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ICICI, Axis And HDFC Banks Will Now Charge Rs. 150 If You Do More Than 4 Transaction In A Month

Finally, now there are no more long ques in the banks and ATMs. But now some of the banks have…

By Administrator in News on March 2, 2017

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The bank would also cap the third-party cash transactions at Rs 25,000 per day, while cash-handling charges would be withdrawn effective Wednesday.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.

ICICI, Axis And HDFC Banks Will Now Charge Rs. 150 If You Do More Than 4 Transaction In A Month 2

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:

 
https://twitter.com/ManiBalajic/status/837133753973497856
 

Do you guys agree with this new rule of these three private banks? Share your views with us.

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