After HDFC Bank, Axis Bank and ICICI Bank have begun charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.
For HDFC Bank, the new charges are applicable to savings as well as salary accounts effective from Wednesday. The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective Wednesday.
In the case of several banks, including ICICI Bank and Axis Bank, these charges came into effect early in January and are same as they were before the demonetization move announced on November 8, while there is an increase in such fees in case of some others, including HDFC Bank, from March 1 onwards.
|Charges||HDFC Bank||ICICI Bank||AXIS Bank|
|No of Free transactions||4||4||4|
|Additional ATM transaction charges||150+service tax,cess||150/Transaction||150/Transaction|
|Third party transfer||For Rs.25,000/- per day---Rs.150/- (plus taxes &cess)||Rs 50,000 per day||Nil|
First four transactions are free
These charges are for cash transactions in the branches, and not through ATMs. The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive. For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.
ICICI bank charges
According to details on ICICI Bank website, there will be no charge for first four transactions a month at branches in the home city while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month. The third party limit would be Rs 50,000 per day. 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.
Charge for deposits
For anywhere cash deposit, ICICI Bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at Cash Acceptance Machine would be free of charge for the first cash deposit of a calendar month and Rs. 5 per thousand thereafter. ATM interchange charges have also been re-introduced.
Axis bank charges
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. List Of Banks That Cuts Lending Rates, Check Out The New Base Rates Here
HDFC bank charges
Earlier HDFC bank also revised transaction charges for savings and salary accounts. HDFC Bank allows only 4 free cash transactions per month. From 5th transaction onwards Rs 150 per transaction (plus taxes & cess) would be levied. This is in effective from March 1, 2017. HDFC Bank To Raise Transaction Fees From March 1