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HDFC Bank, ICICI and Axis to charge Rs 150 after four free transactions per month

The charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

Published: 01st March 2017 11:19 PM  |   Last Updated: 06th March 2017 11:03 AM   |  A+A-

File Photo for Representational Purposes. | Reuters

By Express News Service

NEW DELHI: In an apparent bid to discourage usage of cash, three major private banks— HDFC Bank, ICICI Bank and Axis Bank – have started charging a minimum of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The charges would apply to savings as well as salary accounts, HDFC Bank said in a circular. 

The lender would also cap third-party cash transactions at Rs 25,000 a day, while cash handling charges would be withdrawn effective Wednesday, the circular added.

For ICICI Bank, the charges are the 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 the ICICI Bank website, there will be no charge for first four transactions a month in home branch while Rs 5 per Rs 1,000 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, the bank would not charge anything for first cash withdrawal of a calendar month and Rs 5 per Rs 1,000 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 Rs 1,000 thereafter. 

The banks have also reintroduced ATM interchange charges.  At Axis Bank, the first five transactions or Rs 10 lakh of cash deposits or withdrawals would be free and charged at Rs 5 per Rs 1,000 or Rs 150, whichever is higher.



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