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Banks to limit free transactions for aiding digitalization
Posted on: 08/Feb/2017 1:05:05 PM
The total number of free cash transactions in HDFC bank will be reduced down to four intending to make customers refrain from accessing banking services at bank branches.
This is a clear way of encouragement for the customers to make use of digital banking. By doing so, banks will be able to make cost cutting by reducing manpower cost involving exorbitant sum for these banking services.
For every transaction made above the limit prescribed which is four, a charge of Rs 150 will be imposed. An amount of Rs 150 per unit will have to be paid by the customer for each and every transaction made is beyond Rs 2 lakh. This new charge will come into effect starting from 1st March this year.
To note, ICICI and State Bank of India, the two largest lenders in the country have both restricted cash transactions. As per SBI website sources, up to three cash transactions including deposits or withdrawals can be done for free.
For each and every transaction made beyond this limit, a sum of Rs 57.25 or Rs 50 along with added service tax will be applicable. With ICICI, the transaction is limited to four. For every additional transaction, Rs 5 will be charged for every Rs 1000 or part thereof and the minimum charges will be Rs 150 for the month.
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