India’s leading private banks said on Wednesday they will charge a minimum of Rs 150 for cash deposits and withdrawals at bank branches after four free transactions in a month, revising charges that were kept in abeyance briefly after the government demonetisation on November 8.
HDFC, ICICI and Axis will calculate the fee – aimed at reducing cash transactions at banks – at the rate of Rs 5 for every Rs 1,000 transacted or Rs 150, whichever is higher.
Here’s all that you need to know about this transaction fee:
HDFC Bank:
There are four free transactions. Rs 150 plus taxes and cess will be charged from the fifth transaction onwards.
Withdrawal and deposit up to Rs 2 lakh is allowed at home branches, with transactions above this limit being chargeable.
HDFC defines home branch as where an account was opened.
The transaction charge is applicable on all basic savings and salary accounts. Prime, Classic, Preferred, Imperia or any other Managed program customers are exempt.
ICICI Bank:
There are four free transactions and a levy of Rs 150 will be applicable from the fifth transaction onwards.
The charge is applicable only on cash transactions at non-home branches of ICICI. ICICI defines it as all the branches in the city where an account was opened.
This levy will be charged on customers with basic savings accounts, salary accounts and ‘priviledged’ customers are exempt.
Axis Bank:
A charge, of Rs 5 per thousand or Rs 150 whichever is higher, will be levied from the fifth cash transaction onwards on savings accounts.
Axis Bank has clarified that it does not differentiate between home and non-home branches.
Salary accounts and ‘priviledged’ customers are exempt from the transaction fees.
ATMs:
There has been no change in the transaction fee at ATMs.
The existing rule:
Five withdrawals are free at ATMs of the account-holder’s bank. A charge of Rs 20 is levied from the sixth withdrawal onwards.
However, for cash withdrawals from banks other than where a customer has an account, three transactions are free.
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