This Article is From Mar 02, 2017

HDFC Bank Hikes Cash Transaction Fees On Savings Accounts

HDFC Bank Hikes Cash Transaction Fees On Savings Accounts

Highlights

  • Savings, salary a/c holders will now have 4 free cash transactions/month
  • 5th transaction onwards, minimum of Rs. 150/transaction will be charged
  • From non-home branch, deposit/withdraw up to Rs. 25,000/day is free
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.
.