Chartered Accountants Kolkata

Proposed Bank Charges From 01.04.2017

Here are all the new charges that will come into existence from April 1:

  1. The bank will start charging Rs 50 after the first three cash deposits of the month. This limit is prescribed for saving bank accounts.
  2. For current account holders the cash transaction charges can be as high as Rs 20,000
  3. The bank account holders will have to maintain a minimum balance or Monthly Average Balance (MAB)
  4. Failing to maintain the minimum balance can attract a fee up to Rs 100 plus service tax

The charges and MAB varies according to the location of bank. It is minimum in case of rural branches.

  1. In metropolitan areas like Delhi, Mumbai, Chennai and Bengaluru there will be a charge of Rs 100 plus service tax, if the balance goes below 75 per cent of the minimum average balance.
  2. If the account holder is falling short of 50 per cent or less of the MAB, then the bank will charge Rs 50 plus service tax.
  3. Cash withdrawal from ATMs will be charged after the first three transaction for other banks and first five transactions from SBI ATMs.
  4. The account holder will be charged Rs 20 after the three transactions from other bank ATMs and will be charged Rs 10 for withdrawals from SBI ATMs.
  5. There will be no charge on withdrawals from SBI ATMs if the account holder maintains a minimum balance of Rs 25,000
  6. In case of other bank ATMs, the account holder will have to keep a minimum sum of Rs 1 lakh to avoid withdrawal charges.
  7. Rs 15 will be charged for SMS alerts per quarter from debit card holders who manage to maintain average quarterly balance of up to Rs 25,000 during the three months period.
  8. There will be no charge for UPI/ USSD transactions of up to Rs 1000.

The details of charges as proposed by some major banks.

SBI

  1. From April 1, SBI will permit savings bank account holders to deposit cash three times a month free of charge. Beyond that, it will charge Rs 50 plus service tax for every transaction.
  2. In case of current account, the levy could go as high as Rs 20,000.
  3. SBI account holders will also have to keep a minimum balance in their accounts, failing which they will be fined. The fine will be lower for rural areas.
  4. In metropolitan areas, there will be a charge of Rs 100 plus service tax if the balance falls below 75 per cent of the minimum available balance of Rs 5,000. If the shortfall is 50 per cent or less, the bank will charge Rs 50 plus service tax. SBI used to have such charges in 2012.
  5. Withdrawal of cash from ATMs will attract a charge of up to Rs 20 if the number of transactions from ATMs of other banks exceeds three and Rs 10 for more than five withdrawals from SBI ATMs.
  6. However, SBI will not levy any charge on withdrawals from its own ATMs if the balance exceeds Rs 25,000. In case of withdrawals from ATMs of other banks, there will be no charge if the balance exceeds Rs 1 lakh.
  7. SBI will charge Rs 15 for SMS alerts per quarter from debit card holders who maintain average quarterly balance of up to Rs 25,000 during the three months. There will be no charge for UPI/USSD transactions of up to Rs 1,000.

Axis Bank

  1. Axis Bank customers will be allowed five free transactions every month, including deposits and withdrawals. Above that, customers will be charged a minimum fee of Rs 95 per transaction.
  2. Up to five non-home branch transactions will be free for customers, subject to a maximum per-day deposit of Rs 50,000. For larger deposits or the sixth transaction, the bank would charge Rs 2.50 per Rs 1,000, or Rs 95 per transaction, whichever is higher.

HDFC Bank

  1. HDFC Bank will levy Rs 150 per transaction, beyond four free ones (deposits and withdrawals) each month.
  2. The new charges would apply to savings as well as salary accounts.
  3. For home-branch transactions, the bank will allow deposits or withdrawals of up to Rs 2 lakh free of cost at one go per day. Beyond this, it will charge Rs 5 per Rs 1,000, or Rs 150.
  4. At non-home branches, transactions beyond Rs 25,000 a day will attract a charge of Rs 5 per Rs 1,000, or Rs 150.

ICICI Bank

  1. There will be no charge for first four transactions a month at branches in home city while Rs 5 per Rs 1,000 will be charged thereafter subject to a minimum of Rs 150 in one month.
  2. The third-party limit would be Rs 50,000 per day.
  3. For non-home branches, ICICI Bank would not charge for first cash withdrawal of a calendar month and Rs 5 per Rs 1,000 thereafter subject to a minimum of Rs 150.
  4. For anywhere cash deposit, ICICI Bank would charge Rs 5 per Rs 1,000 (subject to a minimum of 150) at branches, while deposit at cash acceptance machines would be free of charge for first cash deposit of a calendar month and Rs 5 per Rs 1,000 thereafter.

No Comments »

No comments yet.

If you want to leave a feedback to this post or to some other user´s comment, simply fill out the form below.

(required)

(required)


CAPTCHA

*