Bank Impose a Charge of Rs.150 on more than 4 Transactions in a Month
Following the pursuit of remonetization, HDFC bank has decided to impose a fixed charge on more than 4 transactions in a month on savings as well as salary accounts bringing it into force from 1st March. This move initiated by HDFC bank was followed by other private and public sector banks like ICICI, AXIS etc. This move has been perceived as a successful endeavor towards cashless & digital economy of India.
This means that now every 30 days, HDFC customer will be able to make four cash withdrawls or deposit transactions for free.
After 4 transactions, the customer will be charged Rs.150 per transaction which is inclusive of a cess while tax will be charged separately.
For those customers withdrawing money from the home branch, there is a limit of Rs 2 lakh per month per account, which is also known as an upper limit. Above that, the bank charges Rs 5 per thousand, subject to a minimum of Rs 150 (plus taxes and cess) will be applicable, HDFC Bank said in a statement.
If any customer looking to withdraw money from a non-home HDFC Bank branch, from the fifth monthly transaction the non-chargeable upper limit is set at Rs 25,000 per day. Anything above Rs 25,000 would attract a charge of Rs 5 per thousand, subject to a minimum of Rs 150 (plus taxes and cess).
In case of third party, there is a limit of Rs 25,000 per day which will attract Rs 150 transaction fee with additional taxes and cess. Also, third parties will not be allowed to withdraw over Rs 25,000 per day.
The rules for senior citizens’ account and for minors are not the same. For senior citizens and minor’s Rs 25,000 per day limit will be applicable but their accounts will not be charged after the fourth transaction. The bank also said in a statement that the cash handling charges that were applicable after note ban have now been withdrawn.
The ICIC Bank website says, there will be no charge for first four transactions in a month with the home branch. Whereas Rs 5 per thousand would be charged thereafter subject to a minimum of Rs 150 in the same month. The third party limit with ICIC Bank would be Rs 50,000 per day.
For non-home branches, the ICICI Bank will not charge for first withdrawal and after that the bank will charge Rs 5 per thousand rupees thereafter subject to a minimum of Rs 150.
With Axis Bank, the first five transactions or Rs 10 lakhs of cash deposit or withdrawals would be free and charged at Rs 5 per thousand or Rs 150, whichever is higher.
ICICI Bank, SBI, Karur Vysya Bank, City Union Bank and DCB Bank have not announced any additional charges for cash transactions, as of now. While SBI has said that public banks won’t be charging any additional fee for using cash