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Banks including HDFC Bank, ICICI Bank and Axis Bank Wednesday began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals, beyond four free transactions in a month.
The charges would apply to savings as well as salary accounts effective from Wednesday, leading private sector player HDFC Bank said in a circular.
The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.
For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.
In case of ICICI Bank, the charges are same as they were before the demonetisation move announced on 8 November, while there is an increase in such fees in case of some others.
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 Cash Acceptance Machine would be free of charge for first cash deposit of a calendar month and Rs 5 per thousand thereafter.
ATM inter-charge charges have also been re-introduced.
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.
(Source: PTI)
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