Announcement from Private Banks: Charges for more than 4 transactions per month
Posted on: 02/Mar/2017 12:56:38 PM
The demonetization caused a lot of hardships to the public. There was a severe cash shortage in the ATMs. The Public started gathering in huge numbers in the banks and ATMs to withdraw money.
Before demonetization, the system was that free transactions will be allowed for 5 times in the ATMs, and charges will be made after exceeding this.
Following demonetization, there were no charges levied for taking money from ATMs over the last 4 months.
In this scenario, there are signs that the cash transaction shortage has improved and hence, the private banks have resumed charging for the financial transactions exceeding the fixed limit.
As per this, a person can do only 4 free transactions per month including the deposit and withdrawal of money.
For transactions exceeding this limit of 4, minimum charges will be collected to a maximum of Rs. 150/-.
HDFC and ICICI Banks have announced that this system will be effective from today (Thursday, 2nd March)
These charges would be applicable for the bank savings account holders for exceeding 4 transactions per month.
