New charges for financial exchanges in banks from 1st March
Posted on: 28/Feb/2017 6:23:27 PM
Even as the demonetization phase is coming to an end, some major banks have decided to implement additional charges for transactions over a fixed amount.
India�s 2nd Largest Private Bank, HDFC, has released notes for its customers.This states that there might be a maximum of 4 transactions in a month. This would also include the activities of depositing or withdrawing money from the bank.
If this limit of 4 transactions is exceeded, additional charges varying from Rs. 50 to Rs. 150 will have to be paid depending on the amount of the transaction.
With the Central Finance Minister Arun Jaitley having announced Rs. 3 Lakhs as the maximum limit for transactions during his budget 2017 presentation, HDFC has informed that free transactions up to Rs. 2 lakhs can be made in a month. If the customers are from other banks, they can do only a maximum transaction of Rs. 25000 per day.
It is learned that the other private bank ICICI is also planning to levy additional charges when the number of transactions exceeds the upper limit of 4 per month. However, it has not fixed any upper limit for financial transactions.
Axis Bank, which has secured the 3rd place among the private sector banks, has informed that 5 transactions are allowed per month and when the transaction exceeds Rs. 10 Lakhs, charges from Rs. 5 to Rs. 150 will be levied depending on the transaction amount.
The knowledgeable inside circles in the bank inform these are the initiatives to encourage digital banking and also this effort will partly overcome the present shortage of cash after demonetization discouraging the direct cash transactions.
