Implementing from 1st march 2017, HDFC, ICICI, Axis banks Banks to levy Rs. 150 after 4 transactions a Month. This decision came from banks in their bid to promote and support cashless drive. Every five or more transactions in a month on cash deposits or withdrawals will result in charging Rs. 150.

FOR HDFC BANK CUSTOMERS

Banks levy Rs. 150 after 4 transactions a month

According to the new rules by HDFC, the changes will apply to both salary and savings account. The HDFC customers will have to pay cess and additional service tax beyond the first four free transactions.

Transacting Rs. 25000 or less from a non-home branch would not cost you anything. But the transactions above 25000 will cost you Rs. 5 per thousand or Rs. 150 once and for all (monthly).

Whereas, in the home branch if you exceed the transaction of Rs. 2 lakh, Rs. 5 per thousand will be charged or Rs. 150(plus taxes and cess) will be levied.

Transactions of above Rs. 25000 by any third party will not be allowed.

FOR ICICI BANK CUSTOMERS

Banks levy Rs. 150 after 4 transactions a month

As cited by the ICICI bank website, they will not charge their customers for the first four transactions a month. But Rs. 5 per thousand or Rs. 150 altogether will be charged for additional transactions. However, the third party limit is set as Rs. 50000 per day by this bank.

For the non-home branches, ICICI bank will not charge anything for the first four transactions but Rs. 5 for every thousand or Rs. 150 whichever is higher.

Moreover, for depositing cash ICICI bank would again charge Rs. 5 per thousand. But deposit at Cash Acceptance Machine would be free of charge for the first deposits and Rs. 5 per thousand after that.

FOR AXIS BANK CUSTOMERS

Banks levy Rs. 150 after 4 transactions a month

According to the guidelines of banks, the first five transactions equivalent to Rs. 10 lakh can be deposited or withdrawn for free. After the five free transactions, the bank will charge Rs. 5 per thousand or Rs. 150 whichever costs more.

Five non-home transactions with a maximum deposit of Rs. 50000 would be free. For larger deposits or sixth or more deposits Rs. 2.5 per thousand would be charged.

Banks like SBI and Canara have not come up with any modifications as of now.

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