| Deposits-Freedom Savings Accounts-FAQs |
Freedom account offers free and unlimited access (cash withdrawal and balance enquiry transactions only) to any Bank's ATM. What are eligibility criteria for availing the benefits of Freedom account?
What is the minimum balance requirement for Freedom account? The minimum balance requirement for Freedom account is Rs.10,000*
* If quarterly average balance in your Regular Freedom Savings account falls below Rs.10,000, a charge of Rs.750 per quarter will be levied. Please refer to the section on Service Charges and Fees for other applicable service and transaction charges. This is applicable for customers who hold Freedom savings account January 21, 2008 onwards. * For customers who hold Regular Freedom Savings account as on January 20, 2008 onwards and for the other variants of Freedom Savings account, if QAB falls below Rs.10,000, transaction charge for accessing non-ICICI Bank ATMs will be levied in the beginning of the next quarter. Service and transaction charges will be levied when the QAB falls below the level stipulated for respective accounts.
If you are an existing customer, how can you register for Freedom savings account? Customers can register for Freedom account by visiting a neighboring ICICI Bank branch, by sending a SMS - REGATM last 6 digits of your savings account number' to 5676766. I am currently already exempt from all charges for ATM transactions. Is this offer applicable to me also? If you already have been offered exemption on non-ICICI Bank ATM usage as a feature of your original product offer, you will continue to enjoy the exemptions as specified in the original offer to you. Will I be charged when I use non-ICICI Bank ATMs after I have opened a Freedom account? No, once you have registered for Freedom Savings Account, you will not be charged at the time of using non-ICICI Bank ATMs. At the end of the quarter, if Quarterly average balance in your Freedom savings account is less than Rs.10,000 then ATM Interchange charges will be levied for the transactions made in the that quarter. The charges will be debited from the customer's account in the beginning of the next quarter.
Will I be charged when I use non-ICICI Bank ATMs after registering for Freedom savings account? No, once you have registered for Freedom Savings Account , you will not be charged at the time of using non-ICICI Bank ATMs. At the end of the quarter, if Quarterly average balance in your Freedom savings account is less than Rs.10,000 then ATM Interchange charges will be levied for the transactions made in the that quarter. The charges will be debited from the customer's account in the beginning of the next quarter.
I have maintained a minimum quarterly average balance of Rs.10,000 in my savings account and the transaction charges for non-ICICI Bank ATMs have been reversed by the Bank in the past. Will I continue to avail the facility? The ATM Interchange reversal process will continue till December 31, 2007 in respect of existing customers who do not register for Freedom account. ATM Interchange transaction charges will be reversed to the customer's account in the beginning of the next quarter subject to minimum quarterly average balance of Rs.10,000 in the savings account. However to continue to avail ATM Interchange waiver beyond December 31, 2007, you can register for Freedom Savings account by visiting a neighboring ICICI Bank branch, by sending a SMS - REGATM last 6 digits of your savings account number to 5676766. On which of the networks is this offer valid? This offer is valid on:
Is this offer valid for international transactions also? No. This offer is valid only for domestic transactions. International transactions will continue to be charged according to the current charges. What will be the amount that will be refunded to my account in case of reversal of ATM Interchange charges? This will depend on the type of transactions and the network where you have carried them out. Here are the charges for balance enquiry and cash withdrawal transactions at three networks: 1. Federal Bank Network: Balance enquiry - Rs.10; Cash Withdrawal - Rs.20 What about service tax? Will I be refunded the service tax amount also? Yes. The service tax amount will also be refunded along with the charges. Which ATMs are part of the NFS network? The following Bank ATMs are a part of the NFS network of ATMs. List of Banks
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