Service Charge on Cash Deposit: Going to deposit all ₹2,000 notes in the bank? Service charge will apply!

The Reserve Bank has given time till September 30 to get the 2000 rupee note out of circulation. Since this announcement, people have started trying to deposit their notes in banks.

Meanwhile, banks have also disclosed their rules for depositing notes. Many big banks including SBI have clearly stated that there is a limit for depositing notes and after that you may have to pay some charges for depositing.

After this announcement, banks have also started the process of exchanging notes from May 23. However, RBI has not imposed any limit on the number of times a person can exchange or deposit notes. To put a stop to this, banks have now made a rule to charge fees for exchanging notes. Many banks have talked about taking service charge on the transaction. We are telling you how much other big banks including SBI will charge for changing notes.

SBI will give 3 free deposits

The country’s largest government bank SBI (State Bank of India) will only provide the facility of 3 free cash deposits in a month. After this the bank has said to collect 50 rupees and GST. The same facility will be applicable for crediting money to a customer’s account. There is no charge for depositing cash through machine, while depositing through debit card will cost Rs 22 plus GST.

HDFC is giving 4 free transactions

HDFC Bank, the largest private sector bank, has said to give 4 free transactions every month. Beyond this limit, the bank will charge a transaction fee of Rs 150. After the limit, the customer will be able to deposit Rs 2 lakh every month. Above this Rs 5 per thousand or Rs 150 and tax will have to be paid.

ICICI Bank is also giving 4 transactions

ICICI Bank, the second largest private sector bank, has given the facility of free transaction to the customer 4 times in a month. After this, a fee of Rs 150 will have to be paid on every transaction. Customers can deposit only Rs 1 lakh in their savings account in a month. After this limit, Rs 5 per Rs 1000 or Rs 150, whichever is higher, will have to be paid as a fee.

Kotak Bank is giving 5 free transactions

Another private sector bank Kotak Mahindra has also said to give 5 free transactions to the customer every month. This includes both deposits and withdrawals. After crossing this limit, a levy of Rs 150 will be imposed. This charge will be the same whether you deposit the money in the bank branch or through the machine.