HDFC BANK’S CONDITIONS
With the end of demonetization era Banks, including HDFC Bank, ICICI Bank and Axis Bank, started levying the least charge of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month from 1st of march.
HDFC Bank said in a statement that the charges will apply to savings as well as salary accounts effective from Wednesday
According to new rules published by HDFC bank, asunder from having to pay an additional sum of Rs 150 for the fifth transaction after four free ones, consumers will have to pay an additional service tax.
While a transaction of Rs 25,000 from a non-home branch won’t cost you a single penny, any payment above Rs 25,000 will be charged Rs 5 per thousand or a minimal sum of Rs 150 once and for all. The tax will be applicable on this amount as well.
At a home branch, if the aggregated cash (deposit and withdrawal) exceed Rs 2 lakhs, a transaction charge of Rs 5 per thousand rupees or Rs 150 (plus tax and cess) will be imposed by the bank.
According to new rules of HDFC, there will be no charge or service tax for minors and senior citizens up to an amount of Rs 25,000 per day.
Third party transactions above Rs 25,000 won’t be permitted. Only a transaction up to Rs 25,000 with Rs 150 charge will be allowed.
However, the cash handling charges imposed after the note ban have been removed completely.
CONDITIONS WITH THE ICICI BANK
With ICICI Bank, the charges are of the same rate as they were before the demonetization move was announced on November 8, but there is an increase in such fees in case of some others.
According to details provided on ICICI Bank official website, no charges will be imposed for the first four transactions a month in the home branch, while Rs 5 per thousand rupees would be imposed and thereafter subject to a minimum of Rs 150 in the same month. The third party limit would be same as HDFC bank Rs 50,000 per day.
For non-home branches unlike HDFC bank, ICICI Bank would not charge any taxes for the first cash withdrawal of a calendar month and afterwards Rs 5 per thousand rupees will be subjected to a minimum of Rs 150.
ICICI Bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, for cash deposit anywhere. while deposit at Cash Acceptance Machine would be free of any kind of charges for the first cash deposit of a calendar month and Rs 5 per thousand afterwards. ATM interchange charges have also been re-introduced according to new policies.
AXIS BANK ACCOUNT HOLDERS
Axis bank exceeded its limit when compared with other banks, at Axis Bank, the first five transactions or Rs 10 lakhs of cash deposits or withdrawals would be free of charges and charged at Rs 5 for thousand rupees or Rs 150, whichever is greater.
When communicated with a senior government official said there has been no directive from the government to these banks regarding levy of such charges.
(WITH INPUTS FROM PTI)