In the name of Cashless Economy, private banks including HDFC and Axis Bank have started the new charges over branch transactions more than the four free ones and five free ones respectively. The charges are not imposed on children and senior citizens.

HDFC Bank Customers will be charged Rs.150 per transaction or charged at the rate of Rs 5 per Rs 1,000 while Axis Bank customers will be charged at the rate of Rs 2.50 per Rs 1,000, subject to a minimum fee of Rs 95 per transaction.

HDFC Bank will allow deposits or withdraws up to Rs 2 lakh free of cost at one go per day but just for home branch. At non-home branches, transactions beyond 25,000 a day will charge Rs 5 per Rs 1,000 or Rs 150. In the case of Axis Bank, up to 5 non-branch transactions will be free at maximum per day deposit of Rs 50,000 and later to Rs. 2.50 per Rs 1,000 or Rs 95 per transaction.

Reviews over this step of HDFC and Axis Bank state that its hard to believe that this is a step for ‘Cashless Economy’. These banks are creating their own profitable atmosphere by adding extra charges over transactions and this will soon make their customers switch to other beneficial banks.

Talking about other banks, SBI has not announced any charges after demonitisation, and so Canara Bank. Other private banks such as Karur Vysya Bank, City Union Bank and DCB Bank confirmed that there are not going to be any transaction charges over thier customers. ICICI Bank will soon be in the list of Banks that will stop free transactions. Though Axis Bank and ICICI have decided to put a full stop at free transactions, but HDFC Bank, well you “don’t understand our world.”

K Venkataraman, CEO, Karur Vysya Bank, said, ” All banks do a review in March-April of the charges they levy before the next financial year. So a bank increasing charges isn’t necessarily significant.”

BY
Guneet Bhatia

Tags: Axis Bankbank chargesbanks in indiacashless economydemonetizationHDFC bankicici