ATM Transaction Charge for cash transactions

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ATM TRANSACTION CHARGE

ATM Transaction charge – Banks to levy Rs 150 after four cash transactions

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Before we head to ATM Transaction Charge, let us go through the Trending current affairs articles of this month.

 

ATM Transaction charge :

  • Some banks recently announced Cash transaction charge, will be charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.
  • The new charges would apply to savings as well as salary accounts effective from March 1, 2017.

ATM Transaction charge : Limits

  • Banks will charge minimum of Rs 150 per transactions after four free transactions in a month.
  • These charges are for cash transactions in the branches, and not through ATMs.
  • The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.
  • The move was first enacted by the HDFC Bank and it has been followed by other private and public sector banks across India.

ATM Transaction charge : Rules at different banks

ATM Transaction charge : ICICI Bank 

  • There will be no charge for first four transactions a month at branches in home city 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 Cash Acceptance Machine would be free of charge for first cash deposit of a calendar month and Rs 5 per thousand thereafter.

ATM Transaction charge : Axis Bank 

  • In the Axis Bank, people may transact up to Rs 1 lakh in a month in the home branch. Transaction above this amount will charge Rs 5 per Rs 1000 or a minimum amount of Rs 150.
  • The number of transactions exceeding more than 4, an amount of Rs 150 will be charged on each.

ATM Transaction charge : HDFC Bank

  • HDFC will be charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.
  • The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective from March 1.
  • For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

ATM Transaction charge : SBI

  • SBI said it will charge Rs 10 after five cash transactions from SBI ATM within a month.
  • customers will be charged Rs 10 after five transactions are completed, if they are withdrawing cash with the same bank ATM. However, if customers are withdrawing money from non-SBI ATM they will have to pay Rs 10 after three transactions. The charges will be effective from April 01, 2017.

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