Bank customers often find unexpected deductions in their account statements labeled as cash transaction charges. These charges are typically levied when cash deposit or withdrawal limits are exceeded. Knowing the rules can help you avoid paying unnecessary fees. Here’s a breakdown of when and why these charges apply, especially with reference to ICICI Bank’s policies.
What is the fee if you deposit cash at the home branch? Is there a free limit?
Your base branch refers to the bank branch where you originally opened your account or where your primary banking activity occurs. As per the ICICI Bank website allows:
Three free cash deposit or withdrawal transactions per month.
After the free limit, a charge of Rs 150 per transaction is applied.
Additionally, if your total monthly cash transactions exceed Rs 1 lakh, a fee of Rs 5 per Rs 1,000 is levied, or Rs 150, whichever is higher.
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Example: If you deposit Rs 1.5 lakh in cash in a month you could be charged Rs 250 for the value (Rs 5 per Rs1,000 on Rs 50,000) plus the Rs 150 per transaction charge if it is over third time in a month.
What is the fee if you deposit cash at a non-home branch?
When depositing cash at non-base branches, the limits and charges differ slightly, especially for regular savings accounts:
A fee of Rs 5 per Rs 1,000 applies to cash deposits above Rs 25,000 per day, or Rs 150, whichever is higher.
These charges may vary based on the type of savings account you hold. Premium or specialized account holders may have different limits or waived charges.
What is the fee if any third-party deposits cash?
You can deposit any amount into your own account, but if you are depositing on behalf of someone else, the daily limit is capped at Rs 25,000.
This limit is part of the bank’s compliance with anti-money laundering guidelines and is strictly enforced.
What is the fee for depositing cash at Cash Acceptance Machines (CDMs)?
ICICI Bank customers can also use Cash Deposit Machines (CDMs) for deposits. These machines provide a convenient way to deposit money outside of regular banking hours.
The same transaction limits and charges apply as they do for over-the-counter transactions at branches.
Important FAQs on cash transaction charges
1. What are cash transaction charges in a bank account?
Cash transaction charges are fees levied when you exceed the bank’s specified limits on cash deposits or withdrawals. These can apply per transaction or based on the total amount transacted in a month.
2. What is considered the “home branch” or “base branch”?
Your home branch is the one where you opened your account or conduct most of your banking activities.
3. Are there free cash deposit or withdrawal transactions at the home branch?
Yes. ICICI Bank allows:
3 free cash deposit or withdrawal transactions per month at the home branch.
After the free limit, a charge of Rs 150 per transaction applies.
Additionally, if your monthly cash transactions exceed Rs 1 lakh, you’ll be charged Rs 5 per Rs 1,000 or RS 150—whichever is higher.
4. What are the charges for cash deposits at a non-home branch?
For regular savings accounts:
Deposits above Rs 25,000 per day attract Rs 5 per Rs 1,000, or Rs 150—whichever is higher.
Charges may differ for premium or specialized account types.
5. Can someone else deposit cash into my account? Are there limits?
Yes, a third party can deposit into your account, but:
Daily limit: Rs 25,000
This is strictly enforced as part of anti-money laundering guidelines.
6. What are the charges for using ICICI Bank’s Cash Deposit Machines (CDMs)?
CDMs are available beyond banking hours for convenience.
Same transaction limits and charges apply as at branch counters.
