Some banks including like HDFC bank , ICICI bank and Axis bank have begun charging a minimum amount of Rs. 150/- per transaction for cash deposts as well as withdrawls beyond four free transactions in a month. The charges are being raised so that more and more people move towards digital transactions.
Here are the 10 things to know :
1. HDFC bank, Axis bank, ICICI Bank will be charging Rs. 150/- beyond the limit of four free transactions in a months (including deposits and withdrawals).
2. Senior citizen are free from any such charges
3. According to HDFC bank such charges would be effective from 1 March 2017 onwards and would apply to all saving and salary account holders
4. ICICI Bank had reintroduced the cash transaction charges at bank branches from January 1, 2017. There will be no charge for first four transactions a month at branches in home city while thereafter Rs. 5 per Rs. 1,000 would be charged thereafter subject to a minimum of Rs. 150.
5. For non-home branches, ICICI Bank would not charge anything for first cash withdrawal of a calendar month and Rs 5 per thousand rupees thereafter subject to a minimum of Rs 150.
6. At ICICI bank The third party limit would be Rs. 50,000 per day.
7. For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.
8. The charges for withdrawing money from automatic teller machines (ATMs) remain unchanged.
9. At Axis Bank, the first five transactions or Rs. 10 lakh of cash deposits or withdrawals would be free and charged at Rs. 5 per thousand rupees or Rs. 150, whichever is higher.
10. Till now there is no clarification whether the public sector banks have also begun imposing such charges.