Several private banks in the country are reintroducing transaction charges for cash deposits and withdrawals that they had stopped after the demonetisation announcement. The move is being seen as a further push towards making India a cashless society and at discouraging cash transactions.
Here is all you need to know about the new transaction fee that is being levied:
– The first four transactions in a month will be free, thereafter a minimum amount of Rs 150 per transaction will be levied on cash deposits and withdrawals.
– These charges are not being levied on ATM transactions
– ATM interchange charges, that had been taken off during demonetisation, have also been re-introduced.
– The charges would apply to savings as well as salary accounts
– For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free. There will be no fees for cash deposits.
– HDFC bank would cap the third party cash transactions at Rs 25,000 per day
– ICICI bank would cap the third party cash transactions at Rs 50,000 per day
– For non-home branches, ICICI Bank would not charge anything for first cash withdrawal of a calendar month
– For anywhere cash deposit, ICICI would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, – 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 lakh of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher.