HDFC, ICICI, Axis banks to charge Rs150 after 4 free transactions a month
By MEHER ONISA : 02-Mar-2017
NEW DELHI: The Housing Development Finance Corporation, HDFC, has decided to apply a charge of Rs 150 on every transaction made by the account holders of the non-home banks beyond the limit of four. With effect from March, HDFC, ICICI, and Axis Bank would start to levy a minimum charge of Rs 150 per transaction for every cash deposits and withdrawals after four free transactions. The same policy is applicable to the salary accounts from Wednesday onwards.
According to HDFC bank's new rule layout, after availing the four free banking transactions, the non-banking customer would pay Rs 150 from the 5th transaction along with an additional service tax and Cess.
At a home branch, if the cumulative cash deposit and withdrawal exceed beyond Rs 2 lakh, a charge of Rs 5 per thousand rupees or Rs 150 with a surplus of tax and cess will be strictly enforced upon the non-banking customer.
According to HDFC, no charge or tax would be applicable on the minors and senior citizens up to Rs 25,000 per day.
The 3rd party transactions beyond Rs 25,000 are prohibited. The cash handling charges have been fully removed for the benefit of the customers.
The ICICI Bank would not charge for the first 4 monthly transactions in the home branch. On the other hand, Rupees 5 per thousand would be charged subjecting to a least of Rs 150 in the same month. The 3rd party limit per day is Rs 50,000.
For non-home branches, ICICI Bank would not charge anything for the first cash withdrawal of a calendar month and Rs 5 per thousand rupees would be attracted on the transaction.
The deposits at the Cash Acceptance Machines are however waiver off for the first cash deposit in a calendar month.
The first 5 banking transactions or Rs 10 lakhs of cash deposits or withdrawals at the Axis bank is complementary but a charge of Rs 5 per thousand rupees or Rs 150 is made mandatory.