Some banks, including HDFC, ICICI and Axis Bank are now charging a minimum amount of 150 Rupees on cash withdrawal and beyond four transactions in a month. The move was seen aimed at discouraging cash transactions and furthering the digital payment drive.
- Leading private sector player HDFC Bank said in a circular the bank would also cap the third party cash transactions at 25,000 rupees per day.
- ICICI Bank website says there will be no charge for first four transactions a month in home branch while 5 rupees per thousand rupees would be charged thereafter subject to a minimum of 150 rupees in the same month. The third party limit would be 50,000 rupees per day.
- For non-home branches after first free transaction, ICICI Bank would charge 5 rupees per thousand rupees subject to a minimum of 150 rupees. For anywhere cash deposit, the Bank would charge 5 rupees per thousand rupees (subject to a minimum of 150) at branches, while at Cash Acceptance Machine deposit would be charged after first free transaction of a calendar month at 5 rupees per thousand rupees.
- At Axis Bank, the first five transactions or 10 lakhs rupees of cash deposits or withdrawals would be free and charged at 5 rupees per thousand rupees or 150 rupees, whichever is higher.