​If you’re an HDFC customer, this is going to hurt your pocket

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​If you’re an HDFC customer, this is going to hurt your pocket
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Come June, HDFC Bank will increase service charges by as much as 43-50% on select products like debit cards, immediate payment service (IMPS) " a real-time money transfer mechanism " as India's second largest private sector lender aims to realign its fee structure on par with rivals.

As per a news report by The Economic Times, customers will now have to pay Rs 750 for an HDFC Bank platinum debit card against the current annual fee of Rs 500, while a gold debit card will offer the same revised fee structure, excluding applicable taxes.

However, high-networth individuals (HNIs) and corporate salary account customers holding savings accounts are exempted from the impact.

The ET news report elaborated, an HDFC Bank customer will have to pay Rs 5 for every fund transfer up to Rs 10,000 from May 15 for an IMPS. The current charge is Rs 3.5 for such a transaction. Charges remain unchanged between Rs 5 and Rs 10 for the higher quantum up to Rs 2 lakh.

ICICI Bank now charges Rs 5 only for an IMPS transaction up toRs 10,000.
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"All these steps may help generate fee income for the bank, but wouldn't add significantly to profits," Dinesh Shukla, senior banking analyst at Sharekhan brokerage told the financial daily.

(Image: Reuters)