Talking about private banks, ICICI Bank has also announced to increase the service charge. Its new rule on savings account will be applicable from January 1, 2022. The bank has also said that from January 1, ATM transaction charges will also be affected.
From January 1, the customers of the bank will have to pay more charges. Many banks have changed the rules for financial and non-financial transactions. These changes will be applicable from January 1. Similarly, India Post Payment Bank, which comes under the post office, has also changed the rules for ATM transaction / withdrawal from the bank. Its new rules will also be applicable from January 1. Before the new year comes, customers should know about it.
First of all, let’s know about the payment bank of the post office. According to India Post Payment Bank (IPPB), cash withdrawal on Basic Savings Account is free for up to 4 transactions. That is, customers can withdraw cash from their Basic Savink account 4 times from ATM or bank account without paying any charges in a month. But after doing the transaction, additional charges will have to be paid. You may have to pay 0.50 percent of the amount you are withdrawing or up to Rs 25 per transaction.
Post office bank rules changed
Cash deposit in Basic Savings Account is free and no charge is levied on it. No change has been made in this rule. If you withdraw money from any other savings account and current account other than the basic savings account, then up to Rs 25,000 per month is free. But after that 0.50 percent per transaction or minimum 25 rupees per transaction may have to be charged. The rules regarding cash deposits have also been changed. If you deposit cash in a savings or current account other than the basic savings account, then it is free up to Rs 10,000 per month. But on depositing more than that, 0.50 per cent or a minimum of Rs 25 will have to be paid per transaction.
ICICI Bank increased the charge
Talking about private banks, ICICI Bank has also announced to increase the service charge. Its new rule on savings account will be applicable from January 1, 2022. The bank has also said that from January 1, ATM transaction charges will also be affected. After change in ATM transaction charge, first 5 transactions in a month will be free of cost; Thereafter, Rs 21 will be charged per financial transaction. A separate charge will be levied after 5 free transactions. After the change in rules, Rs 21 per financial transaction and Rs 8.50 per non-financial transaction will be charged as ATM transaction fee.
HDFC and Axis Bank also changed the rules
HDFC Bank customers get the facility to do 5 transactions in a month for free. This rule is for all cities. The first 3 transactions per month (Financial + Non-Financial) made at ATMs of Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad are free. According to HDFC Bank, transactions above the free limit will attract charges. After the limit is exceeded, Rs 21 plus tax will have to be paid per financial transaction. In case of non-financial transactions (such as balance check, statement withdrawal etc.), then an additional Rs 8.5 will have to be paid at ATMs of banks other than HDFC Bank. This rule is effective from 1 January 2022.
Axis Bank has also implemented almost the same rule. In addition to the free limit, you have to pay Rs 20 plus tax for withdrawing money from Axis Bank ATMs. On the same non-financial transaction, this fee is Rs 10. There will be no change in the charges for non-financial transactions, but if financial transactions exceed the 5 free limit, then Rs 21 plus tax will be paid per transaction. The new rule of Axis Bank will also be applicable from January 1, 2022.
