Latest news with #IMPS
Time of India
4 days ago
- Business
- Time of India
ICICI Bank updates service charges for ATMs, DDs, cash deposits and cards; new rates effective from July 1
ICICI Bank will revise several service charges across banking transactions starting July 1, 2025, including fees on demand drafts, ATM usage, cash deposits and withdrawals, and debit card services. Tired of too many ads? go ad free now The changes will apply to both metro and non-metro customers, with some exemptions for senior citizens. According to the updated fee structure, demand drafts (DDs) issued through cash, cheque or account transfers will now attract a charge of Rs 2 per Rs 1,000, with a minimum fee of Rs 50 and a maximum cap of Rs 15,000 per transaction, according to an ET report. ATM transaction charges revised At non-ICICI Bank ATMs in metro cities (Mumbai, Delhi, Chennai, Kolkata, Bengaluru and Hyderabad), customers will continue to receive three free transactions per month, including both financial and non-financial. Beyond this, the bank will charge Rs 23 for financial and Rs 8.5 for non-financial transactions. For non-metro areas, up to five free transactions will be permitted per month. The same charges apply beyond the free limit, but the total number of free transactions across all ATMs is limited to five per month, with a maximum of three in metros. At ICICI Bank ATMs, customers are allowed five free financial transactions per month. Any further usage will be charged at Rs 23 per financial transaction, while all non-financial transactions remain free. Senior citizens are exempt from these charges. For international ATM usage, ICICI Bank will charge Rs 125 for cash withdrawals, Rs 25 for non-financial transactions, and a 3.5% foreign currency conversion fee. Senior citizens are exempt from these as well. Charges on IMPS transactions Immediate Payment Service (IMPS) outward transaction charges will now be structured as follows: Up to Rs 1,000: Rs 2.50 per transaction Rs 1,001 to Rs 1,00,000: Rs 5 Rs 1,00,001 to Rs 5,00,000: Rs 15 Cash deposit and withdrawal limits Cash deposits at branches and cash recycler machines (CRMs) will be free for the first three transactions per month. Tired of too many ads? go ad free now Beyond this, customers will be charged Rs 150 per deposit. Further, deposits up to Rs 1 lakh per month are free, after which the bank will levy Rs 3.5 per Rs 1,000 or Rs 150, whichever is higher. If both the transaction count and value limits are breached in the same instance, the higher of the two charges will apply. Third-party deposits are capped at Rs 25,000 per transaction for regular savings account holders. Cash withdrawals from branches will follow similar norms. Customers will get three free withdrawals per month. Additional transactions will attract Rs 150 per withdrawal. Transactions exceeding Rs 1 lakh per month in value will be charged Rs 3.5 per Rs 1,000 or Rs 150, whichever is higher. Debit card fees increased The annual fee for regular debit cards has been revised to Rs 300, while customers in Gramin (rural) areas will be charged Rs 150. In case of card loss or damage, a replacement card fee of Rs 300 will apply.
The Hindu
5 days ago
- The Hindu
Software engineer loses ₹28 lakh in online fraud
A software engineer in Brahmavar lost over ₹28 lakh to an online investment fraud. In the complaint to the Kota Police station, the victim stated that he received a link through the Telegram app, which he used to join Kings Digilux group. He was given tasks for which he was paid money upon completion. Fraudsters demanded money for additional tasks that the victim was promised would yield higher returns. Between May 30 and June 12, the victim transferred ₹7.93 lakh through UPI and ₹20.08 lakh through IMPS/RTGS to accounts mentioned by the fraudsters. When he failed to receive payment upon completing tasks, the victim filed a complaint seeking action against the fraudsters who had cheated him of ₹28.01 lakh. His complaint was registered for offences punishable under Sections 66(C) and 66(D) of the Information Technology Act. In another incident, a Mangaluru resident lost over ₹5 lakh to fraudsters who promised good return on investment in cryptocurrency. In the complaint to the Mangaluru East police, the victim stated that he saw an advertisement on Instagram offering a good return on investment in cryptocurrency. He transferred a total of ₹5.05 lakh to accounts given by fraudsters. After failing to receive any response, the victim filed a complaint seeking action against the fraudsters.
Time of India
12-06-2025
- Business
- Time of India
Sebi's 'verified' UPI to deter scammers posing as brokers
MUMBAI: To counter the increasing menace of stock market related cyber frauds, Sebi on Wednesday said it will launch a verified payment mechanism that will show if investors transferring funds are paying to genuine Sebi-registered entities or not. Tired of too many ads? go ad free now The new mechanism will be able to weed out fraudulent entities that often copy or mimic genuine Sebi-registered entities to lure investors and defraud them of their money. As part of the comprehensive facility, the UPI payment mechanism for all Sebi-registered intermediaries that collect funds from investors will have a verified sign that investors will be able to see while transferring funds. This will improve the safety and accessibility of financial transactions within the securities market, Sebi said. The UPI payment mechanism will go live from Oct 1, Sebi chairman Tuhin Kanta Pandey, said. He added that the new mechanism will in no way affect the existing mandates and payment mechanisms like RTGS, IMPS, e-NACH, etc., that are already in use for SIPs and other fund transfers by investments. "This innovative mechanism is set to significantly improve the safety and accessibility of financial transactions within the securities market by providing a verified and secure payment channel," Pandey said. This mechanism will use a new UPI address structure for all Sebi-registered intermediaries. The new address will be verified at three levels: Sebi, banks, and NPCI. In addition, Sebi is developing another new functionality called 'Sebi Check' that will allow investors to verify the authenticity of UPI IDs either by scanning a QR code or entering the UPI ID manually and confirming the bank details, including the account number and IFSC of a registered intermediary.
New Indian Express
06-06-2025
- Business
- New Indian Express
T Wallet clocks 16 lakh registered users in 8 years
HYDERABAD: India's first state-managed digital wallet, T Wallet has recorded 16 lakh registered users and processed over four crore transactions in its eight-year journey since its launch in 2017, the state government's Electronic Service Delivery (ESD) wing under the ITE&C Department announced on Thursday. Introduced during the 2016 demonetisation, T Wallet continues to drive digital payments across the state. The wallet enables a range of services, including Immediate Payment Service (IMPS)-based real-time bank transfers, utility bill payments, service fee payments, and merchant transactions. T Wallet is integrated with MeeSeva's 4,500 plus centres and 11,000 plus fair price shops, ensuring accessibility in remote and rural areas, with options for citizens to use it via mobile app, web, or assisted services for those without mobile access. Launched on June 1, 2017, T Wallet was a pioneering response to the 2016 demonetisation, aiming to promote cashless transactions in Telangana. Its flagship IMPS feature allows direct bank account transfers, setting it apart from traditional wallets that rely on peer-to-peer transactions or UPI and offering 24/7 availability for seamless banking integration. The ITE&C department emphasised T Wallet's role in enhancing financial inclusion, particularly in underserved regions, with its growth over eight years underscoring its importance as a state-led digital payment solution for Telangana's citizens.
Time of India
03-06-2025
- Business
- Time of India
Man loses Rs 21 lakh in investment fraud
Mangaluru: A man allegedly lost Rs 21.7 lakh in an online investment scam. In a complaint, he said that he came across a Facebook profile in Sept 2024 under the name Raveena Roy, who claimed to be an MBA graduate and an investment consultant. She allegedly promoted lucrative schemes in gold trading and deposit plans, convincing the complainant to invest. The accused later shared two WhatsApp numbers and directed the complainant to a link for an app. Trusting the app to be genuine, he shared personal details, including his mail ID, mobile number, and Aadhaar card details, and registered on the platform. Through the app's customer support, the complainant was given multiple bank account numbers and IFSC codes for depositing money. Between Oct 3, 2024, and April 25, this year, he allegedly transferred a total of Rs 21.7 lakh via NEFT and IMPS to different accounts linked to the accused. The complainant was initially able to withdraw a small amount. However, when he requested to withdraw the remaining funds, he was asked to pay additional tax. This raised doubts, and upon closer scrutiny, he realised he had been defrauded. CEN Crime police registered a case and are investigating.
