Banks try to restrict cash transactions, image with new cash handling charges goes viral

The picture, which has been shared at an exponential rate shows the new cash handling fees, which has been increased to Rs 150

Written by: Aishwarya Krishnan

Published: February 8, 2017, 1:38 PM IST

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The Indian government has been pushing us towards digital payments and digital transactions for a very long time now. Prime Minister Narendra Modi’s demonetisation move also took steps to boost the digital transactions and went forward to launch its own digital payment app, BHIM. The Indian banking sector has also been working very hard to move towards a cashless economy. A recent addition made by the banking sector has been the changes in Cash Handling charges. An image shows the new fees and charges on savings and salary account, which will be effective from March 1, 2017, has gone viral.

The picture, which has been shared at an exponential rate shows the new cash handling fees, which has been increased to Rs 150. According to the image, many banks are considering to levy a charge of Rs 150 for every cash transaction after the first four transactions, which will be free. These free cash transactions include the deposit as well as withdrawal. The image is being circulated after the 2017 Budget banned cash transaction above Rs 3 lakhs. HDFC bank revealed their plans to limit the number of free cash transactions as a method of reducing the cash transactions. This has already been in practice in State Bank of India and ICICI Bank.

The image which has been circulating looks like the cash transaction charges of HDFC Bank and has been receiving a lot of criticism from the common man. One particular post, highlighting the current scenario has been noticed by various celebrities as well. Facebook user, Peri Maheshwer, pointed out how the taxes being introduced are restricting the spending capacity in various fields.

His post read, “We were taxed for earning money. We are taxed for spending money. We were taxed for hoarding money. We are taxed for withdrawing money. We are taxed for depositing money. Earning is a crime. Saving is a crime. Spending is a crime. Donating to political parties is the only good act. BMKJ.” This post has been shared by various people and was highlighted by Director Anurag Kashyap. The post clearly summarises what is felt by millions of people in the country.