[Resolved]  ICICI Bank — NEFT charges

I agree... icici begs & suck$ ...

Does RBI give permision to take money from bank for transfereing money ? WHy does ICICI DO? Money is not cheap..

These all changes are non sense, y icici bank are making more complicated to people by making such rules.

Most banks have started charging Rs 5 per NEFT transaction. Example: SBI www.onlinesbi.com/osbi_rtgs_faq.html. This is NOT a charge levied by the bank rather a service charge imposed by RBI. Initially RBI had waived the service charge (till March 1 2009) and since this is becoming a burden to the banks they are passing the cost to the consumer. Consumers have to take this to RBI.

Yes. I agree. Charges on NEFT is a non-sense act.

Banks are anyway, charging minimum balance to their whim. ICICI increased it to 10000 from 5000 so there is no need to charge unnecessary charges like on NEFT.

I completely agree. I am also ICICI bank customer & now onwards I am going to issue cheques & this will increase the paperwork of bank staff & also the expenses on stationary.
RBI MUST HAVE TO WAIVED THE SERVICE CHARGES FOR NEFT FOREVER.

This is ridiculous... there was no intimation and suddenly when we had to transfer funds which they had been encouraging lately and now this stupid pop up ICICIBank.com is chargeable at Rs 5 per transaction + Service Tax... this is cheating you corporate losers!!

And again ICICI will limit the no of cheque books per quarter or month and you will have to pay extra money to get the additional cheque books. This is going to happen for sure.

Yes its really unfair, Icici should not charge on NEFT. or there should be some free NEFTS like 5 per month

Better bycott the bank.

They are many other rediculous rules and charges leived by ICICI bank.

Point is they are behaving this way because we are using it!!!

There are numerous other banks providing the same service.

We shall all bycott it!!! They are actually cheats & cheating their customers.

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


Take a break... SBI too charges for NEFT

All Banks — NEFT CHARGES

RBI guideline of implementing transaction fee for NEFT transactions is a set back. I urge all to write and raise this concern to Government of India and RBI.

This is a matter of great shame that now RBI has joined with the Banks & started charging for NEFT.

On one hand Govt. wants to increase efficiency, promote paperless banking & on the hand charging for the NEFT is ironical.

NEFT has been so beneficial to all the banks by saving Fund transfer cost(Cheque, postage etc.) and decreasing workload but on the contrary Govt. is trying to mint the money and ignoring interest of the common man.

The Official responsible for such policies are a national shame.

Such people want to take India back 25years. Such Politicians/ Bureaucrat who are holding back 2G/ 3G technology to be fully implemented are the Enemy of the Nation.

The correct approach would be to implement the latest technology with appropriate safety measures to bring down the cost of living; thus enhancing quality of life of the common man.

ICICI bank is the only bank I think which do not care about any rule or law of this counrty. This bankdo introduce in its rules without any information to the customer, and do not respond his query. I dont / cant imagine why people are runing to this bank despite their calous attitude. I along with my daugter have closedour accounts with this bank not bearing its behaviour.
This is not only about this bank only but I think there is someting wromg inb ICICI culture, even their MF coy. is not behaving like a profeessional and do not care to inform investors about their investments and other matters.
SK.Tripathi

But I think I have read most of the fake paper money from ICICI ATMs. as in news papers. Is it correct?

Dear Mr.Tripathi,

We would like to change your opinion about us. Please write to us with your contact details and specific issues at [protected]@icicibank.com and we will contact you to address your concern. Kindly refer "754947" in the subject line.

Regards,
ICICI Bank Customer Service Team

Yes Banks/RBI needs to promote free of cost services for RTGS / NEFT which actually reduces the manpower in banks and which is hassle free. Appended are few to name,
- No waiting for funds after depositing Cheque at counter/Bank,
- Cheques needs to be sent to drawee Bank for funds and technical scrutiny – there are cases small correction which is unauthenticated are liable for rejection – which actually adds up more time.
- Cheques can be lost under transit.
- Outstation cheques are subject to clearance which require much time for clearance
- Cheques add printing cost to bank also in clearing houses charges are attracted.

So making it free banks usually earn lots of money as customer stops writing cheques, also manpower required for that would be reduced

Now, ICICI Bank has again (Feb 2011) started charging for NEFT payments. Ofcourse, it was done without intimating the customers and I am not surprised - ICICI Bank does not give any respect to its customers. On further research, I see that RBI is going to charge Rs. 5 per transaction from March 2011 and maybe hence ICICI decided to pass on the charge to its customers (pls note that HDFC has been charging its customers at least from Oct 2010 and hence ICICI is a bit better...).
The point I want to make is that the banks are saving lots of cost by providing these NEFT facility to its customers. Hence they should actually absorb these costs levied by RBI (or fight with RBI to reduce or remove these charges) rather than pass it on to customers.
It is rather foolish on the part of RBI to levy these charges. On one side it says that it wants to reduce the currency circulation. On the other side, it levies charges leading to increased cheque usage. If I exceed the cheque usage limit then I will naturally prefer to pay my rent as cash rather than NEFT... someone needs to teach RBI some common sense...

yes, it is ridiculous. i agree to all who say no to nEFT charges. this shows the cheap attitude of ICICI bank. And i ask them to stop the advertisement in media that they are for customers. so i ask everyone to go towards non private banks

I do agree with this.