ICICI Bank Rule Change: ICICI bank account holders pay attention. The reputated private bank going to change rule from November 15. ICICI Bank, India’s second-largest bank by market cap, recently announced that it will change the charges for some services on credit cards for customers.
From November 15, finance charges on extended credit and cash advances for ICICI Bank credit card holders will now be applicable at a monthly rate of 3.75 per cent, which is equivalent to the annual rate of 45 per cent. This applies to overdue interest on unpaid balance and any advance cash on credit cards. ICICI Bank has restructured its late payment charges based on the outstanding amount. In simple language, the charges will change from now on the late bill of ICICI Bank’s credit card.
Rs 101 to Rs 500- Rs 100 charges
Rs 501 to Rs 1,000- Rs 500 charges
Rs 1,001 to Rs 5,000-Rs 600 charges
Rs 5,001 to Rs 10,000- Rs 750 charges
Rs 10,001 to Rs 25,000- Rs 900 charges
Rs 25,001 to Rs 50,000- Rs 1100 charges
Above Rs 50,000 – Rs 1300
Paying utility bills with ICICI Bank’s credit card is going to be expensive. In fact, 1% extra charge will be levied on utility bill payments of more than Rs 50,000 in a statement cycle through some credit cards of ICICI Bank. These rules will apply to some ICICI Bank cards.
In a statement/billing cycle at grocery and departmental stores, reward points will be awarded at current rates only for spending up to Rs 40,000 on some cards. In a statement/billing cycle at grocery and department stores, reward points will be awarded at the current rate only for spending up to Rs 20,000 on certain cards. There will be no charge for payments made directly to the school or college through some cards. However, if you make education payments through third-party apps, then an extra charge of 1% of the transaction amount will be charged.