ATM Transaction charge – Banks to levy Rs 150 after four cash transactions
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- The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective from March 1.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.