transfer Charges are NIL, but you have to pay a fee when you use branch
@Sending Money to India, thanks for your comment
ICICI Bank has again started charging Rs. 5 for NEFT transactions. Today I was doing one fund transfer and the screen asking to confirm Rs. 5 charge appeared in between (with Confirm and Cancel buttons). Why have they again introduced it?
Hi Ravi,
Yes… ICICI has introduced the NEFT charges again.. as per a change in their policy.. I have messaged the ICICI team asking for a reason for this change without any email or some sort of a notification… Will keep you posted on the update from them… but Yes.. they have started charging Rs 5 + service taxes for each NEFT transaction…
ICICI Bank has removed the free NEFT facility now. I made a NEFT transaction today (17-02-2011) from my ICICI A/c. to my AXIS Bank A/c. Not only they have charged Rs.5/- , an additional 52 paise also (Is it educational cess?) has been levied!
Yes… C. Lakshminarayanan… I also made a transfer yesterday from my ICICI account via NEFT.. it charged me Rs. 5 and the additional 52 paisa which is for service tax…
Earlier also they applied this charge which later on they removed… We have to wait and watch what they do this time…
They say that as applicable charges.
ICICI bank has reinstated the NEFT charges and this time they are charging Rs. 5 + service tax. This is a real bad move in times when more and more people are using online banking, reducing queues in the bank.
I hope they regret their move (once again) and stop taking undue advantage.
Yes Ali, it surely is a bad move.. what I think.. but then if you are not a very frequent user of the online transfer services, it still does not seem to be much of a big amount, if you consider the hassles you may face when you have to walk in a branch to deposit money.
But, surely I second your thought that for frequent users, it is surely not a very pleasant change…
I think they have started the charges once again
Yes, Mahesh. I checked with the ICICI team through their official Twitter account. They have re-instated these charges from 15th Feb, 2011.
I have transfered the amount thr’ NEFT from ICICI bnk to BOM it charged me Rs. 5 and the additional 52 paisa which is for service tax… how it is possible . Pls sort the issue.
I have transfered the amount thr’ NEFT from ICICI bnk to BOM it charged me Rs. 5 and the additional 52 paisa which is for service tax… how it is possible . Pls sort the issue. ICICI bank i think is hope less if my salary account is not there i would never have been associated with the bank.
Now where has all the praise of icici bank gone…icici is a “CHALU” bank…..best is SBI
Govt sector is always better than private
While I am not a fan of ICICI Bank, please note that even SBI charges the same amount (Rs. 5/- + service tax 0.52).