The banks, the RBI and the government have all been criticised for the new ruling
Leading private sector banks, including HDFC, ICICI and Axis, started charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals after four free transactions in a month.
While HDFC Bank made this announcement on Wednesday, ICICI Bank and Axis Bank had imposed the fee early in January. The charges are only applicable for cash transaction in branches and not in ATMs.
Of course, Indians had an opinion on the new ruling and took to Twitter to voice their say:
In a circular, HDFC Bank said, "The charges would apply to savings as well as salary accounts effective Wednesday."
According to details on ICICI Bank website, there will be no charge for first four transactions a month in home branch while Rs 5 per thousand 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.
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. For anywhere cash deposit, ICICI Bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at ATMs would be free of charge for first cash deposit of a calendar month and Rs 5 per thousand thereafter.
ATM charges have also been re-introduced. At Axis Bank, the first five transactions or Rs 10 lakh of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher. It could not be ascertained whether the public sector banks have also begun imposing such charges. When contacted, a senior official said there has been no directive from the government to the banks regarding levy of such charges.
With PTI Inputs
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