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Reconsider charges on cash transactions, ATM withdrawals: Govt to banks

By Newsd
Updated on :
Source: Live Mint

The government on Monday asked banks including private entities to reconsider their decision of imposing charges on cash transaction charges and ATM withdrawals.

Recently, HDFC Bank recently issued a notification where it said that its customers will only be able to avail four free withdrawal and deposit (cumulative) transactions from the banks. Over and above that, they will be charged a minimum Rs 150 plus taxes and cess.

Apart from HDFC Bank, the state lender permits its savings bank account holders to deposit cash only three times a month free of any charges. After that a levy of Rs 50 would be imposed. On current accounts, the levy could go as high as Rs 20,000.

 Axis Bank have up to five free transactions and then Rs 2.50 charge per Rs 1000 or Rs 95 per transactions whichever is higher, while for ICICI Bank customers, only the first four transactions are free in the home city but Rs 5 per Rs 1000 would be charged thereafter, subject to a mimimum charge of Rs 150 in the same month.

The government has also asked banks to revoke charges on ATM withdrawals. SBI has imposed a charge of up to Rs 20 and Rs 10 for more than five withdrawals from other banks’ ATMs.

 Apart from this, the government has also asked SBI to reconsider it’s decision of imposing a penalty on non-maintenance of minimum balance in accounts from April 1.