Industry

How will charges be levied by HDFC, Axis and ICICI on cash transactions?

A view of an ICICI Bank branch.   | Photo Credit: Reuters

Three banks — HDFC, Axis and ICICI — have announced that they will levy charges of a minimum of Rs. 150 for cash transactions.

These charges are not for all cash transactions. Only deposits and withdrawals at branches are counted. Charges will be levied after four free transactions a month. Transactions made in ATMs will not be levied charges. ICICI and Axis were charging customers for this too before the November 8 demonetisation announcement.

In each bank

HDFC Bank:

- Applicable to savings and salary accounts.

- Minimum Rs. 150 for cash transactions after four free transactions every month.

- Cap on third party cash transactions at Rs. 25,000 a day.

- Cash handling charges will be withdrawn.

ICICI Bank:

- Applicable to savings and salary accounts.

- After four free transactions, Rs. 5 will be charged per Rs. 1,000, up to a minimum of Rs. 150, at home branch.

- Cap on third party cash transactions at Rs. 50,000 a day.

- At non-home branch, no charge for first withdrawal of the month, after which Rs. 5 per Rs. 1,000 will be applicable.

- Charges apply for cash deposits too.

Axis Bank:

- Applicable to savings and salary accounts.

- First five transactions or transactions up to Rs. 10 lakh are free.

- After that, Rs. 5 per Rs. 1,000 or Rs. 150, whichever is higher, will be charged.


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Printable version | Jan 22, 2022 9:55:23 AM | https://www.thehindu.com/business/Industry/Explainer-on-bank-charges-levied-on-cash-transactions/article17392526.ece

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