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Withdrawal and Service Charges: Check how much you have to pay for transactions

By Lokmat English Desk | Published: July 05, 2021 6:19 PM

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ICICI Bank is all set to revise limits of cash transactions, ATM Interchange and checkbook charges for its domestic savings account holders from next month. As per the bank's website, the revised charges would come into effect from August 1, 2021.The bank is all set to revise limits of Cash transactions, ATM Interchange and Chequebook charges for Domestic Savings Account holders. Number Limit (Sum total of deposits and withdrawals); 4 free cash transactions, per month. Charges above free limits: Rs 150, per transaction. Value Limit (Sum total of deposits and withdrawals); The value limit is inclusive of both the home and non-home branch transactions. Home Branch (Branch where account is opened or ported) Rs 2 lakh. (w.e.f Aug 01, 2021 - Rs 1 lakh) Free per month per account. Above Rs 2 lakh (w.e.f Aug 01, 2021 - Rs 1 lakh) – Rs 5 per Rs 1,000, subject to a minimum of Rs 150. Non-Home branch –No charges for cash transactions value up to Rs 25,000 per day. Above Rs 25,000 – Rs 5 per Rs 1,000 subject to a minimum of Rs 150. Third party Cash transaction (Sum total of deposits and withdrawals) - Up to a limit of Rs 25,000 per transaction – Rs 150 per transaction. For Senior Citizen customers, Young Star / Smart Star accounts, while the limit of Rs 25,000 per transaction will be applicable, the accounts will not be charged.
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SBI customers will now have access to only four free cash withdrawals from the bank’s ATM or bank branches in a month. From the fifth cash withdrawal onwards, account holders will have to pay a processing fee of Rs. 15 plus GST on each transaction.SBI Basic Saving Bank Deposit (BSBD) account holders will now have to bear charges for cheque books beyond 10 leaves in a year. Furthermore, the charges have also been revised as the customers will have to pay Rs 40 plus GST and Rs 75 plus GST for a 10-leaf and 25-leaf cheque book respectively. However, senior citizens have been exempted from these charges.
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As per the new rules, Axis Bank has increased the charges on ATM cash withdrawals beyond the free transactions.They have also introduced a hike in the minimum balance requirements for various types of savings accounts.Moreover, Axis Bank has increased the bank service charges or SMS alert fees for its customers. The account holders will now have to pay Rs. 25 paise for every SMS alert and a maximum fee of Rs. 25 a month for bank service. However, Axis Bank has announced that the OTP alerts will remain free of cost.
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IDBI will now offer a 20-leaf chequebook for free to its account holders w.e.f. July 1, 2021. But the customers will be charged Rs 5 per cheque after exhausting the free limit.Notably, account holders of the IDBI 'Sabka Savings Account' will not be subjected to the change in the rules.
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The Reserve Bank of India merged Syndicate Bank with Canara Bank last year. Therefore, according to the new rules, the IFSC codes will change and account holders will be provided with new IFSC codes for their bank accounts from July 1, 2021.
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The two banks were amalgamated into Union Bank on April 1, 2020. So, the account holders of Andhra Bank and Corporation Bank will have to use new cheque books provided by Union Bank from July 1.
Tags: Withdrawal and Service Charges BanksIcici BankAxis BankState Bank Of India
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