What are the charges on SBI and other bank cash transactions and ATM withdrawals

Want to know the charges levied by banks on ATM cash withdrawals? How much penalty will you have to pay for a cash withdrawal from your savings and current bank account? This article provides answers to your queries about charges effective 1st April 2017 which will be levied on cash deposits and withdrawals and ATM transactions.

New rules of ATM and Bank cash withdrawals will come into effect as of 1st April, 2017. You can withdraw cash for free a specific number of times from an ATM which is of your Bank. Beyond that maximum number, you will be levied a charge. For cash withdrawals from Banks other than where you have an account, a certain number of transactions will be free with no charges being levied on them and beyond those you will have to pay a certain fee.

Specific to each Bank the charges are as mentioned below.

SBI transactions

  1. Savings account Minimum Average Balance (MAB) requirement:
    • Metros: Rs.5,000/- minimum

    • Urban areas: Rs.3,000/- minimum

    • Semi-urban areas: Rs.2,000/-

    • Rural areas: Rs.1,000/-

    If minimum balance not maintained, then penalty charged is:
    A. For Metros:
    • If the balance shortfall is higher than 75%: Rs 100 + service tax.

    • If the balance shortfall is between 50% to 75%: Rs 75 + service tax

    B. For Rural areas:
    Penalty between Rs 20 to Rs 50 + service tax.

  2. Charges on cash deposits in Savings account:
    • First three times in a month: No charges.

    • Fourth cash deposit onwards: Rs 50 + service tax.

  3. Charges on cash deposits in Current account:
    In case of current account, the charge may go up to Rs 20,000.

  4. ATM cash withdrawals:
    • First three cash withdrawals: No charges

    • Fourth cash withdrawal onward from other ATMs: a charge of up to Rs 20 will be levied.

    • In case of other banks' ATM there will be no charge if the balance exceeds Rs 1 lakh.

    • Fifth cash withdrawal onwards from SBI ATMs: Rs 10 will be charged.

    • If balance exceeds Rs.25,000/-, then no charges.

  5. SMS Alerts: Rs. 15/- per quarter if you are a Debit card holder having an average quarterly balance of up to Rs 25,000 during the three months period.

  6. UPI / USSD transactions: No charge for transactions of up to Rs 1000.

HDFC Bank transactions

For savings and salaried accounts:
  • For the first four transactions: Free

  • Fifth transaction onwards: Rs.150/- + taxes + cess

  • At home branches (that is, only where you have opened an account): Withdrawal and deposit up to Rs.2 lakh will be allowed, with charges being levied on transactions above these.

  • At non-home HDFC Bank branches: No charges for daily transactions up to Rs 25,000/-. Above this amount, there will be a charge of Rs 5 per Rs 1000 or a minimum amount of Rs.150. No such charges, though, for senior citizens and children.

  • Exemptions for: Customers of Prime, Classic, Preferred, Imperia and other managed program customers.

ICICI Bank transactions

  1. Cash deposits: For cash deposit at non-home branches, the bank is charging Rs 5 per Rs 1000, subject to a minimum charge of Rs 150. However, deposit at cash acceptance machine would be free of charge for the first cash deposit in a month and Rs 5 per Rs 1000 will be charged thereafter.

  2. Cash withdrawals:
    • For the first four transactions in home branch: Free

    • Fifth transaction onwards: Rs 5 per Rs 1000 will be charged thereafter, subject to a minimum charge of Rs 150 in the same month.
      The charge is applicable only on cash transactions for the second transaction onwards at non-home branches of ICICI, that is, where you have not opened an account.

    • Exemption: Privileged customers are not covered by the levy, but all other savings and salary accounts are covered by it.

Axis Bank transactions

  1. For the first four transactions: Free

  2. Fifth transaction onwards on Savings account in home branch: You will be charged a fee of Rs.5/- per thousand transacted OR Rs.150/-, whichever is higher.

  3. For non-home branch: up to five transactions a month are free only up to a value of Rs 50,000 per day of deposit or withdrawal. For an mount greater than Rs 50,000/- the charge is Rs 2.50 per Rs 1,000 or Rs 95 per transaction is charged, whichever is higher.

  4. The above applies to both, home and non-home branches.
  5. Exemptions: Salary accounts and privileged customers are not covered by the levy.

  6. ATM transactions: First five ATM transactions are free after which Rs 20 is be charged per transaction.

Article by Vandana
Vandana is based in India with over 15 years experience as a freelance writer. Writing, no doubt, is her primary passion! Having learned the art of blogging from ISC, Vandana is enjoying the thrills of blogging, taking pleasure in sharing information & getting good pageviews at her various blogs.

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