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HDFC, ICICI & Axis Bank to charge Rs 150 after 4 free transactions

 2017-03-02 04:42:55.0

HDFC, ICICI & Axis Bank to charge Rs 150 after 4 free transactions

Tahlka News Desk
New Delhi: India top leading bank HDFC, ICICI and Axis Bank will began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.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

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.

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.

ATM intercharge charges have also been re-introduced.

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.



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