Leading private sector banks HDFC Bank, ICICI Bank and Axis Bank have announced new cash transaction charges where customers will have to shell out minimum Rs 150 for cash deposits and withdrawals beyond the free transaction limit.
Here is all you need to know about the new cash transaction charges:
1. If you are a HDFC Bank customer and have crossed the four-free-transaction-a-month limit, now on, you have to pay Rs 150 per transaction.
2. The new cash transaction charges are applicable on both savings and salary accounts.
3. In case of home branch transactions, deposits or withdrawals of up to Rs 2 lakh with HDFC Bank will be free. Post that, the bank will charge you Rs 5 per Rs 1,000, ie, a minimum of Rs 150.
4. Transactions beyond Rs 25,000 in a day at non-home branches will require you to pay Rs 5 per Rs 1,000, ie, a minimum of Rs 150.
1. The first four transactions in a month at home city branches will be free of cost. Thereafter, the charges will be Rs 5 per Rs 1,000, ie, a minimum of Rs 150.
2. ICICI Bank has sealed the third party limit to Rs 50,000 a day.
3. The first cash withdrawal in a particular month will not be charged for non-home branches. Thereafter, it will be Rs 5 per Rs 1,000, ie, a minimum of Rs 150.
4. For cash deposits anywhere at branches, the new cash transaction charge will be Rs 5 per Rs 1,000, ie, a minimum of Rs 150.
5. The first cash deposit in a month at Cash Acceptance Machine will be free. Thereafter, the new cash transaction charge will be Rs 5 per Rs 1,000, ie, a minimum of Rs 150.
1. Every month customers will get five free transactions (deposits and withdrawals). Thereafter, it will be Rs 95 per transaction.
2. For maximum Rs 50,000 deposit per day at non-home branches, five transactions will be free of cost. Then on, or for larger deposits, the new cash transaction charge will be Rs 2.50 per Rs 1,000, or Rs 95 per transaction, whichever is higher.
Sreya is based in Kolkata. She is a Senior Editor of Big Wire.