HDFC Bank Hikes Cash Transaction Fees On Savings Accounts - watsupptoday.com
HDFC Bank Hikes Cash Transaction Fees On Savings Accounts
Posted 02 Mar 2017 10:43 AM

Agencies

HDFC Bank, India's second largest private sector bank, has raised charges for some transactions undertaken at bank branches. The revised charges are effective from March 1. Saving and salary account customers of HDFC Bank will now have only four free cash transactions (which includes both cash deposit and cash withdrawal) per month over the counter at bank branches. For the fifth transaction onwards, the customers will have to pay a minimum of Rs. 150 per transaction (plus taxes and cess).

The Reserve Bank of India had earlier announced that current withdrawal limits which were announced after demonetisation of high value currency notes from the bank accounts will seize to exist March 13, 2017 onwards.

At the home branch of HDFC Bank, if the cumulative cash transactions (deposit/withdrawal) exceed Rs. 2 lakh, a transaction charge of Rs. 5 per thousand or Rs. 150 (plus taxes and cess) whichever is higher will be levied.

For example, if a customer withdraws Rs. 2 lakh from an account in four transactions and goes for another fifth transaction of Rs. 50,000 from the home branch, then the customer will have to pay a charge of Rs. 250. Thus, the charges applies only on the fifth transaction.

From non-home branch, customers can deposit/withdraw up to Rs. 25,000 per day without any charge but any deposit/withdrawal from non-home branch above Rs. 25,000 will attract charge of Rs. 5 per thousand or Rs. 150 (plus taxes and cess) whichever is higher.

For third-party cash transactions, the bank will now accept only up to Rs. 25,000 per day with a charge of Rs. 150 (plus taxes and cess). Transactions above Rs. 25,000 will not be allowed.

For senior citizens and minor accounts, the limit of Rs. 25,000 per day will be applicable but the accounts will not be charged.

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