Cash Transaction Charges on Withdrawal or Deposit

Return of Old era,Customer will be charged for Cash deposit and withdrawal after free transaction in month. Banks are ready to levy Cash Transaction Charges on any cash deposit or withdrawal if exceeds free transaction limit given on their accounts. The new charges would apply to savings as well as salary accounts.

Majority of Private Sector Banks like ICICI Bank, Axis Bank, HDFC Bank is charging minimum amount of Rs 150 per transaction excluding service tax for cash deposits and withdrawals beyond four free transactions in a month.

They will charge you for checking balance and accessing mini-statements at the ATM as well.

Currently none of the public sector bank has introduced the Cash Transaction Charges on Cash Deposit and withdrawal but SBI has introduced the charges on non maintenance of minimum balance in Accounts.

Charges are different for different banks. Public sector banks may also follow suit.

There is a minimum limit of Rs 25,000 for non home branch beyond that Rs 5 per thousand or Rs 150+taxes which ever is higher. 

At a home branch, if the cumulative cash (deposit and withdrawal) exceed Rs 2 lakh, a transaction charge of Rs 5 per thousand rupees or Rs 150 (plus tax and cess) will be levied.

There will be no charges  for minors and senior citizens up to an amount of Rs 25,000 per day.

Third party transactions above Rs 25,000 won’t be allowed. Only a transaction up to Rs 25,000 with Rs 150 plus taxes will be accepted.