ICICI Bank is one of the most popular private banks in India, and many people use their credit cards. If you have an ICICI Bank credit card, some important rule changes are coming soon.
Starting from November 15, 2024, the bank will introduce several new rules. Here’s a look at the changes and how they could benefit you.
No Charges on Educational Transactions
ICICI Bank will no longer charge fees for international education or school-college fees paid using their credit cards. However, if you make these payments through third-party apps, a 1% fee will apply.
New Charges for Late Payments
Starting November 15, there will be new charges for late credit card payments. The charges are as follows:
Rs 101 to Rs 500: Rs 100 charge
Rs 501 to Rs 1,000: Rs 500 charge
Rs 1,001 to Rs 5,000: Rs 600 charge
Rs 5,001 to Rs 10,000: Rs 750 charge
Rs 10,001 to Rs 25,000: Rs 900 charge
Rs 25,001 to Rs 50,000: Rs 1,100 charge
Above Rs 50,000: Rs 1,300 charge
Important: If the outstanding balance is below Rs 100, there will be no late payment fee.
Charges on Utility and Fuel Payments
ICICI Bank will also apply new charges for certain payments:
Utility Payments: If the payment is over Rs 50,000, a 1% fee will be applied.
Fuel Payments: For transactions above Rs 1,000, a 1% fee will also apply.
Interest on Credit and Cash Advances
1) Overdue interest on extended credit or cash advances will be charged at 3.75% for one month.
2) The annual interest rate for these advances will be 4.5%.
Keep These Changes in Mind
If you’re using an ICICI Bank credit card, be sure to keep these updated charges and fees in mind. The new rules could impact your payments and fees from November 15, 2024.
Overdue Interest and Cash Advances
The interest on overdue credit or cash advances will be 3.75% for one month. The annual interest rate on these will be 4.5%.
