Finally, now there are no more long ques in the banks and ATMs. But now some of the banks have brought new rule and a limit of a transaction. The Banks HDFC, ICICI, and Axis Banks have started charging a minimum amount of Rs. 150 per transaction for cash withdrawals and deposits if it goes beyond four transactions in a month.
This new rule started from 1st March, Wednesday. HDFC bank said in a statement; these charges will be applied to both savings and salary accounts. HDFC bank added in a statement, The bank would also cap the third-party cash transactions at Rs 25,000 per day, while cash-handling charges would be withdrawn effective Wednesday.
According to the new rule, instead of paying fine for the fifth transaction the consumer have to pay an additional service tax. From a non-home branch, a transaction of Rs 25000 won’t cost a single penny. If it is above 25,000, they will charge Rs. 5 per thousand and for all the minimum amount of Rs. 150. Even on this amount, the tax will be applicable.
At a home branch, if the cash deposit and withdrawal extends Rs 2 lakh then they will charge Rs. 5 per thousand plus tax and cess.
For ICICI Bank the charges are same as they were before the demonetization move announced on 8 November, while there is an increase in such fees in case of some others.
The details on ICICI Bank’s website says, there will be no charge for the first four transactions a month in the home branch, while Rs 5 per thousand rupees would be charged after that 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 the first cash withdrawal of a calendar month and Rs 5 per thousand rupees after that subject to a minimum of Rs 150.
Most of the people on Social media were disappointed with the new rule. Have a look:
Do you guys agree with this new rule of these three private banks? Share your views with us.