People of India have successfully overcome the currency problems during the demonetization. But it seems like they will be facing new issues from 1st of April. Banks in the country are preparing to serve charges on the people of India. Major banks like SBI, ICICI, and HDFC have decided to charge their customers more from April.
According to the bank sources, the revised charges are meant only to encourage digital transactions and lessen the cash transactions. Reports say that banks have lost their income during the demonetization, so they are implementing such measures to get out of those loses.
Revised bank charges are categorized and listed below:
State Bank of India
- SBI savings account users can deposit cash thrice a month in their accounts for free and the fourth deposit in the month would charge Rs 50 per cash load. The service charge would be extra for each of them.
- Current account holders with Monthly Average Balance (MAB) of 10,000 can deposit up to 25000 cash at free of cost. Beyond the limit, 75 ps + service tax will be imposed.
- Another rule is that all the State Bank of India account holders will also have to keep a minimum balance in their accounts.
- For metropolitan cities, if the balance falls below 75 per cent of the prescribed minimum available balance of Rs 5,000 then Rs 100 plus service tax is charged. If the shortfall is 50 percent or less, the bank will charge Rs 50 plus service tax.
- No charge up to three transactions from other bank ATMs, for the fourth transaction in a single month Rs 20 will be deducted. The transaction limit number within SBI ATM is five and sixth withdrawal in the month would be costing Rs 10
- SMS alerts will be charged Rs 15 per quarter from debit card holders having an average quarterly balance of up to Rs 25,000 during the three months. There will be no charge for UPI/USSD transactions of up to Rs 1,000.
- No charge would be levied on first four transactions at home branches in a single month. After that, every transaction would cost Rs 150.
- Third party transfer is limited to Rs 50,000 per day.
- A free transaction will be charge free per calendar month, and the next transactions would cost Rs 5 per Rs 1,000 thereafter subject to a minimum of Rs 150.
- Cash deposit machines would accept first cash deposit per month at free of charge after that ICICI bank would deduct Rs 5 per Rs 1,000
- HDFC Bank would charge Rs 150 per transaction, after the allotted limit of 4 transactions per month.
- The revised charges and rules shall be applied to savings accounts as well as salary accounts.
- HDFC home-branch transactions up to Rs 2 lakh would be free of cost per single day. Beyond this, Rs 5 will be charged per Rs 1,000, or Rs 150.
- NonHome transactions above Rs 25,000 per day will attract a charge of Rs 5 per Rs 1,000, or Rs 150
- Axis bank account holders can enjoy five Free deposits and withdrawals per month beyond that Rs 95 will be charged per each transaction.
- The bank allows five free non-home branch transactions per day with, maximum deposit of Rs 50,000.
- For the sixth transaction or deposit exceeding Rs 50,000, the Axis bank would charge Rs 2.50 per Rs 1,000, or Rs 95 per transaction, whichever is higher.
Demonetization a phase in the history of India had been successfully carried out by the government with the support of the people. Common people of India have faced many problems, but they bear it for the cause of good. As per the public opinion, these extra charges might receive massive opposing from all sections of people.
According to the latest reports Govt of India had asked all the Banks to reconsider the decision of levying the charges which would be a burden to the common people. We will update the latest happening around this issue. Stay tuned to this space for more updates