Banks to levy Rs150 after free cash tansactions

India’s leading private banks said that they will charge a minimum of Rs 150 for cash deposits and withdrawals at bank branches after free transactions in a month, While Axis and ICICI  HDFC Bank has brought its charges on par with its competitors aimed at reducing cash transactions at banks will be charged at the rate of Rs 5 for every Rs 1,000 transacted or Rs 150, whichever is higher.

Here’s all about this transaction fee:

ATMs:

There has been no change in the transaction fee at ATMs.

The existing rule:

• After free withdrawals at ATMs of the account-holder’s bank after that a charge of Rs 20 is levied from the sixth withdrawal onwards.

• The charges apply only to savings and salary account holders, but it is not applicable to Prime, Classic, Preferred, Imperia or any other Managed programme customers.