IN PICS! ICICI Bank and Axis Bank to charges on deposits & withdrawals during bank holidays, non-business hours

ICICI Bank and Axis Bank will now be charging customers on deposit and withdrawal of money.

The banks have announced fees for deposits at cash recyclers/cash acceptance machines during non-business hours and bank holidays

As per the bank's notification, ICICI Bank will levy Rs 50 as a convenience fee on its customers for every such transaction done on bank holidays and between 6:00 pm and 8:00 am on working days.

The lender will also levy a convenience fee if the cash deposit in the cash acceptor/recycler machines exceeds Rs 10,000 per month either as a single transaction or multiple transactions.

The fee will not be applicable, the bank said, to senior citizens, basic savings bank account, Jan Dhan accounts, accounts held by incapacitated and visually impaired persons, student accounts or any other accounts identified by the lender.

The bank charges you for the use of SMS facility, minimum balance, ATM and check usage. But now customers will have to pay a charge for depositing and withdrawing money from banks.

As per reports, the Bank of Baroda has also started charging its customers for transactions beyond the prescribed limits from November 1.

Earlier this year, Axis Bank also started levying convenience fees of Rs 50 on cash deposit transactions after banking hours and on national and bank holidays.

The convenience fee was effective from August 1. It is being said that withdrawals three times in a month will be free but after that, a withdrawal transaction charge will be levied at a flat fee of Rs 150.

Similarly, deposits three times in a month will be free but thereafter a charge of Rs 40 will be levied on each transaction.