Axis, ICICI Bank bring back cash charges, HDFC Bank hikes fee
MUMBAI: Private sector banks such as Axis Bank and ICICI Bank restored their charges on cash transactions to discourage use or hard currency for business, which were suspended after the government demonetised high-value currency notes of Rs 500 and Rs 1,000 last November.
While Axis Bank and ICICI Bank returned to their pre-demonetisation charges, HDFC Bank has increased some fees.
HDFC Bank has decided to increase the fees for savings account holders on a slew of activities involving cash. The bank has reduced the number of free cash transactions at branches to four from five earlier and also raised the fee for non-free transactions to Rs 150 from Rs 100 earlier.
“We have brought the charges at par with competitors who were already charging Rs 150 for withdrawals and deposits after four free transactions," an official of HDFC Bank clarified.
ICICI Bank and Axis Bank already offer four free cash transactions at branches and charge Rs 150 after the fourth transaction.
Banks had withdrawn the deposit and cash withdrawal charges during the demonetisation period and those charges were reinstated when withdrawals from savings bank accounts were eased by RBI.
While Axis Bank and ICICI Bank returned to their pre-demonetisation charges, HDFC Bank has increased some fees.
HDFC Bank has decided to increase the fees for savings account holders on a slew of activities involving cash. The bank has reduced the number of free cash transactions at branches to four from five earlier and also raised the fee for non-free transactions to Rs 150 from Rs 100 earlier.
“We have brought the charges at par with competitors who were already charging Rs 150 for withdrawals and deposits after four free transactions," an official of HDFC Bank clarified.
ICICI Bank and Axis Bank already offer four free cash transactions at branches and charge Rs 150 after the fourth transaction.
Banks had withdrawn the deposit and cash withdrawal charges during the demonetisation period and those charges were reinstated when withdrawals from savings bank accounts were eased by RBI.
