Some banks, including HDFC Bank, will be charging you a minimum amount of Rs 150 per 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 effective today.
Public sector banks may also follow suit. A lot of you will be still trying to decode this. Here’s what it means
If you are an Axis Bank customer
1. 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 transaction.
2. 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 transaction, whichever is higher.
If you are an HDFC Bank customer
1. Customers will be charged Rs 150 per transaction, beyond the four free ones each month.
2. The new charges would apply to savings as well as salary accounts.
3. 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.
4. 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.
If you are an ICICI Bank customer
1. 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.
2. The third party limit would be Rs 50,000 per day.
3. 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.
4. 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.
SBI has not announced any new cash-handling charges after demonetisation. Canara Bank also said it was not charging its customers for cash withdrawals.
BIG QUESTION: Does it impact ATM transactions?
No. These charges are for cash transactions in the branches, and not through ATMs