CHENNAI: Customers of private lenders HDFC Bank and Axis Bank will have to shell out more for cash transactions beyond free limits from March 1. For home branch transactions, HDFC Bank will allow deposits or withdrawals of up to Rs 2 lakh free of cost at one go per day . An SBI official said that the public sector bank was not levying charges on cash transactions by their customers, for now. Union finance minister Arun Jaitley capped cash transactions at Rs 3 lakh in the Union Budget in a bid to discourage cash usage and boost digital transactions. Meanwhile, ICICI Bank has capped cash transaction by a third party at Rs 50,000 per day , while HDFC Bank has placed a cap of Rs 25,000 a day.

Source: Times of India March 01, 2017 23:37 UTC