While ICICI bank charges remain the same as prior demonetization days, Axis and HDFC Bank have increased their charges. Here are a few things you need to know about the update:
1. Beyond four transactions a month, Rs 150 for both salaries as well savings account for cash deposits and withdrawals will be charged by leading banks like HDFC, ICCI and Axis Bank.
2. Cash handling charges have been removed w.e.f 2 Mar 2017, however a cap of Rs. 25,000 per day on third party transactions has been set.
3. In addition to the Rs. 150 paid for every transaction beyond the initial four, HDFC Bank will customers will also be charged cess and additional service tax.
4. If an HDFC account holder wishes to deposit or withdraw more than Rs. 2 lakh in cash, even at his/her home branch, they will be charged Rs. 5 per thousand rupees or a minimum of Rs. 150 – including taxes and cess.
5. ICICI bank customers will also not be charged for the first four transactions in the month but Rs. 5 per thousand or a minimum of Rs. 150 will be charged after that.
6. When withdrawing from a non-home branch of ICICI, only the first withdrawal of the month will be free. Post which, Rs. 5 per thousand or a minimum of Rs. 150 will be charged.
7. With regard to deposits, if depositing at a Cash Acceptance Machine the first cash deposit of the month would be free and after that Rs. 5 per thousand will be charged – even if depositing at ICICI bank branches.
8. Axis bank will allow the first 5 transactions or Rs. 10 lakh withdrawals or deposits in cash be free. Post this, customers will have to pay Rs. 5 per thousand or Rs. 150 – whichever is higher.
9. Minors and senior citizens will not be chaged any fee or tax from HDFC up to an amount of Rs. 25,000 per day.