Push to Digital Banking, now charges
for Cash Transactions
for Cash Transactions
New Delhi: With the intention of giving
push to Degital Banking, Banks,
including HDFC Bank, ICICI Bank and Axis Bank, on Wednesday, 1st
March 2017, began charging a minimum amount of Rs 150 per transaction for cash
deposits and withdrawals at the branch beyond four free transactions in a month,
PTI reports.
Late on Wednesday, the government clarified that these are the charges the customer pays when he/she deposits or withdraws cash from the home branch. In good news for senior citizens and children, the account holders are free from any such charges.
Late on Wednesday, the government clarified that these are the charges the customer pays when he/she deposits or withdraws cash from the home branch. In good news for senior citizens and children, the account holders are free from any such charges.
The charges would apply to savings as
well as salary accounts effective from Wednesday, 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be withdrawn effective Wednesday, the circular added.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.
In case of ICICI Bank, the charges
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.
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 Rs 1,000 rupees would be charged thereafter subject to a
minimum of Rs 150 in the same month. The third party limit would be Rs 50,000
per day.
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 Rs 1,000 (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. It could not be ascertained whether the
public sector banks have also begun imposing such charges.
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