Prominent bank like HDFC has announced that saving accounts will have to pay Rs. 150 charge for the cash deposits and withdrawals exceeding four free transaction at bank branches. There has been restriction on transactions beyond a limit.
This is largely a step towards PM Modi’s appeal on making India digital and delivery of services digitally. Digital payments are being promoted by different means and his is one of the moves. Implementation of this policy is in effect from 1st march.
Facts you show know about this new transaction policy:
1-Free transactions have been reduced from five to four by HDFC bank. And also, charges on bank transactions are increased from 100 to 150.
2- If HDFC’s customer’s overall transactions of home branch exceed Rs. 2 lakh in a month, they have to pay 5 per 1000 transaction or a minimum of rs 150.
3-HDFC customers can withdraw and deposit cash up to 25 thousand per day from any branch other than home branch and have to pay sum of 5 thousand at non-home branches.
4- No issue in withdrawal of cash from ATM’s, as the customer will still get at least five free ATM cash withdrawals at their bank ATM and three at other bank ATMs.
5- Rs 150 charge is not applicable to ATM transactions, it is to be charged on transactions with banks.
Competitive banks like ICICI and Axis bank have already started charging on bank transactions. Customers who are users of ATM don’t have to pay a charge of Rs 150 as only bank transaction are conditioned to charge for exceeded transaction.