Savings

ICICI Bank raises service fees for NRI savings accounts

The second largest private sector bank in India, ICICI Bank, has increased its service charges on NRI savings accounts. According to an official press release from the bank, the new service fees will take effect on November 1, 2022. Along with the increase in service fees, the bank has also increased penalties for different transactions involving checks.

ICICI Bank Service Fee for NRI Savings Accounts

ICICI Bank has increased service fees on various types of transactions such as cash deposits, duplicate statement issuance, duplicate passbook issuance, IMPS exits, PIN regeneration of the debit card, the reissue of the identifier or the password of the Internet user (branch or non-IVR customer service) and issue of the checkbook.

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ICICI Bank Service Fee for NRI Savings Accounts (icicibank.com)

Criminal charges ICICI Bank

ICICI Bank increased criminal charges on return check out (check deposited by customer), return check on arrival (check issued by customer), and deliverables destroyed at branches.

ICICI Bank Service Fee for NRI Savings Accounts

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ICICI Bank Service Fee for NRI Savings Accounts (icicibank.com)

In the second quarter of this fiscal year, ICICI Bank recorded a net profit of 7,558 crore, up 37% YoY from 5,511 crore in Q2FY22. In the second quarter of FY23, net interest income (NII) increased 26% year-over-year to reach 14,787 crores of 11,690 crore in the second quarter of FY22. In Q2FY23, net interest margin reached 4.31% compared to 4.00% in Q2-2022 and 4.01% in the quarter ended June 30, 2022. ( Q1-2023). The gross NPA ratio decreased from 3.41% as of June 30, 2022 and from 4.82% as of September 30, 2021 to 3.19% as of September 30, 2022. Total advances increased to 938,563 crores in Q2FY23, up 5% sequentially and 23% year-on-year. However, the amount of end-of-period deposits improved by 12% year-on-year 1,090,008 crores. Average savings and current account deposits grew 16% year-over-year in Q2FY2023. As of September 30, 2022, period-end time deposits increased by 11% year-on-year to Rs. 582,168 crores. ICICI Bank reported a network of 5,614 branches and 13,254 ATMs at T2FY23.

According to a regulatory filing, Sandeep Bakshi was reappointed by the board of directors of ICICI Bank as Chief Executive Officer (MD) and Chief Executive Officer (CEO) for a three-year term. The renewal of the term will take place from October 4, 2023 to October 3, 2026, with the consent of the Reserve Bank of India and the shareholders of ICICI Bank. He has been CEO and Managing Director of the bank since October 15, 2018. Prior to being appointed Managing Director and CEO, he worked as a full-time director and Chief Operating Officer (COO) of the bank.

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