Industrial Bank : Adjusts Service Prices to Further Reduce Costs and Benefit Customers

Responding proactively to the China Banking Association's initiative to adjust the prices of certain banking services to enhance service quality and efficiency, IB announced on November 22, 2023, its plan to adjust the pricing of some services: Announcement of Industrial Bank on Adjusting Certain Service Prices to Improve Service Quality and Efficiency. Building upon the existing fee reduction policies, the bank adjusted the pricing standards and discount measures for certain service items, further reducing the operational costs for market entities.

Effective from November 24, IB will eliminate the handling fee for bank acceptance bills and commercial acceptance bills; The bank will adjust the fee for retail customers' dynamic tokens to be charged at cost. Starting from December 27, cardholders transferring credit card overpayments to their own IB accounts within China's Mainland will not incur any handling fee. Additionally, IB will continue its existing lower fee standards or discount policies, including Continuing to charge a handling fee of 0.05% of the face value for bank acceptance bills, with a minimum charge of 200 yuan per bill; Continuing to waive fees for printing personal deposit account statements; Continuing to charge at cost for retail customers' Bluetooth e-shields, institutional clients' prepaid certificate handling fees, and payment stick handling fees; Continuing to offer free credit card transaction alerts and balance change notifications through the IB Life app and the "IB Credit Card" WeChat Official Account; Continuing to provide a fee waiver mechanism for standard and gold credit card annual fees upon meeting specific spending criteria; Continuing to offer credit card grace period and tolerance services, among others.

IB has long been committed to implementing the central government and State Council's directives on reducing fees and benefiting enterprises and the public. The bank has intensified its efforts to reduce fees and improve the quality and efficiency of financial services. On one hand, following the implementation of the 2021 payment handling fee reduction policy, IB has voluntarily expanded the scope of beneficiaries from SMEs and individual entrepreneurs to all institutional clients. This expansion includes increased discounts on certain items, such as waiving fees for institutional clients using the IB Butler app and inter-bank transfer fees at ATMs for unit settlement cards. On the other hand, in addition to implementing over 70 independent fee waiver projects, IB continues to provide multiple fee reduction measures and diversified financial services for specific groups. These include SMS service fee discounts and inter-bank ATM withdrawal fee waivers for new residents, the elderly, military personnel and their families, and payroll cardholders. For international students and foreign nationals, the bank offers reduced fees for outgoing remittances and telecommunication charges.