No change in ATM withdrawal charges, HDFC clarifies

Updated On : 03 Mar , 2017 , 11:17 AM
No change in ATM withdrawal charges, HDFC clarifies (Getty Image)
No change in ATM withdrawal charges, HDFC clarifies (Getty Image)
New Delhi:

HDFC Bank has clarified that there has been no revision in the bank’s ATM charges, as reported by certain sections of media recently. 

In a clarification issued on Thursday, the private sector bank said that the revision in transaction charges only applied to cash withdrawal/deposits at branches. 

“We'd like to categorically state that there has been no revision in our ATM charges as has been reported in certain sections of the media. We have revised our transaction charges ONLY for cash withdrawal/deposits at branches,” the clarification read.
The news of changes in transaction charges by HDFC, reported first on February 28, created confusion as some media reports suggested that the changes in charges also applied to ATM withdrawal. 


New transaction charges for cash withdrawal/deposits at branches

Banks including HDFC Bank, ICICI Bank and Axis Bank on Wednesday began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

HDFC Bank

The charges would apply to savings as well as salary accounts effective from March 1, leading private sector player HDFC Bank said in a circular.

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.

For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

ICICI Bank

According to details on ICICI Bank website, there will be no charge for first four transactions a month in home branch while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month.

The third party limit would be Rs 50,000 per day.

For non-home branches, ICICI Bank would not charge anything for first cash withdrawal of a calendar month and Rs 5 per thousand rupees thereafter subject to a minimum of Rs 150.

For anywhere cash deposit, ICICI Bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at Cash Acceptance Machine would be free of charge for first cash deposit of a calendar month and Rs 5 per thousand thereafter.

ATM intercharge charges have also been re-introduced.


Axis Bank

At Axis Bank, the first five transactions or Rs 10 lakhs of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher.

It could not be ascertained whether the public sector banks have also begun imposing such charges.

When contacted, a senior official said there has been no directive from the government to the banks regarding levy of such charges.

Following are the current ATM withdrawal charges at HDFCbank (revised last in Dec 2014)

(With Inputs from PTI)
First Published : Friday, March 03, 2017 11:05 AM

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