Bitcoin Forum

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 (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 very unreasonable increase but one should remember that banks also need money to run their businesses and these money come from customers.
It should also be remembered that "While a transaction of Rs 25,000
from a non-home branch won't
cost you a penny, anything above
Rs 25,000 will be charged Rs 5
per thousand or a minimal
amount of Rs 150 once and for
all. The tax and cess will be
applicable on this amount as
well.
At a home branch , if the
cumulative cash (deposit and
withdrawal) exceed Rs 2 lakh, a
transaction charge of Rs 5 per
thousand rupees or Rs 150 (plus
tax and cess) will be levied."

With current scenario, it doesn't look like banks understand this very clearly. This move in fact will drive cash oriented economy more as people will find banks are not trustworthy anymore. If things keep happening like this then it is not far when people will start keeping cash at their own disposal.  These banks need to understand that required infrastructure for digital economy is not is place. And responsibility from the banks is missing about making digital payment consistent.

dude these are private banks al they care for is themselves  :P

Every bank irrespective of private or Govt. owned  they all care for themselves only. They are for earning profit. Sooner or later Govt owned banks may join train.

This is totally looting the cutsomers now. Because anyways all banks have reduced the saving interest rate . Plus they get cheque bounce amount as well now days . They earn huge money in loans if they give properly, then their would not be much NPA and thier profit would also be high.

Now with this transaction fee they are set to get extra bonus in their profits

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?).

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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.

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

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

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

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 . :( . 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.

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.

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 ?

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  ;D

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

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.

they want to recover their losses

they don't care about people

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. ;)

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

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

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

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.

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 ;)