The second largest bank in Indian private banking sector HDFC has increased service charges by almost 43% to 50% on selected products such as debit cards and immediate payment service (IMPS) as the bank focuses towards re-align its fee structure on par with competitors. HDFC customers will now have to pay US$11.79 for a platinum debit card of HDFC Bank against the existing annual fee of US$7.86, whereas a gold debit card would provide the same fee structure that is revised now, exclusive of applicable taxes.
The new charges would be implemented from June 1, 2015, but HDFC will not charge corporate salary account consumers holding savings accounts and high-net worth individuals (HNIs).
Some of the general features of this service charge hike are 2.5% waiver of surcharge, when a customer applies a card in petrol pumps, which is subject to an upper limit of US$11.79 per month. All the cards will be having daily shopping limits up to US$4322.88. The customers, who hold gold cards and platinum cards, are able to avail insurance policies amounting up to US$0.08 and US$ 15,720 based on the expenditure volumes.
The largest private sector bank in India, ICICI Bank, charges US$11.79 for Rubyx debit card, while it is US$12.56 for the Expression Coral debit card. Annual fees range from US$4.70 to US$23.56 for 2 other cards, consisting of Sapphiro and Unifare with various features. An HDFC Bank customer will have to pay US$0.08 for every transfer of fund up to US$157.20 from May 15 for IMPS.