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All you need to know about levy on bank transactions

By Vicky
|

Private banks said on Wednesday that they would charge a minimum fee of Rs 150 on cash deposits and withdrawals after four free transactions in a month. The charges had been kept in abeyance after the decision on demonetisation was made on November 8, 2016.

All you need to know about levy on bank transactions

This move by banks such as HDFC, ICICI and Axis banks are aimed at reducing cash dealings. The fee would be calculated at the rate of Rs 5 for every Rs 1,000 transacted or Rs 150, whichever is lower.

[Holding old notes illegal: Here is what the new law states]

None of the banks have however stated whether this fee would be applicable to ATM withdrawals. The charges would be applicable to transactions outside of home branches. However there is some confusion on the definition of a home branch. ICICI defines a home branch as within the city of the account. HDFC, on the other hand says that a home branch is the one where the account was opened.

The charges will be levied from the fifth transaction onwards. The charges would be applicable on the basic savings account and salary account holders. However, privileged customers would be exempted.

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