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Private sector banks to levy ‘transaction’ charges

A street side restaurant owner holds a bundle of Indian currency notes as he sits outside his restaurant in New Delhi November 22, 2013. REUTERS/Adnan Abidi/File Photo

New Delhi [India]: Private sector banks such as ICICI and HDFC bank have notified their respective account holders of a transactional fee, which will be applicable on the fifth transaction in a month.

Earlier today, the banks announced that after an individual does four transactions, the fifth one will be subject to a fee, regardless of whether it is cash withdrawal or deposit. However, the new fee will not be applicable on ATM withdrawals.

Banks have proposed that a fee of Rs. 150 will be added, along with service tax, in addition to a fee of Rs. 5 per 1000.

The cap on transactions has been placed at Rs 2 lakh per month per account. Any transaction beyond this will be applicable for an extra charge. (ANI)