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Banks To Start Charging Rs. 150 After 4 Free Cash Transactions A Month

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

According to details on ICICI Bank website, 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 intercharge charges have also been re-introduced.

At Axis Bank, the first five transactions or Rs. 10 lakh of cash deposits or withdrawals would be free and charged at Rs. 5 per thousand rupees or Rs. 150, whichever is higher.

It could not be ascertained whether the public sector banks have also begun imposing such charges.

When contacted, a senior official said there has been no directive from the government to the banks regarding levy of such charges.

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