10 Things You Need to Know About New Banking Transaction Rules

The major private banks like ICICI, HDFC and Axis Bank have reintroduced transaction charges on withdrawal and deposit of cash in a bid to push the people to cashless transactions.

Here are10 things you need to know about new banking transaction rules

1.      HDFC Bank, ICICI Bank and Axis Bank begin charging Rs 150 per transaction for cash deposits and withdrawals at the branch beyond four free transactions in a month.

2.      In good news for senior citizens and children, the account holders are free from any such charges.

3.      HDFC Bank said in a circular said the charges would apply to savings as well as salary accounts effective from March 1.

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HDFC bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective Wednesday.

5.      For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

6.      In case of ICICI Bank, the charges are same as they were before demonetisation on November 8. There will be no charge for first four transactions a month in home branch while Rs 5 per Rs 1,000 rupees would be charged thereafter subject to a minimum of Rs 150 in the same month. The third party limit would be Rs 50,000 per day.

7.      For non-home branches, ICICI Bank would not charge anything for first cash withdrawal of a calendar month and Rs 5 per thousand rupees thereafter subject to a minimum of Rs 150.

8.      For anywhere cash deposit, ICICI Bank would charge Rs 5 per Rs 1,000 (subject to a minimum of 150) at branches, while deposit at Cash Acceptance Machine would be free of charge for first cash deposit of a calendar month and Rs 5 per thousand thereafter.

9.      ATM intercharge charges have also been re-introduced. At Axis Bank, the first five transactions or Rs 10 lakhs of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher.

10. Till now there is no clarification whether the public sector banks have also begun imposing such charges.