This really doesn’t sound good to ears but yes this is the new truth. Many private sector banks have started charging heavy charges for cash transaction in the bank. After Demonetization when each of us was looking forward to go more digitally, the step taken by banker looks like a restriction created in the name of increase of digital transactions and in turn to make more money from cash transactions happening in their banks because we all know that going digital for every customer would not be that easy and fast.
The banks who have already announced their cash transaction charges include names like HDFC Bank, ICICI Bank and AXIS bank. These hefty charges can go up to as heavy as 150 rupee per transactions depending upon total number of transactions made in any single month. As far as Public sector banks are concerned, they have not announced any such charges, however; government did put a limit on cash transaction value of up to 3 lacs.
All these private banks mentioned above have already started charging a minimum amount of Rs. 150/- per transaction after completion of first four free cash transaction in any single month. This will apply for normal saving as well as salary account. Please be informed that these four free cash transaction is permitted at home branch only as some banks are charging these from the very second non-home branch cash transaction.
Who knows, going forward we see public sector banks also getting started with these charges in the name of promoting digital transactions? Let’s see no how public take it up as it is surely not a soothing decision at all.