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Revised Bank Charges: Here’s how much you have to pay for a bank transaction

Revised Bank Charges: Here's how much you have to pay for a bank transection

Revised Bank Charges: Here’s how much you have to pay for a bank transaction

The major banks of India have recently decided to charge the bank customers for their transactions. SBI, ICICI, HDFC, and Axis bank have declared for their changing rules and the other banks are also ready to do the same. The customers will be charged for transactions above certain limits and for more some facilities which were free till now. The scheme seems to be discourages for cash transactions and may end up profiting from them hugely.

Summary of Charges that you must know if you are the customer of following bank:

STATE BANK OF INDIA

1. 1 April 2017 onwards SBI customers having saving account can do three transection a month free of cost. Above number will be charged Rs.50 for each.

2. In case of current account customer can deposit upto 20,000.

3. Customers of SBI will have to keep minimum balance failing that customer will be fined and the fine for rural areas will be less than urban areas.

4. Urban areas will be charged Rs.100 plus service tax if the balance avialable fails below 75% of minimum available balance of Rs.5,000. For the shortfall of 50% or less, the charge will be Rs.50 plus service tax.

5. Withdrawal of cash from ATM will charge up to Rs 20 if the number of transactions from ATM of other banks exceeds three and Rs 10 for more than five withdrawals from SBI ATM.

6. SBI will not charge if the balance exceeds Rs.25,000 from thier own bank customers and in case of withdrawal with other bank ATM there will be no charge if the balance exceeds 1 lakh.

7. Rs 15 will be charged for SMS alerts per quarter from debit card holders who maintain average quarterly balance of up to Rs 25,000 during the three months. Moreover, there will be no charge for UPI/USSD transactions of up to Rs 1,000.

AXIS BANK

1. Five free transection will be allowded to axis bank customers every month, including both cash deposit and withdrawals and the above will be charged a minimum of Rs.95 per transection.

2. Up to five transactions will be free for customers of other banks, subject to a maximum per-day deposit of Rs 50,000. For the sixth transaction or larger deposits, the bank would charge Rs 2.50 per transection Rs 1,000, or Rs 95 per transaction, whichever is higher.

HDFC BANK

1. Customers of other banks than HDFC will be charged Rs.5 for transactions beyond Rs 25,000 a day.

2. HDFC Bank will charge Rs 150 per transaction for more than four free ones (deposits and withdrawals) each month.

3. The revised bank charges will be applied to savings as well as salary accounts.

4. For home-branch transactions, the bank will allow deposits or withdrawals of up to Rs 2 lakh free of cost at one go per day. Moreover, it will charge Rs 5 per Rs 1,000, or Rs 150.

ICICI BANK

1. ICICI will not charge for first four transactions a month at branches of its own while Rs 5 per Rs 1,000 will be charged thereafter subject to a minimum of Rs 150 in one month.

2. The third-party limit would be Rs 50,000 a day.

3. For non-home branches, ICICI Bank would not charge for first cash withdrawal of a calendar month and Rs 5 per Rs 1,000 thereafter subject to a minimum of Rs 150.

4. For anywhere cash deposit, Bank would charge Rs 5 per Rs 1,000 (subject to a minimum of 150) at branches, while deposit at cash acceptance machine would be free of any charge for first cash deposit of a calendar month and Rs 5 per Rs 1,000 thereafter.

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