Business

IDBI Bank ATM Withdrawal, Deposit, Cheque Rules, Charges to Change from Next Month

IDBI Bank has recently revised the charges for depositing cash and cheque books. Customers of IDBI Bank will get five free transactions while depositing cash in their savings bank accounts. The rule will be applicable for both the semi-urban and rural branches. For super savings plus accounts, the free transactions in semi-urban and rural areas will be 8 each, respectively as of now. Beyond these, the bank will levy a charge for depositing cash at the bank branches. The new rule will be applicable from next month.

The bank has also revised charges for issuing cheque leaves. The customers will have to pay Rs 5 per cheque leaf beyond 20 free leaves per year. The new rates will be applicable from next month.

Currently, the customers can access as many as 60 cheque leaves without any charges in a year in the first year of account opening and 50 leaves in all the subsequent years. Beyond these, one has to pay Rs 5 per leaf.

IDBI Bank has also updated the charges for locker rent. The JubileePlus senior citizen account holders will get no discount on locker rent if the monthly average balance (MAB) is less than Rs 10,000. Customers will get 10 per cent discount on Rs 10,000-24,999 balance for all 12 months and 15 per cent for Rs 25,000 and above monthly average balance.

At present, the bank offers 25 per cent discount on locker rent if Rs 5,000 is maintained as average quarterly balance in all four quarters.

The same revised charges will be applicable on Supershakti women’s account for locker rent. The discount will be offered only on A and B size lockers, the bank said.

Besides, the lender has also cut down the number of free transactions from other bank ATM per month (both financial and non financial) for JubileePlus and Supershakti accounts by half to 5 transactions.

IDBI Bank turned profitable in the fiscal ended in March 2021 after five years, posting a net profit of Rs 1,359 crore for the year. In 2019-20, the lender had posted a net loss of Rs 12,887 crore. The bank, which came out of the RBI’s prompt corrective action (PCA) framework earlier in March this year, said its turnaround strategies led to the transformation. Total income during Q4FY21 rose to Rs 6,969.59 crore from Rs 6,924.94 crore in the same period of 2019-20.