HDFC, ICICI and Axis banks on Wednesday hiked cash transaction fees and limited free cash deposits and withdrawals to four for a month, reported PTI. According to the new rule effective from March 1, an HDFC customer will have to pay Rs 5 per thousand or a minimum of Rs 150, whichever is higher, for cash transactions exceeding Rs 2 lakh at a home branch, reported NDTV. The development impacts savings and salary account holders, NDTV Profit reported.
For cash transactions at non-home branches, the bank will not charge any fee on deposits or withdrawals up to Rs 25,000 in a day. However, transactions above that amount would attract a fee of Rs 5 per thousand or a minimum of Rs 150, whichever is higher. The bank will not allow third-party cash transactions above Rs 25,000 in a day. Senior citizens and minor will be exempted from the fee on third-party transactions, however, the limit will be applicable to them.
In July 2016, ICICI Bank had imposed a similar charge on bank transactions. “It is nil for the first four transactions in a month. Thereafter Rs 5 per Rs 1,000 or part thereof, subject to a minimum of Rs 150 in the same month. Maximum limit is nil for self but Rs 50,000 per day for third party,” PTI reported quoting ICICI Bank’s transaction charges notice. Axis Bank too will charge Rs 150 or Rs 5 per thousand, whichever amount is higher, from the fifth cash transaction onwards.
There has been no change in ATM transaction rules.