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

HDFC Bank:

  • 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.

ICICI Bank:

  • 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.

Axis Bank:

  • 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.

ATMs:

  • There has been no change in the transaction fee at ATMs.

 

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