India's largest private sector bank, ICICI has hiked the ATM charges for its saving account holders and this will come effective from January 1st 2015.  The number of free transactions in a month is fixed at five at ICICI ATMs while transactions at other ATMs is reduced to three.

After the five transactions, Rs 20 will be charged per one transaction which excludes service tax and Rs 8.50 for every non-financial transaction. The issue of ATM usage has been a very contentious one due to the inter-connect charges a bank has to pay to the other.

- TVR