How will charges be levied by HDFC, Axis and ICICI banks?

How will charges be levied by HDFC, Axis and ICICI banks?

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

Cash transactions

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

In each bank

HDFC Bank:

– Applicable for 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 per day.

– Cash handling charges will be withdrawn.

ICICI Bank:

– Applicable for savings and salary accounts.

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

– Cap on third party cash transactions at Rs. 50,000 per 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 for 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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