For promoting the usage of cashless transactions, some banks have begun charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.
HDFC Bank, ICICI Bank and Axis Bank have already decided to implement the new charges.
Other banks are also expected to follow this rule soon.
According to HDFC Bank, people who hold savings accounts don’t have to pay any transaction amount up to 4 transactions from the home branch but with every additional transaction, the customer has to pay an amount of Rs 150, reported The Indian Express.
Reportedly, people may withdraw or deposit up to Rs 2 lakh from their savings or salary accounts through the home branch for one month. Transaction exceeding this amount will be charged with Rs 5 per Rs 1000 or a minimum amount of Rs 150.
Prior to this, the limit for withdrawal was up to Rs 50,000. In the case of non-home branches, daily transactions up to Rs 25,000 are non-chargeable, but above this a charge of Rs 5 per Rs 1000 or a minimum amount of Rs 150 is applicable. However, senior citizens and children will not be charged any amount.
According to ICICI Bank, no charges will be levied for first four transactions a month in home branch while Rs 5 per Rs 1,000 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 Rs 1000 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 ATMs would be free of charge for first cash deposit of a calendar month and Rs 5 per thousand thereafter.
According to Axis Bank, people may transact up to Rs 1 lakh in a month in the home branch. Transaction above this amount will charged with Rs 5 per Rs 1000 or a minimum amount of Rs 150. While the number of transactions exceeding more than 4, an amount of Rs 150 will be charged on each.
