Banks to levy Rs 150 after 4 cash transactions, Twitter users say not fair

This move being considered as a move to discourage cash transactions and encourage digital payments

Banks, including HDFC Bank, ICICI Bank and Axis Bank, from March 1 started imposing a minimum charge of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month. The new charges would apply to savings as well as salary accounts. The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn.

This move by the banks is being considered as a move to discourage cash transactions and encourage digital payments.

What are the limitations?

People can withdraw or deposit up to Rs 2