New Delhi, March 2: Private Banks including HDFC, ICICI and Axis Bank are now charging a minimum amount of 150 Rupees on cash withdrawal and payments beyond four transactions in a month.Leading private sector player HDFC Bank said in a circular, there are four free transactions. Rs 150 plus taxes and cess will be charged from the fifth transaction onwards. bank would also cap the third party cash transactions at 25,000 rupees per day. Withdrawal and deposit up to Rs 2 lakh is allowed at home branches, with transactions above this limit being chargeable. HDFC defines home branch as where an account was opened.
ICICI Bank website says there will be no charge for the first four transactions a month in home branch while 5 rupees per thousand rupees would be charged thereafter subject to a minimum of 150 rupees in the same month. There are four free transactions and a levy of Rs 150 will be applicable from the fifth transaction onwards. The charge is applicable only on cash transactions at non-home branches of ICICI. ICICI defines it as all the branches in the city where an account was opened.
At Axis Bank, the first five transactions or 10 lakh rupees of cash deposits or withdrawals would be free and charged at 5 rupees per thousand rupees or 150 rupees. Axis Bank has clarified that it does not differentiate between home and non-home branches.
Meanwhile, the government has asked all banks to provide mobile banking facility to all customers by March 31 in a bid to push digital transactions. Electronics and IT Secretary Aruna Sundararajan said, banks have been asked to run a nationwide campaign up to March 31 to ensure that every customer who has a mobile phone is enabled for mobile banking.
Aruna said, this is part of the government's efforts to boost the digital payment system. She said, customers who are using UPI or BHIM app should automatically be enabled for mobile banking.