Read on to find out.
Since Prime Minister Narendra Modi's demonetization announcement, bank customers have been going through a ride keeping up with updates of transaction amounts and charges. In a move which can be looked at yet another attempt to make the economy cashless and pro-digital, banks namely--SBI, HDFC, Axis and ICICI-- have decided to charge users for cash transactions which were free until now and have made other changes too.
Here is a list of banks who have undergone changes with their cash transaction limit from their ATM and bank branches:
State Bank of India (SBI)
⇒ The largest public sector lender has made the maintenance of Rs 5,000 mandatory for accounts in metropolitan areas, Rs 3,000 in urban areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas.
⇒ On default, the penalty to be charge will be based on the difference between the minimum balance required and the shortfall. In metropolitan area, if the shortfall is higher than 75%, a charge of Rs 100 plus service tax will be levied. If the shortfall lies between 50-75%, the bank would charge Rs 75 plus service tax and Rs 50 plus service tax for a shortfall between 50%. In rural areas, the penalty would be between Rs 20 to Rs 50 plus service tax, said SBI in a notification. The charges are being reintroduced from April 1.
⇒ The bank permits savings bank account holders to deposit cash three times a month free of charges and levy Rs 50 plus service tax on every transaction beyond that. In case of current account, the levy could go as high as Rs 20,000.
⇒ For more than three cash withdrawals from other ATMs, a charge of up to Rs 20 will be levied and Rs 10 will be charged for more than five withdrawals from SBI ATMs. However, SBI will not levy any charge on withdrawals from its own ATMs if the balance exceeds Rs 25,000. In case of other banks' ATM there will be no charge if the balance exceeds Rs 1 lakh.
⇒ SBI will charge Rs 15 for SMS alerts per quarter from debit card holders who maintain average quarterly balance of up to Rs 25,000 during the three months period.
⇒ There will be no charge for UPI/ USSD transactions of up to Rs 1000.
HDFC Bank
⇒ On March 1, the bank notified that it would charge Rs 150 per cash transaction done after four transactions in a month. The new charges would apply to savings as well as salary accounts.
⇒ The bank is capping third party cash transactions at Rs 25,000 per day and has withdrawn cash handling charges.
⇒ For customers withdrawing money from the home branch, there is an upper limit of Rs 2 lakh per month per account. Above that, a transaction charge of Rs 5 per Rs 1000 or a part thereof, subject to a minimum of Rs 150 (plus taxes & cess) will be applicable. If customers are withdrawing money from a non-home HDFC Bank branch, daily transactions up to Rs 25,000 are non-chargeable, however above this a charge of Rs 5 per Rs 1000 or a minimum amount of Rs 150 is applicable.
⇒ However, senior citizens and children will not be charged any amount.
Axis Bank
⇒ In the home branch, up to five transactions in a month are free with no limit of deposit or withdrawal. The bank is charging Rs 2.50 per Rs 1,000 or Rs 95 per transaction, whichever is higher.
⇒ In non-home branches, up to five transactions a month are free only up to a value of Rs 50,000 per day of deposit or withdrawal. Beyond Rs 50,000, Rs 2.50 per Rs 1,000 or Rs 95 per transaction is charged, whichever is higher.
⇒ First five ATM transactions are free after which Rs 20 is be charged per transaction.
ICICI Bank
⇒ There will be no charge for the first four transactions in a month at branches in a customer's home city but Rs 5 per Rs 1000 will be charged thereafter, subject to a minimum charge of Rs 150 in the same month.
⇒ The bank, however, will not charge anything for first cash withdrawal at non-home branches during a month. However, a charge of Rs 5 per Rs 1000 will be levied thereafter, subject to a minimum of Rs 150. ICICI Bank has capped the third party limit at Rs 50,000 per day.
⇒ For cash deposit at non-home branches, the bank is charging Rs 5 per Rs 1000, subject to a minimum charge of Rs 150. However, deposit at cash acceptance machine would be free of charge for the first cash deposit in a month and Rs 5 per Rs 1000 will be charged thereafter.
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