Cash Transaction Charge – A new levy
The end of demonetization era is just round the corner. Banks such as HDFC Bank, ICICI Bank and Axis Bank will be charging its customers a minimum amount of Rs.150 per cash transaction for cash deposits and withdrawals beyond four free transactions in a month. The new charges would apply to savings as well as salary accounts.
At Axis bank, customers will be allowed five free transactions every month, including deposits and withdrawals. From the sixth transaction onwards, customers will be charged a minimum fee of Rs.95 per cash transaction.
Up to five non-home branch transactions will be free, subject to a maximum per-day deposit of Rs.50,000. For larger deposits or the sixth transaction, bank would charge Rs.2.50 per Rs.1,000 or Rs.95 per cash transaction, whichever is higher.
In case of HDFC Bank, customers will be charged Rs.150 per cash transaction, beyond the four free ones each month. The new charges would apply to savings as well as salary accounts. For home branch transactions, the bank will allow deposits or withdrawals of up to Rs.2 lakh free of cost at one go per day.
Beyond this, they will be charged at the rate of Rs.5 per Rs.1,000 or Rs.150. At non-home branches, transactions beyond Rs.25,000 a day will attract a charge of Rs.5 per Rs.1,000 or Rs.150.
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. 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 cash transaction. 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.