RBI forced all the banks to pay the interest rates on day-to-day basis for all the savings bank accounts customers. As we have known, this would cause more spending for the banks because the millions of customers keep the money idle in the savings bank accounts. Till last year, banks paid only less interest money for those savings.
Effective this April 2010, the new rules comes to effective. We can expect all the banks will introduce lot of new fees and charges on our account to compensate those loss. Here I am writing about the new rules announced by HDFC bank which is effective from 1st July, 2010.
- The number of transactions in a Savings Account is restricted to 100 transactions per half year.
- 5 cash transactions at branch will be allowed free per month. Every additional transaction will be charged @ Rs 100 per transaction effective 1st July 2010.
- Cheque return charges will be revised effective 1stApril 2010 as under:
- First cheque return in a quarter – Rs 350/-
- From second cheque return in the same quarter – Rs 750/- per return
- For accounts not maintaining AQB, Rs 400/- for first cheque return in a quarter and Rs 800/- per return from the second cheque return in the same quarter.
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June 1, 2010 at 7:32 pm
“The number of transactions in a Savings Account is restricted to 100 transactions per half year.”
What do you mean by the above statement, does it means 100 cash transactions or 100 any transactions?
June 1, 2010 at 7:46 pm
Hi Shiv,
It is any transaction done except the net banking transactions.
Thanks,
Krishna
June 1, 2010 at 8:20 pm
Thats really a bad and stupid move by HDFC I guess! It is high time that these banks are taking us for a ride with such unfriendly measures.. how can we limit our transaction below 100 for half yearly and that’s impossible for any one?
June 1, 2010 at 8:45 pm
Yes.. The banks become mad. RBI is doing many good moves in favour of customer like this:
http://www.thinkplaninvest.com/2009/04/banks-to-give-more-interest-on-savings-bank-accounts/
So, banks want to burden the customers for their loss.
Thanks,
Krishna
September 6, 2010 at 1:27 am
“So, banks want to burden the customers for their loss.”
Better close all bank accounts and keep money at home.
September 21, 2010 at 10:23 pm
this utter nonsense…i think these banks have forgotten the meaning of the word “BANK” or “ACCOUNT”…FUNNY..
banks came into existence for helping people deposit money and withdraw it easily..because it was more secure as compared to their homes…
but nowdays it seems these bankers are more interested in IPO , INVESTEMENTS,shares,insurance ETC..
I THINK THESE BANKERS NEED TO BE SENT TO SCHOOL FOR LEARING THE BASICS
HDFC am sure this step can cost you more account closures and more transfers to other banks(even if they dont serve better than you)
April 14, 2011 at 3:07 am
Never open a account in HDFC ,AS they doesnt allow the customers to have more than 3 transcations .And if u do bank sends you a notice of closing a account which is very weird & shocking .i had experience it …go for ICICI ..
October 11, 2011 at 2:03 am
This limit is applicable only for walk-in-at-branch transactions. All other transactions through ATMs, netbanking & phonebanking are excluded and have no limit.
This is done to reduce the number of people walking in the branch, which results in better and efficient service.
If you are not happy with this, you can always walk into SBI and see how much time it takes for a very small work such as balance enquiry.
And, it is not only HDFC, other banks too have such limits, and they do you encourage people not to walk into the branch.
December 16, 2011 at 2:03 am
Do HDFC charge for cash deposit in our account not in same branch where account is????
December 6, 2012 at 7:26 am
very useful article. People will understand only if their account is debited.
with regards,
v.srinivasan.. ravipadsri@gmail.com