Free ATM withdrawal limit capped to four per month from Wednesday

Several banks including HDFC Bank, ICICI Bank and Axis Bank have capped their free ATM withdrawal limit to four per month, post that users will have to pay charge of Rs 150 per transactions by few banks.

The new rule will come to effect from Wednesday; the new rule will be applicable on both savings and 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The bank would also cap the third-party cash transactions at Rs 25,000 per day, while cash-handling charges would be withdrawn effective Wednesday, said HDFC Bank circular.

The move has been aimed at decreasing cash transactions and support digital payments in India.

In case of ICICI bank, the transaction charges will be same as it was before demonetisation drive.