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HDFC, Axis, ICICI banks will now charge you Rs 150 after 4 free cash transactions a month

HDFC, Axis, ICICI banks will now charge you Rs 150 after 4 free cash transactions a month
 

In an effort to promote cashless transactions, leading banks in the country have decided to charge a specific transaction amount after a certain limit in the case of cash transactions. Private banks like HDFC Bank, ICICI Bank and Axis Bank have already announced to implement the new charges. Other banks are also expected to follow suit soon.Starting from March 1, the above-mentioned banks will levy a minimum charge of Rs 150 per transaction for cash withdrawals and deposits beyond 4 free cash transactions available in a month.

People who have savings accounts need not pay any transaction amount up to 4 free cash transactions from the home branch but after that with every additional transaction, the customer has to pay an amount of Rs 150 according to HDFC Bank. The bank also made it clear that the charges will apply to salary as well as savings accounts effective from Wednesday.

Under the new guidelines, apart from having to pay an additional amount of Rs 150 for the fifth transaction after the account holder has used 4 free cash transactions, consumers will also need to pay cess and an additional service tax.

People may deposit or withdraw an amount up to Rs 2 lakh from their salary or savings accounts through the home branch for one month.  Any Transaction which will exceed this amount will be charged with a minimum amount of Rs 5 per Rs 1000 or a minimum amount of Rs 150. Earlier this limit for the free transaction was up to Rs 50,000.

In the case of transactions (deposit or withdrawl) with non-home branches, daily transactions up to Rs 25,000 will not be charged. However, above this limit, a charge of Rs 5 per Rs 1000 or a minimum amount of Rs 150 will be charged.

The senior citizens and children are exempted from paying any charge up to an amount of Rs 25,000 per day.

The bank will not allow third party transactions above Rs 25,000. It will accept only a transaction up to Rs 25,000 with Rs 150 charge.

ICICI BANK

The ICICI Bank has announced that the charges remain same as they were before the government announced the demonetization move on November 8. However, there is an increase in such fees in case of some other banks.




The ICICI Bank website states that the bank will not charge for the first 4 free cash transactions in a month in the home branch. After that, a charge of Rs 5 per thousand rupees will be charged which will subject to a minimum of Rs 150 in the same month. The limit for third party transactions will be Rs 50,000 per day.

In the case of non-home branches, the bank will not charge anything for the first cash withdrawal of a calendar month and after that, it will charge Rs 5 per thousand rupees subject to a minimum of Rs 150.

 
If you will deposit cash anywhere, ICICI Bank will charge an amount of Rs 5 per thousand rupees which will subject to a minimum of 150 at branches. The deposit at Cash Acceptance Machine will be free of charge for the 1st cash deposit of a calendar month and Rs 5 per thousand thereafter.

The bank has re-introduced ATM intercharge charges.

AXIS BANK

At Axis Bank has announced that the first five transactions or Rs 1 lakh of cash deposits or withdrawals would be free. Transaction exceeding this amount will charge Rs 5 per Rs 1000 or a minimum amount of Rs 150.

GOVERNMENT ORDERS INTERNET AND MOBILE BANKING FOR ALL BY MARCH 31

In a major step towards the cashless India, Government of India has asked all banks to activate mobile and Internet banking for all customers by March 31. It does not matter if the account holder has opted for online banking or not. The government has made it mandatory for everyone who has a bank account in order to make sure the transparency in transactions. The government has set March 31st as the deadline for this exercise.

KEY POINTS:

HDFC Bank has decided to reduce the number of free cash transactions at bank branches for customers from five, to four.

HDFC Bank has also increased the charges for transactions in excess of prescribed limit for its savings and salary account holders from Rs. 100 to Rs. 150.

Private banks like Axis and ICICI banks already levy a similar charge for cash transactions at their branches.

The Rs. 150 cash withdrawal charge does not apply to ATM transactions. The banks (whether public or private) do not have the authority to alter the charges for use of ATMs.

The bank Customers will continue to get five (5) free ATM cash withdrawals at their bank ATMs and three (3) at ATMs of other banks in the six metro cities.

Holds a Bachelor degree in English Hons. and is pursuing animation which has been his childhood dream.He has a keen interest in writing and unlocking various aspects about different fields of education

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