Going cashless and running a cash free economy is the new Indian dream. But if you are still a part of the cashless economy, there is something that you need to know. Be careful while withdrawing cash from your savings bank account from March 1. Most banks have now increased the cash transaction charges. Number of free cash transactions have been reduced too. This means that withdrawing cash via cheque at bank branches will cost you more.
HDFC Bank has increased cash transaction fees by 50% to Rs 150, while it has reduced the number of free cash transactions at branches to four from five. This means that now you will be able to do transactions of Rs 2 lakh (withdrawals and deposits) only at home branches. If you cross the limit, you will have to pay a minimum of Rs 150 or Rs 5 per thousand.
HDFC Bank has also capped the third-party or non-home branch transactions at Rs 25,000 per day. The same fees will be applicable in case you exceed the limit.ICICI Bank’s website too shows a minimum charge of Rs 150 for more than four cash transactions (deposits and withdrawals) at home branches for savings accounts.
Axis Bank charges Rs 150 or Rs 5 per thousand, for cash deposits of over Rs 1 lakh per month or from the fifth withdrawal at branches.
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