Cash withdrawal fee: 78 per cent disagree with banks' move

Business Standard Twitter poll saw 78 per cent disagreeing with imposition of this fee by some banks

Banks, including HDFC Bank, ICICI Bank and Axis Bank, from March 1 started imposing a minimum charge of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month. The new charges would apply to savings as well as salary accounts. The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn.

You can read about then details of this move here:  Banks to levy Rs 150 after 4 cash transactions

Business Standard did a quick poll on Twitter yesterday and the results show how unpopular this move is 

We asked: Are banks justified in charging customers for cash transactions in their own accounts?

Out of 575 responses, 78 per cent replied in the negative while 22 per cent supported the banks' move

But why did banks make this move? What prompted this decision? We tried to decode this decision for you.

Read: Decoding cash withdrawal fee: Banks want to keep you away from branches

While these charges have become a reality, you can still transact up to Rs 2 lakh a month at your home branch for free.

Read: You can still transact up to Rs 2 lakh a month at your home branch for free

So, will banks stick to their decision or will they respond to the negative public reaction to this move? We will keep you informed whatever happens.