NEFT Transaction Fees waived off by ICICI Bank

by Amandeep Singh

in News

ICICI bank

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 But in the latest announcement from the bank, ICICI bank has withdrawn the NEFT transaction charges.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.

{ 24 comments… read them below or add one }

Rajesh Kanuri @ TechCats January 18, 2010 at 5:31 pm

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 =-.

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suresh June 19, 2010 at 12:56 pm

ICICI is the best bank in India. All the trends are started by icici…sbi follows.

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Amandeep Singh June 19, 2010 at 4:32 pm

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 🙂

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Sending Money to India September 10, 2010 at 2:53 am

ICICI Netbanking and Inward Fund Transfer Charges are NIL, but you have to pay a fee when you use branch

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Amandeep Singh September 26, 2010 at 4:00 pm

@Sending Money to India, thanks for your comment 🙂

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Ravi February 16, 2011 at 12:37 pm

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?

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Amandeep Singh February 24, 2011 at 5:47 am

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…

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C. Lakshminarayanan February 17, 2011 at 8:37 am

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!

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Amandeep Singh February 24, 2011 at 4:51 am

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…

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Mahesh March 22, 2011 at 5:12 am

They say that as applicable charges.

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Ali March 8, 2011 at 5:53 pm

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.

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Amandeep Singh March 10, 2011 at 11:59 pm

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…

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Mahesh March 22, 2011 at 5:11 am

I think they have started the charges once again

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Amandeep Singh April 11, 2011 at 4:12 am

Yes, Mahesh. I checked with the ICICI team through their official Twitter account. They have re-instated these charges from 15th Feb, 2011.

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pallavi August 9, 2011 at 12:07 pm

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.

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pallavi August 9, 2011 at 12:09 pm

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.

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rahul August 20, 2011 at 4:25 pm

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

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Shashi October 11, 2011 at 8:21 pm

While I am not a fan of ICICI Bank, please note that even SBI charges the same amount (Rs. 5/- + service tax 0.52).

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Chandi June 23, 2012 at 4:54 am

SBI charges Rs. 5; no service charges. ICICI charges Rs. 5 + Re. 1 (N chg Rs5 ST Rs1)

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Mukesh April 25, 2012 at 10:39 am

Nice and good step to attarct the customes to do transaction online. It reduce the long lines and crowd in the branches.

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Amandeep Singh January 2, 2013 at 5:23 pm

Yes Mukesh, online transactions do help the banks in a big way. Although, ICICI bank had re-introduced the NEFT charges… not a very good news ! 🙂

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Mukesh April 25, 2012 at 10:42 am

But It shows charges on the ICICI Bank’s official website. It means it is not withdrawn.

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Amandeep Singh January 2, 2013 at 5:19 pm

Yes, if you can refer to my comments above, yes ICICI bank have re-introduced these charges!

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Murali November 1, 2012 at 6:25 pm

I want to transact Rs.20,00o from my ICICI bank account to AXIS Bank. Could you please tell me how much amount will be charged in extra for this transaction.

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