Banks including HDFC Bank, ICICI Bank and Axis Bank from March 1 began charging a minimum amount 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 The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn.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.

People can withdraw or deposit up to Rs 2 lakh from their savings or salary accounts through the home branch for one month. Transaction exceeding this amount will be charged with Rs 5 per Rs 1000 or a minimum amount of Rs 150. 

Daily transaction in terms of non-home branches up to Rs 25,000 is non-chargeable. Senior citizens and children will not be charged any amount.

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