Charges for more than 4 transactions per month Announcement from Private Banks
After demonetization, lot of hardships to the public in India. There was a huge cash shortage in the ATMs and more limitations for cash withdrawal . The Public started gathering in huge numbers in the banks and ATMs to withdraw cash.
Before demonetization, the system was that free transactions will be allowed for 5 times in the ATMs, and charges will be made after exceeding this. Due to demonetization, there were no charges deduced by banks sectors for taking money from ATMs over the last 4 months.
In this scenario, there are signs that the cash transaction shortage has improved and hence, the private banks have resumed charging for the financial transactions exceeding the fixed limit.
As per this, a person can do only 4 free transactions per month including the deposit and withdrawal of money.
For transactions exceeding more than 4 times, minimum charges will be collected to a maximum of Rs. 150/-.
HDFC and ICICI Banks have announced that this system will be effective from today (Thursday, 2nd March)
These transactions charges would be applicable for the bank who using savings account for exceeding 4 transactions per month.