Axis, HDFC, ICICI banks will charge Rs.150 per transaction after 4 transaction

lordquanta

sr. member

Activity: 770

Merit: 268

Quote from: erikalui on March 20, 2017, 06:31:49 AM

And what about Government banks? I thought this is only valid on ATM withdrawals but these banks are swindlers. Nice way of charging middle class people. They even reduced the interest rate and withdrawals via slip deposits is also chargeable.

SBI have gone even few steps forward with limiting only three cash transactions. This means one cash deposit, one cash withdrawal, one cash deposit and you are done. Next deposit or withdrawal will invite penalty.
There is a crude joke which goes as: Deposit 10 rupees 14 times in someone (who refused you a treat) in a month, with this you will lose Rs140 but that person will lose Rs. 1500 Wink

erikalui

legendary

Activity: 2632

Merit: 1094

And what about Government banks? I thought this is only valid on ATM withdrawals but these banks are swindlers. Nice way of charging middle class people. They even reduced the interest rate and withdrawals via slip deposits is also chargeable.

Format.C^

hero member

Activity: 714

Merit: 500

In India banks will continue to have their dominance over the general public and the reason is not many Indians would be aware about the bitcoins and they have only option of banks for doing their financial transactions and there is no other option left for them but to follow the rules of the banks.

lordquanta

sr. member

Activity: 770

Merit: 268

AFAIR correctly then there is one such from Reliance as well. Need to check the account type.

S_D

full member

Activity: 198

Merit: 112

Quote from: Blackshadow007 on March 18, 2017, 10:54:11 PM

Quote from: S_D on March 17, 2017, 06:28:18 AM

I have an account in DBS.
7% interest on savings account, received EVERY month end.
Considerable cash back, zero minimum balance requirement and unlimited withdrawals from ATM of any bank anywhere in India.

PM me for details Grin

What ? 7% per month or per annum lol .. are you serious ?
that's bank or HYIP ... So unreal .

It's 7% per annum, interest credited monthly.

Look it up its real and the brand ambassador for this bank is apna Sachin!!

lordquanta

sr. member

Activity: 770

Merit: 268

Quote from: Blackshadow007 on March 18, 2017, 10:54:11 PM

Quote from: S_D on March 17, 2017, 06:28:18 AM

I have an account in DBS.
7% interest on savings account, received EVERY month end.
Considerable cash back, zero minimum balance requirement and unlimited withdrawals from ATM of any bank anywhere in India.

PM me for details Grin

What ? 7% per month or per annum lol .. are you serious ?
that's bank or HYIP ... So unreal .

I think it should be 7% per annum. Banks are not that generous when it comes to give money to customer. Wink

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Quote from: S_D on March 17, 2017, 06:28:18 AM

I have an account in DBS.
7% interest on savings account, received EVERY month end.
Considerable cash back, zero minimum balance requirement and unlimited withdrawals from ATM of any bank anywhere in India.

PM me for details Grin

What ? 7% per month or per annum lol .. are you serious ?
that's bank or HYIP ... So unreal .

dgarg

full member

Activity: 228

Merit: 100

they want to recover their losses

they don't care about people

anonbit992

sr. member

Activity: 378

Merit: 251

A Trader & An Investor

Quote from: lordquanta on March 02, 2017, 12:40:47 AM

In a shocking move, many banks like axis, hdfc, icici have decided to charge 150 per transaction beyond 4 transaction per month effective from today. These transaction charges are for cash deposits and withdrawals beyond four free transactions in a month.
These charges are applicable for saving as well as salary account as well. Some are terming this move as curbing cash transaction and promote digital transaction. For more information check:

http://www.thehindu.com/business/Industry/Axis-Bank-HDFC-Bank-ICICI-Bank-to-charge-Rs.-150-for-cash-transactions/article17392291.ece?homepage=true

I personally think this move is forcing people to stay away from banks and keep the cash at home. In a way it may help some bitcoin-literate people to use more and more bitcoin-oriented transaction.

This is unreasonable and just ruthless exploitation by banks. If you check the quarterly profits of these banks, you will be astonished to know the large amount of profits they already make. The results are public and you just have to google it. And now on top of it they want to screw the customers again. I can't believe that RBI is simply watching all this and taking no action at all.

S_D

full member

Activity: 198

Merit: 112

I have an account in DBS.
7% interest on savings account, received EVERY month end.
Considerable cash back, zero minimum balance requirement and unlimited withdrawals from ATM of any bank anywhere in India.

PM me for details Grin

Edit: 7% per annum, interest credited monthly. Hope this clears everyone confusion.

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

There is lot of charges happening now , i noticed SBI deducting A/C Keeping charge of 632 INR from current account , i dont know what's this charge for ; checked their updated service charge list it will be deducted per annum . Anyone else faced this on their current account ?

lordquanta

sr. member

Activity: 770

Merit: 268

Just check how banks are screwing customer with online payment. Indian Govt is recommending the online/cachless economy. Thus there are offers some incentives like HP gas online booking gives 5 Rs discount online payment. If you choose SBI for online payment then SBI will charge Rs 7 as transaction process fees + 1 or 2 rupees for service charge. For getting Rs.5 discount person ends up with paying more than actual amount.

Isn't this daylight robbery. And These same banks are against farmer waivers because it will be bad practice. However they keep on lending crores and crores to businesses and after while just mark them as bad loan.

lordquanta

sr. member

Activity: 770

Merit: 268

Quote from: dking01 on March 11, 2017, 04:19:55 AM

I dont Know Whats Logic In This. Cashless Cashless everywhere and then shopkeepers charge 2% more if from Debit/credit card. imagine if the money will rotate in 10 people then 2% will be how much. we are loosing 20 rs in same 100 Rs . Sad

. Govt fooling us.

It is Not the government but the banks which are screwing customers from both side of transaction. The cashless transaction charges are from banks in fact govt is having opposite stance on it. Govt does not full authority over Banks but the RBI does. So cashless transactions are just another way for banks to exploit customer. Again people will embrace cash transaction with double enthusiasm due this behavior from Banks and Govt.

dking01

newbie

Activity: 6

Merit: 0

I dont Know Whats Logic In This. Cashless Cashless everywhere and then shopkeepers charge 2% more if from Debit/credit card. imagine if the money will rotate in 10 people then 2% will be how much. we are loosing 20 rs in same 100 Rs . Sad

. Govt fooling us.

Mansch

newbie

Activity: 53

Merit: 0

Yes. The transactions are are taking huge amount. BTw the banks make lots of money by giving loans and on other transactions like exchanging money, etc

cryptoheadd

hero member

Activity: 1036

Merit: 501

Quote from: lordquanta on March 07, 2017, 11:54:43 PM

This govt and banks backed by govt are scaling new height of harassment and exploitation. Could you imagine what this means to the traders and farmers, people from rural India. These moves on curbing cash transactions will backfire. People will tend to keep less money in banks.

I agree. This will eventually backfire as people will definitely prefer keeping cash instead of depositing them in their accounts.
I think our government agrees with us too.

Check this out:

http://www.livemint.com/Industry/l117UuuhjEbjSXTSKmK4oO/Govt-asks-SBI-to-reconsider-cash-withdrawal-charges-minimum.html

I personally think that they'll just add "exceptions" to these charges for people from rural areas, but probably not traders.

lordquanta

sr. member

Activity: 770

Merit: 268

Quote from: cryptoheadd on March 07, 2017, 11:09:10 AM

Quote from: zahra4577 on March 07, 2017, 06:03:44 AM

Quote from: Marma Kalari on March 07, 2017, 05:41:28 AM

These sort of regulations and fees would keep customers away from bank.You can call it loot but i wont be affected because i rarely do go to bank to make any transaction,hope they will start charging for everything in the future even ATM transactions.These kind of silly fees will make people away from the bank but will it attract them to alternative sources could be seen in the future.

Now SBI has also increased the minimum balance required to maintain a savings
account and penalty for non-
maintenance of minimum balance
will be between Rs 50 and Rs 100.This is ridiculous as there are lots of middle class people who have saving account in SBI and maintaining such a high minimum amount all the time may not be possible for them.

Exactly. I think they are also going to charge INR 50 for more than 5 cash deposits.
With banks fucking us with such charges, it might pave the way for Bitcoin (or maybe an alt?).

EDIT: SBI is charging INR 50 for more than 3 cash deposits.
Reference: http://indianexpress.com/article/business/banking-and-finance/sbi-slaps-charges-on-cash-deposits-breaching-balances-4553505/

This govt and banks backed by govt are scaling new height of harassment and exploitation. Could you imagine what this means to the traders and farmers, people from rural India. These moves on curbing cash transactions will backfire. People will tend to keep less money in banks.

cryptoheadd

hero member

Activity: 1036

Merit: 501

Quote from: zahra4577 on March 07, 2017, 06:03:44 AM

Quote from: Marma Kalari on March 07, 2017, 05:41:28 AM

These sort of regulations and fees would keep customers away from bank.You can call it loot but i wont be affected because i rarely do go to bank to make any transaction,hope they will start charging for everything in the future even ATM transactions.These kind of silly fees will make people away from the bank but will it attract them to alternative sources could be seen in the future.

Now SBI has also increased the minimum balance required to maintain a savings
account and penalty for non-
maintenance of minimum balance
will be between Rs 50 and Rs 100.This is ridiculous as there are lots of middle class people who have saving account in SBI and maintaining such a high minimum amount all the time may not be possible for them.

Exactly. I think they are also going to charge INR 50 for more than 5 cash deposits.
With banks fucking us with such charges, it might pave the way for Bitcoin (or maybe an alt?).

EDIT: SBI is charging INR 50 for more than 3 cash deposits.
Reference: http://indianexpress.com/article/business/banking-and-finance/sbi-slaps-charges-on-cash-deposits-breaching-balances-4553505/

zahra4577

hero member

Activity: 518

Merit: 500

Quote from: Marma Kalari on March 07, 2017, 05:41:28 AM

These sort of regulations and fees would keep customers away from bank.You can call it loot but i wont be affected because i rarely do go to bank to make any transaction,hope they will start charging for everything in the future even ATM transactions.These kind of silly fees will make people away from the bank but will it attract them to alternative sources could be seen in the future.

Now SBI has also increased the minimum balance required to maintain a savings
account and penalty for non-
maintenance of minimum balance
will be between Rs 50 and Rs 100.This is ridiculous as there are lots of middle class people who have saving account in SBI and maintaining such a high minimum amount all the time may not be possible for them.

Marma Kalari

sr. member

Activity: 546

Merit: 250

kittiefight.io Combat MMO Lending Jackpots

These sort of regulations and fees would keep customers away from bank.You can call it loot but i wont be affected because i rarely do go to bank to make any transaction,hope they will start charging for everything in the future even ATM transactions.These kind of silly fees will make people away from the bank but will it attract them to alternative sources could be seen in the future.

Topic: Axis, HDFC, ICICI banks will charge Rs.150 per transaction after 4 transaction (Read 3009 times)