Cash transaction limit has been fixed: After the announcement of the Reserve Bank of India, once again the emergency of changing notes in banks has started. This time RBI has announced to withdraw 2000 rupee note from circulation. Governor Shaktikanta Das has said that although this note will remain in circulation till September 30, but before that it should be either deposited in the bank or changed.
After this announcement, banks have also started the process of exchanging notes from May 23. However, RBI has not imposed any limit on the number of times a person can exchange or deposit notes. To stop this, banks have now made a rule to charge for changing notes. Many banks have talked about taking service charge on the transaction. We are telling you how much other big banks including SBI will charge for currency exchange.
SBI has fixed the limit for every month.
The country’s largest public sector bank SBI (State Bank of India) will provide the facility of only 3 free cash deposits in a month. After this the bank has said to collect 50 rupees and GST. The same facility will be applicable for crediting money to the customer’s account. There is no charge for depositing cash through the machine, while depositing through debit card will attract Rs 22 plus GST.
hdfc is giving 4 free transactions
HDFC Bank, the largest private sector bank, has talked about giving 4 free transactions every month. Beyond this limit, the bank will charge a transaction fee of Rs 150. After the limit, the customer will be able to deposit Rs 2 lakh every month. Above this Rs 5 per thousand or Rs 150 and tax will have to be paid.
ICICI Bank is also giving 4 transactions
ICICI Bank, the second largest private sector bank, has given free transaction facility to the customer 4 times in a month. After this, a fee of Rs 150 will have to be paid on every transaction. Customers can deposit only Rs 1 lakh in a month in their savings account. Beyond this limit, Rs 5 per Rs 1000 or Rs 150, whichever is higher, will be charged as fee.
Kotak Bank is giving 5 free transactions
Kotak Mahindra, another private sector bank, has also talked about giving 5 free transactions to the customer every month. This includes both deposits and withdrawals. After crossing this limit, a levy of Rs 150 will be imposed. This charge will remain the same whether you deposit the money in a bank branch or through a machine.
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