HDFC, ICICI, Axis, SBI start charging for Cash transactions

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swatkats

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In a bid to discourage cash transactions, the country’s second-largest private sector lender HDFC Bank has decided to steeply increase the fees for savings account holders on a slew of activities involving cash.

HDFC Bank has decided to steeply raise the charges on certain transactions, capping cash component in others and also introducing charges on certain transactions from March 1, a bank official told PTI on Friday.

The bank has capped the third-party transactions at ₹25,000 a day, reduced the number of free cash transactions at branches to four from five earlier and also raised the fee for non-free transactions by a steep 50 per cent to ₹150, it said on its website.

Earlier, it used to allow ₹50,000 cash transactions, both withdrawals and deposits per day, the official said, adding the review is only for salary and savings accounts.

The bank has also capped the free cash transactions at home branches, including deposits and withdrawals at branches at ₹2 lakh, above which customers will have to pay a minimum of ₹150 or ₹5 per thousand.

For non-home branches, the free transactions is only ₹25,000 after which fees set in at the same level, he said.

Source: http://www.thehindubusinessline.com...action-fees-on-savings-acs/article9520518.ece
 
What if we go to the branch and say, "i don't accept these new charges, i want to close my account". Can we demand the settlement in cash?
 
What if they show your account opening form and your signature on it with a hundred terms and conditions written on it.. Asking do you agree??
 
That's not my question. Terms and conditions allow you to close your account. can you do so in cash?
 
The point i was trying to make is even if you do close your account, and they refuse to give cash, your only option is to deposit in another bank. And sooner or later all banks are going to start this. Basically demonetisation, stage 2.

Banks were always thieves, they're just being more honest about it now, courtesy our 'democratic' government.
 
I think they never give cash they give cheque so you can deposit in another bank. Only unless the cash is under 5k or so.
 
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You can obviously take out all your money in cash and then close the account. Since first 4 transactions are free, you shouldn't be charged any transaction charges.
I think, current accounts won't be having any such charges, so one can also open a current account.
Keep transferring the money to your SB account, if the interest component is important to you and then transfer whatever you need in cash to the current account.
 
There's also a value limit of 2 lakhs/month so if you're closing an account that's above that amount prepare to pay 5 bucks per 1k.

Starting Nov 8th, they got us by the balls, now they're just starting to squeeze...
 
Julian said:
There's also a value limit of 2 lakhs/month so if you're closing an account that's above that amount prepare to pay 5 bucks per 1k.

Starting Nov 8th, they got us by the balls, now they're just starting to squeeze...
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You still have till 1st March before those charges apply.
And like I said, open a current account. Yes, there will be a AQB that you will have to maintain, but that's quite easy to do, especially if you have big piles of money, like you are pointing to, in your SB account.
 
Current a/c sounds like a plan.

But don't you think they would have accounted for something like that too?
 
Julian said:
Current a/c sounds like a plan.

But don't you think they would have accounted for something like that too?
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Unless you are depositing loads of unaccounted cash, what does an honest person has to worry about.
HDFC allows you to open a current account with 25k AQB, in which you can deposit upto 2L cash per month
 
My icici privilege sb has a 1.5 lakh MAB, they actually enforce and fine you if it drops below 75k. Worth it for the freebies.

The point is not about large, unaccounted sums of cash, this thread is talking about hdfc's BS txn limit of 4. And i was saying close the damn account and keep your cash under the mattress. No matter how small the amount...
 
State Bank of India is planning to impose such charges from April 1, according to top sources.

SBI will charge Rs 50 per transaction after three transactions from its home branch starting April 1.

The levy will be imposed on saving bank accounts. On current accounts, transactions of Rs 25,000 a day will be free, beyond which the bank will charge Rs 50 per transaction.

Sources said that ATM usage charges are also likely to be revised. Currently, five ATM withdrawals are free. After that a customer has to pay Rs 20 + ST per ATM withdrawal.

Source: http://www.deccanherald.com/content/599135/sbi-levy-cash-transaction-charges.html





My take: Forget Cashless transactions, Every merchant is going back to pure cash transactions and plus the charges like these even in the PSU banks will force customers to hoard money in their homes and do transactions through cash.
 
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swatkats said:
My take: Forget Cashless transactions, Every merchant is going back to pure cash transactions and plus the charges like these even in the PSU banks will force customers to hoard money in their homes and do transactions through cash.
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Correct! I maintain more cash in home than I used to.
I guess, the same is true for all.
 
swatkats said:


My take: Forget Cashless transactions, Every merchant is going back to pure cash transactions and plus the charges like these even in the PSU banks will force customers to hoard money in their homes and do transactions through cash.
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That's so true. Even middle class people who have high salaries can very easily take out their whole salary in those free transactions. Guess sales of home safes are going to rise in the coming months. I was already thinking of installing one while my foundation is going to be built.
 
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There's a simple way to put these scammy rip-off artists in their place. As soon as you get your salary, withdraw it all and keep it in cash at home. Buy a safe maybe, it's a one-time investment.

In any case the interest earned on savings accounts is a pittance (under 4%) and even that money is used by the banks etc. when they give out loans at 8-9%+.

People need to take a little effort sometimes for the greater good. And sometimes it's necessary for the little dwarves to give the big giant a good swift kick in the balls.
 
rdst_1 said:

That's so true. Even middle class people who have high salaries can very easily take out their whole salary in those free transactions. Guess sales of home safes are going to rise in the coming months. I was already thinking of installing one while my foundation is going to be built.
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Dang, beat me to it. Floor safes are a good idea right?
 
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