ICICI Bank — NEFT charges

44 Reviews
 vijaya Kumar
This is not fair at all.

NEFT facility on ICICIBank.com is chargeable at Rs 5 per transaction + Service Tax with effect from 24th Aug 09.

This is implemented all of a sudden and no prior intimation is given to the account holders of the same.

In India, everyone knows about the fake paper money being circulated by anti-India agenscies. Hence
RBI / banks should encourage people the use of intenet, online transfers/buying/selling and paperless hasslefree transactions. NEFT transfers are purely transparent and it is under the purview of RBI.

Like the usage of ATMs, RBI should come forward with rules enforcing the banks not to apply charges without their approval.
Complaint comments  43 Comments     Updated: Share0Tweet0Share0


ICICI — Charges on NEFT

Why is transfer on NEFT being Charged?
It is supposed to be free..


Santosh R. Srivatsa
I am Amit Mishra and pursuing ICICI Bank account since last 8 years. I dont understand why they charges NEFT facility. These private banks already taking so much money to run bank account. Now they will take money with in bank general facility.
I am going to close my all 2 ICICI bank accounts. And I will pass this information widely to my friends and relatives so all can close thier accounts. Now we will open our accounts in Govt. Bank.
Either ICICI should take action against this new rule or losses several account holders.

Best regards
Dr. Mishra
I completely agree. This is really ridiculous, they should not be charging for the fund transfer, no other bank does.
Applying transaction charges for Fund transfer is very unfair!!! ICICI bank should retrieve back these charges...
Applying NEFT charges is a nonesense act. If such type of nonesense act continues then most of the people will switch over to Government bank.
I completely agree.
So many hidden charges, dues, fees… what the hell is this.. I am a customer of ICICI bank more than five years… closing account immediately..

Text in above link
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.
But still ICICI bank is real headach...
I request all icici customers who have been using online transfer for local transfer to start issuing checks. Once more customers doing that I am sure ICICI will withdraw the charges. I understand HDFC bank also did something similar and later withdrew the charges
Agree with you guys. I am not sure why RBI is coming up with this kind of ideas. NEFT really helps banks also, just not only consumers. I think RBI should immediately abolish this charge & help both customer & banks.
This is just a ridiculous things that icicibank levied on the middle class people. They invest so much money in US sub prime market and burned their hands on them. So they want to get the money back from us. I strongly oppose this move by icicibank and promise to close the account and suggest everybody to make a move. Everything is hidden in this bank and their policy
Agree with all - the charges should be immediately withdrawn - on one hand banks tell not to visit the bank and charge if we visit. Now if we do it electronically, here too they are charging ... can't they make our life simple.
This is ridiculous. They are doing this to old customers too.

I guess it is not too far when they start charging for Debit & Credit cards as well.

I too am closing my ICICI account.
I agree with this. Initially all the banks give the facilites to customers. Once the customer gets used to the comfort, They start charging for the service. It was a surprise when I saw a deduction of 5.52 twice in my statement suddenly with out any prior informatin. I have decided to give cheques for each and every transaction hereafter.
NEFT transactions were supposed to be free and we are using since long time. We have scheduled many payments as per the previous comments made by bank and now suddenly they have started charging for NEFT.

This is absolutely ridiculous RBI should take stern action against such transaction charges.

Banks are making free money here 5 rs per transaction and with a customer base(who uses netbanking) of 50 lac at least they expect 10 lac to use this functionality on daily basis so they are making 50 lacs per day without any extra cost.

What about benefits of end customer who has deposited his hard earned money into your account ??

Some one please take action against ICICI...

I Agree.
I completely agree with the above statement. The bank thought that they can charge any thing at any time they want. The bank cheat with their customer
Go to http://rbi.org.in/scripts/helpdesk.aspx and send the message to RBI
There is no question of disagreement. Competely agree to this.This policy was imposed all of a sudden. I use this facility every week and am forced to pay the charges for this very basic facility. On one hand we talk abojut Go GREEN save trees Save paper on the other we exactly do the reverse. I have already raised this at RBI from the link provided.
Well all banks, NGO's and other institutions are spreading the word of go green (save trees), now to avoid this transaction charge people will start using cheques again no matter they we will have to wait for 2-3 days for the transaction to be completed but end of the day we will save the 5/- charge and a penny we save is a penny we earn; however then the increased demand for cheque books and the stotionary will burden ICICI or ne such bank. Neways they can simply pitch in that extra money bcoz the money it was alawys sucked from us (innocent people)and have made up a gud treasury by now.

Well daily i have always heard that paperless transaction is better, feazable, and hassle free, safe, many banks do promote online banking and that is still kept free bocz in the end it helps bank to cut down their own costs.
What ICICI have done is very unethical, it has to understand the current markt and never think that it has created a monopoly, customer is very smart now and has lot of better options with him. By charging this mere 5/- ICICI is actually shown its own disgust and a very cheap mentality.

Well ICICI you guys ROCK...u every time come up with these stupid charges...u repent.
Last time ICICI was in a real mess about the recovery thing and the credit card drama...and they are still trying hard to wash out the shame by spending a lot on the articles like credit card usage awareness in the daily newspapers like 'times of India'' .

Customer JAAGOOOO !!!

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