New Restrictions On Cash Transactions
posted on Mar 2, 2017 @ 3:37PM
Don’t dare to go for cash transactions more than four times in a month. From the fifth transaction, you will be charged Rs 150 for each new transaction. HDFC and few other leading Banks have raised charges on cash transactions at bank branches, effective from March 1, as to promote digital payments.
Savings and salary account customers of HDFC Bank will now have four free cash transactions 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). Earlier, HDFC Bank savings account customers were offered five free transactions and the sixth transaction was charged at Rs. 100.
Meanwhile, reports state that other private sector lenders Axis, ICICI Banks have also started charging began charging a minimum amount of Rs. 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.