Some of the banks including the likes of ICICI Bank and Axis Bank will be now on charging fees for deposits at cash deposit machines or recyclers during non-working hours or bank holidays. ICICI Bank has announced levy of Rs. 50 as convenience fee for every such cash deposits transaction executed at ATMs on bank holidays and between 6 pm and 8 am on working days. The new charges are applicable starting November 1.
Another condition when this convenience fee is applicable on bank's customer is when the cash deposit made at cash recycler machine in a month exceeds Rs. 10000 either in a single or multiple transactions.
Convenience fee for cash deposits at Cash recyclers will not apply to:
However this convenience fee shall not apply to senior citizens, basic savings bank account, student accounts, accounts where the account holder is visually impaired and incapacitated, Jan Dhan accounts or any such account recognized by the bank.
Other Banks charging fees on similar lines:
Axis Bank with effect from August 1 also began charging Rs. 50 convenience fee for deposits at ATMs or cash recyclers after banking hours i.e. between 5 pm and 9:30 am and on national and state bank holidays.
Further Bank of Baroda is also charging for transactions beyond the specified limits from November 1.