Banks To Levy Transactions From Tomorrow

Comes Wednesday and most banks are expected to begin levying transaction charges on customers. Even as the country marches past the demonetisation era, banks will begin charging for transactions above a certain limit on a monthly basis. Banks like HDFC have started notifying customers on the charges while ICICI and Axis are in the process of deciding transaction limit.HDFC bank has issued a notification that only four cash transaction including deposit and withdrawal will be free and after that, a customer will have to shell out a minimal fee ranging from Rs 5 to Rs 150 depending on the transacted amount. The cap on the transaction has been placed at Rs 2 lakh per month per account. Any transaction beyond Rs 2 lakh will be levied a charge. Finance Minister Arun Jaitley has already put a cap of Rs 3 lakh for a cash transaction in the union budget for 2017-18. Banks believe that the charge will discourage people to withdraw cash and help move towards digital payments. Cash crunch continues to be a reality and the move to levy charges hopes to limit usage of liquid cash.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s