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Private banks start charging minimum Rs. 150 after free cash transactions a month

by IBNS 02 Mar 2017, 08:53 am

New Delhi, Mar 2 (IBNS) : Some private banks have started charging a minimum amount on cash deposits and withdrawals beyond four free transactions a month, reports said.

The move by the banks, including HDFC Bank, ICICI Bank and Axis Bank comes about four months after Prime Minister Narendra Modi announced demonetisation, aimed at among other things, promoting cashless transactions.

The minimum amount being levied on each transaction beyond the limit is Rs. 150 for both salaries and savings accounts.

The banks would also cap the third party cash transactions at Rs. 25,000 per day, while cash handling charges would be withdrawn. 

The announcement was made on Wednesday.