India’s second largest private sector lender HDFC Bank has increased 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 the bank aims to realign its fee structure on par with rivals.
The 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.
New charges will kick in from June 1 this year, but the lender will not charge high-net-worth individuals (HNIs) and corporate salary account customers holding savings accounts.
