Asia Bizz: ICICI Bank, the popular private sector bank in India, has recently announced that it will be charging its customers Rs. 5 per transaction for the transfer of funds over mobile phones. The charges will be applicable from April 2012 and the service will be available for free till the end of March.

From April 1, 2012 onwards, the fee for the transfer of funds will be levied and the other service charges of the bank will also be revised. Meanwhile HDFC bank has already revised its service charges which have been effective from January 1, 2012.

The banking industry experts have said that few of the other private sector banks could also revise these dates. ICICI Bank has issued a circular which mentioned that it will levy a service charge of Rs. 5 per transaction on its Interbank Money Payment service also known as IMPS customers.

Moreover, it also mentioned that the fund transfers will also be limited at Rs 50,000 per transaction a day.

ICICI Bank is one of the top banks in the country to offer this service. More than 30 lakh customers are using this facility. The bank has decided to move to a monthly basis of levying fees and maintenance of minimum account balance with regards to other service charges.