HDFC Icici And Axis Bank on Wednesday started charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond 4 free transactions in a month.

HDFC Bank said The charges would apply to savings as well as salary accounts effective Wednesday. The bank would also cap the third-party cash transactions at Rs 25,000 per day.

HDFC ICICI And Axis Bank move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.

For the No-frills bank accounts, maximum 4 cash withdrawals would continue to remain free and there would be no fees for cash deposits.

In case of ICICI Bank, the charges are same as they were before the Demonetisation move announced on 8 November, while there is an increase in such fees in case of some others.

According to details on ICICI Bank website, there will be no charge for first four transactions a month in home branch 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 1000 rupees thereafter subject to a minimum of Rs 150. For anywhere cash deposit, ICICI Bank would charge Rs 5 per 1000 rupees (subject to a minimum of 150) at branches, while deposit at ATMs would be free of charge for 1st cash deposit of a calendar month and Rs 5 per thousand after that.

ATM charges have also been re-introduced. At the Axis Bank, the first 5 transactions or Rs 10 lakh of cash deposits or withdrawals would be free and charged at Rs 5 per 1000 rupees or Rs 150, whichever is higher.

Sources say the ICICI, Axis and HDFC Bank will now start levy the charges from the 5th  transaction onwards. The officials clarified that this charge is applicable on basic savings accounts holders, and ‘most salary account holders and privileged customers are exempt.

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