HDFC, ICICI, Axis banks will now charge up to Rs 150 after 4 free transactions a month: 10 things to know

Giving a major push to digitalisation and cashless transaction, HDFC Bank, ICICI Bank and Axis Bank began charging a minimum of Rs 150 per transaction for deposits and withdrawals after four free transactions per month from yesterday. Previously, the banks used to charge Rs 20 for deposit and withdrawal after four transactions. Here is all you need to know about it:

1) HDFC Bank in a circular said that the new charges would apply to savings as well as salary accounts effective from yesterday.

2) The circular also added that the bank would cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective yesterday.

3) These charges are for cash transactions in the branches, and not through ATMs.

4) For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

5) According to details on ICICI Bank website, there will be no charge for first four transactions a month at branches in home city while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month.

6) The third party limit would be Rs 50,000 per day.

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7) 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.

8) 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

9) ATM intercharge charges have also been re-introduced.

10) 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.

n 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 demonetisation move announced on November 8, while there is an increase in such fees in case of some others, including HDFC Bank, today onwards. The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.