Mumbai: Banks including HDFC Bank, ICICI Bank and Axis Bank on Wednesday started charging a minimum amount of Rs150 per transaction for cash deposits and withdrawals beyond four free transactions in a month. The bank would also cap the third-party cash transactions at Rs 25,000 per day, while cash-handling charges would be withdrawn effective Wednesday, the circular added. The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive. For non-home branches, ICICI Bank would not charge anything for first cash withdrawal of a calendar month and Rs5 per thousand rupees thereafter subject to a minimum of Rs 150. At Axis Bank, the first five transactions or Rs10 lakh of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs150, whichever is higher.

Source: Mint March 01, 2017 16:35 UTC