Categories: IndiaTax

ICICI, HDFC, & Axis Banks To Charge Rs 150 After Four Free Cash Transactions. Here’s All You Need To Know

ICICI, HDFC, & Axis Banks To Charge Rs 150 After Four Free Cash Transactions. Here’s All You Need To Know

India’s leading private sectors banks has said on Wednesday that they will charge a minimum of Rs 150 for the cash deposits and withdrawals at the bank branches after four free transactions in a month, thus revising the charges that were kept in abeyance briefly after the government demonetisation on November 8.

In a bid to promote the cashless transactions, banks have started charging a particular transaction amount after a specific limit in the case of cash transactions. ICICI Bank, HDFC Bank, and Axis Banks have already decided to implement the new charges, and other banks were expected to follow suit sooner.

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Here is all that you need to know about the new transaction fee:


According to details on ICICI Bank’s website, there would be no charge for the first four transactions in a month at branches in the home city while Rs 5 per Rs 1000 would be charged after that subject to a minimum of Rs 150 in the same month. A levy of Rs 150 would be applicable from the fifth transaction onwards.

The charge is applicable only on the cash transactions at non-home branches of ICICI. The Bank defines it as all the branches in the city where an account was opened. This levy would be charged on customers with basic savings accounts, salary accounts and those with the privileged customers are exempt. The third party limit will be Rs 50,000 per day.

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For non-home branches, ICICI Bank would not charge anything for first cash withdrawal of a calendar month and Rs 5 per Rs 1000 after that subject to a minimum of Rs 150. For anywhere cash deposit, ICICI Bank will charge Rs 5 per Rs 1000 (subject to a minimum of 150) at branches, while the deposit at Cash Acceptance Machine will be free of charge for the first cash deposit in a month and Rs 5 per Rs 1000 after that. Also, ATM interchange charges have also been re-introduced.

HDFC Bank:

HDFC Bank in a circular has said that the new charges will apply to the savings as well as salary accounts and is valid from 1st March 2017. Prime, Classic, Preferred, Imperia or any other Managed program customers are exempt. The circular has also added that the bank would cover the third party cash transactions of Rs 25,000 per day, whereas cash handling charges will be withdrawn and are valid from 1st of March.

There are four free transactions and Rs 150 additionally taxes and cess will be levied from the fifth transaction onwards. These charges were for cash transactions in the branches, and not through the ATMs. HDFC defines its home branch as where an account was opened.

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Withdrawal and deposit of up to Rs 2 lakhs are allowed at home the branches, whereas the transactions above this limit being chargeable. The transactions exceeding this amount would be charged with Rs 5 per Rs 1000 or a minimum cost of Rs 150. Previously this limit was up to Rs 50,000.

If it is a non-home branch, up to Rs 25,000 of daily transactions are non-chargeable, but above which, a charge of Rs 5 per Rs 1000 or a minimum amount of Rs 150 will be applicable. However, the senior citizens and children will not be charged any amount. For the basic no-frills accounts, maximum of four cash withdrawals will continue to remain as free, and there would be no fees for the cash deposits.

Axis Bank:

In the case of Axis Bank, customers may transact up to Rs 1 lakh in a month in the home branches. Transaction above which will charge Rs 5 per Rs 1000 or a minimum of Rs 150. Whereas the number of transactions exceeding more than 4, an amount of Rs 150 will be charged on each from the savings accounts.

Axis Bank has clarified that it doesn’t differentiate between home and non-home branches. Salary accounts and the priviledged customers were exempt from the transaction fees.

At ATMs:

There has no change made in the transaction fee at the ATMs. The ATM’s follows the existing rules. Five withdrawals are free at the ATMs of the account holder’s bank. A transaction fee of Rs 20 is levied from the sixth withdrawal onwards. However, for cash withdrawals from the banks other than where a customer has an account, three transactions were free.

Harish Kumar

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