Three leading private sector banks in the country viz, HDFC bank, Axis bank and ICICI bank are going to charge you a minimum of ₹ 150 after you make more than four cash transactions in a month. This move is effective from today. March 2, 2017, itself. The point to be noted is that all the charges levied will be for the cash transactions you make at the branches of the bank and not the withdrawals you take from ATMs. The cash transactions will include the deposits and withdrawals you make at the branch. This move will apply to all the savings and salary account holders. HDFC bank released a circular stating that all the third party cash transactions are going to capped at ₹25,000 a day.
ICICI and Axis Bank have already started charging their customers from the month of January.
ICICI bank has mentioned on its website that no charge would be deducted on the first four transactions made in a month at the branch in your home city. After the fourth transaction, ₹5 per ₹1,000 will be charged which can be a minimum of ₹150 every month. The bank has set the third party limit at ₹50,000 per day. In the case of a non-home branch, there will be no charge on the first cash withdrawal of a month, but after the same, ₹5 per ₹1,000 will be charged which amount to a minimum of ₹150 each month.
Axis Bank has also kept the first four transactions or any kind of deposits or withdrawals of ₹10 Lakhs free. Afterward, a charge of ₹5 will be deducted from your savings account every time you make a transaction of ₹1,000. As a matter of fact, salary accounts and privilege customers won’t be charged such transaction fees.
The move, as per some, is directed towards encouraging the people to be a part of the digital payment drive. However, the banks are bound to receive backlash from the customers who don’t seem much pleased with the development.