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The new charges would apply to savings as well as salary accounts effective from today Some banks, including HDFC Bank, have begun charging a minimum amount 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 effective from today, leading private sector player HDFC Bank said in a circular. The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added. In the case of several banks, including ICICI Bank and Axis Bank, these charges came into effect early in January and are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others, including HDFC Bank, today onwards. These charges are for cash transactions in the branches, and not through ATMs. The move was seen in some...

United payments system to make mobile wallets redundant: Report The report, by city-based Centrum Broking, stated that   mobile wallet   services like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and standalone operator Paytm will be redundant with the massive adoption of the UPI. "Mobile banking has taken the country by storm, growing by 212% growth in value terms in February 2016 over the same period in 2015 and by 131% in volume. "If the UPI adoption continues mobile wallets like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and Paytm will be redundant," a Centrum Broking said in a report titled- 'Banking Transactions - Technological Disruption'. The report attributed the RBI push to adopt UPI as an effort to lower the cash economy. Quoting RBI data, the report said the cash floating in the system is about 18% of the GDP, making the country one of the most cash-dependent economies in the world. "T...

HDFC Bank “has got no love and respect for India” as it put the country's reputation at stake by not activating a debit card of a couple “trapped in a foreign country”, the apex consumer court has said. The National Consumer Disputes Redressal Commission (NCDRC) made the observations while asking the bank to pay a compensation of Rs 5 lakh to the Indian couple, who were stuck in Thailand and Singapore as the bank did not activate their debit card for 10 days in 2008. Show full article Read more from our special coverage on "HDFC BANK" ICICI Bank serves notice on HDFC Banks HR head