How to Keep Debit Card AMC Fees in Check and Opt for Free

Introduction:

Banks impose an Annual Maintenance Charge (AMC) on debit cards for ATM services, representing a yearly fee set by the bank, automatically deducted from the cardholder’s account annually.

The AMC fluctuates depending on the card issuer and type of ATM card. Most banks waive the AMC during the debut year post-card issuance, with fees starting in the subsequent year.

Debit Card AMC

The AMC for debit cards varies by ATM card type. For instance, HDFC Bank, Axis Bank, SBI and Punjab National Bank charge an AMC between Rs.100 to Rs.150 for classic cards. Indian Bank charges Rs.60 AMC in rural/suburban locales, rising to Rs.120 in urban/metropolitan areas. Conversely, ICICI Bank waives AMC except for coral debit cards, which incur a Rs.499 fee.

Tips to Avoid AMC for a Debit Card

To sidestep debit card AMC, consider these tips:

• Select a debit card sans AMC. For example, ICICI Bank offers AMC-free debit cards.
• Utilize ATMs from your bank. Choose nearby ATMs when unavailable. Many banks provide apps for locating ATMs.
• Ensure you have ample cash for unforeseen expenses.
• Plan withdrawals to minimize multiple ATM visits. Withdrawing larger amounts can lower ATM visits significantly.

Checking AMC for Different Bank ATM Cards

To confirm AMC for a specific ATM card, visit the bank's official site or consult a representative for detailed info. Below are AMC specifics for prominent Indian banks:

• ICICI Bank: All debit cards are AMC-free besides coral cards, which have a Rs.499 AMC. PIN regeneration incurs a Rs.25 fee.
• HDFC Bank: Offers free ATM cards, but AMC ranges from Rs.200 to Rs.750 based on card type, particularly for redemption or reissue.
• State Bank of India: Allows free cash deposits via SBI debit cards, plus an added Rs.125 AMC with GST for classic cards.

ATM AMC Fees for Leading Banks

Here’s a snapshot of ATM AMC charges from top Indian banks:

• State Bank of India: Up to Rs.350 plus taxes from the second year, based on card type.
• HDFC Bank: Up to Rs.750 plus taxes.
• Federal Bank: Up to Rs.750 for contactless cards, Rs.500 for others.
• Axis Bank: Rs.200 plus taxes for Visa Classic or Platinum cards.
• Indian Bank: Up to Rs.150 plus taxes starting the second year.
• Union Bank of India: Up to Rs.400 plus taxes.

Increase in ICICI Bank Debit Card Annual Fees

As of 21 August 2023, ICICI Bank raised annual fees for various debit cards:

• ICICI Bank Expressions/Business Expressions Debit Card: Fee rose by Rs.100 to Rs.599.
• ICICI Bank Coral/Business Coral Debit Card: New fee is Rs.699, up from Rs.599.
• ICICI Bank Expressions Coral/Business Expressions Coral Debit Card: New fee is Rs.899.
• ICICI Bank Rubyx Debit Card: Increased by Rs.350 to Rs.1,099.
• ICICI Bank Sapphiro/Business Sapphiro Debit Card: Increased from Rs.1,499 to Rs.1,999; however, the Expressions Sapphiro Debit Card fee remains Rs.4,999 with unchanged monthly charges of Rs.249.