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HDFC, ICICI, Axis bank to charge Rs 150 after 4 free cash transactions a month

Axis bank

New Delhi: To promote digital payment, some banks, including HDFC bank, ICICI bank and Axis bank have begun charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The new charges are applicable to savings as well as salary accounts effective from Wednesday HDFC bank said in a circular.

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective from Wednesday.

Axis Bank said that it will allow five free transactions a month (including deposits and withdrawals). From the sixth transaction onwards, customers would be charged at the rate of Rs 2.50 per Rs 1,000, subject to a minimum fee of Rs 95 per transaction.

Likewise, HDFC Bank will allow deposits or withdrawals of up to Rs 2 lakh free of cost at one go per day . Beyond this, customers will have to pay a charge at the rate of Rs 5 per Rs 1,000, or Rs 150 would be charged. 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.

In the case of Axis Bank, 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, Axis would charge Rs 2.50 per Rs 1,000, or Rs 95 per transaction, whichever is higher.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.

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