India’s leading private banks AXIS, HDFC and ICICI said on Wednesday they will charge a minimum of Rs 150 for cash deposits and withdrawals after four free transactions in a month
- There are four free transactions. Rs 150 plus taxes and cess will be charged from fifth transaction onwards.
- Withdrawal and deposit up to Rs 2 lakh are allowed at home branches, with transactions above this limit being chargeable.
- HDFC defines the home branch as where an account was opened.
- The transaction charge is applicable on all basic savings and salary accounts. Prime, Classic, Preferred, Imperia or any other Managed program customers are exempt.
- There are four free transactions and a levy of Rs 150 will be applicable from the fifth transaction onwards.
- The charge is applicable only on cash transactions at non-home branches of ICICI.
- ICICI defines it as all the branches in the city where an account was opened.
- This levy will be charged on customers with basic savings accounts. Salary accounts and ‘priviledged’ customers are exempt.
- A charge, of Rs 5 per thousand or Rs 150 whichever is higher, will be levied from the fifth cash transaction onwards on savings accounts.
- Axis Bank has clarified that it does not differentiate between home and non-home branches.
- Salary accounts and ‘priviledged’ customers are exempt from the transaction fees.
- There has been no change in the transaction fee at ATMs.
— Rosh (@TekiRosh) March 2, 2017
— Shashank Salunkhe (@expertshank) March 2, 2017