Giving a major push to digitalisation and cashless transaction, the HDFC Bank and Axis Bank has today began charging a minimum of Rs 150 per transaction for deposits and withdrawals after four free transactions per month.
Giving a major push to digitalisation and cashless transaction, the HDFC Bank and Axis Bank has today began charging a minimum of Rs 150 per transaction for deposits and withdrawals after four free transactions per month. Previously the banks used to charge Rs 20 for deposit and withdrawal after four transactions. In an official circular, HDFC Bank has stated that the charges which will be applied to both savings and salary accounts, will be effective from today.
The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added. 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.
In case of ICICI Bank, the charges are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others. According to details on ICICI Bank website, there will be no charge for first four transactions a month in home branch 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. 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 first cash deposit of a calendar month and Rs 5 per thousand thereafter.
At Axis Bank, the first five transactions or Rs 10 lakhs of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher. It could not be ascertained whether the public sector banks have also begun imposing such charges. When contacted, a senior official said there has been no directive from the government to the banks regarding levy of such charges.
HDFC Bank, ICICI Bank and Axis Bank start Rs 150 levy on cash transactions - The Financial Express
Giving a major push to digitalisation and cashless transaction, the HDFC Bank and Axis Bank has today began charging a minimum of Rs 150 per transaction for deposits and withdrawals after four free transactions per month. Previously the banks used to charge Rs 20 for deposit and withdrawal after four transactions. In an official circular, HDFC Bank has stated that the charges which will be applied to both savings and salary accounts, will be effective from today.
The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added. 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.
In case of ICICI Bank, the charges are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others. According to details on ICICI Bank website, there will be no charge for first four transactions a month in home branch 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. 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 first cash deposit of a calendar month and Rs 5 per thousand thereafter.
At Axis Bank, the first five transactions or Rs 10 lakhs of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher. It could not be ascertained whether the public sector banks have also begun imposing such charges. When contacted, a senior official said there has been no directive from the government to the banks regarding levy of such charges.
HDFC Bank, ICICI Bank and Axis Bank start Rs 150 levy on cash transactions - The Financial Express
wall:dodgy .. How dare they took money for deposits :angry:angry
damn ..
