Explainer: Here's how much you'll pay for withdrawing cash above free limit

Beena ParmarMoneycontrolThe country's top three private banks - HDFC Bank, ICICI Bank and Axis Bank - have started charging customers a minimum of Rs 150 for every cash transaction over and above a limit for free deposits and withdrawals per month.While Axis and ICICI will be bringing back this charge, HDFC Bank has brought its charges on par with its competitors.Let's suppose you exhaust your free withdrawal limit and want to take out Rs 1 lakh. Computing Rs 5 for every Rs 1000, the fee works out to Rs 500 – which will be your outgo, and not Rs 150, which is the minimum. Conversely, if you want to withdraw Rs 10,000 and compute Rs 5 for every Rs 1000, the fee would work out to Rs 50, but you still have to pay Rs 150.The charges are applicable only to over-the-counter transactions at bank branches and do not apply to ATM withdrawals.The move is in keeping with the government's efforts to move towards a cashless society. While announcing the Budget last month, the Finance Minister had declared a cap on cash transactions worth more than Rs 3 lakh from April 1.If you're a customer of any of these banks, here's what you need to keep in mind:

HDFC Bank

- You will get four free cash transactions a month (five if you have a SavingsMax account). From the fifth transaction onwards, you will be charged Rs 150 plus tax and cess or Rs 5 per 1000, whichever is higher.- At your home branch, cash transactions up to Rs 2 lakh will be free- At other branches of the same bank, cash transactions up to Rs 25,000 per day will be free

- The limit for third party transactions is Rs 25,000, This is not applicable for accounts held by senior citizens and minors.- The charges apply to savings and salary account holders, but is not applicable to Prime, Classic, Preferred, Imperia or any other Managed programme customers.- There is no limit for cash deposits on Basic Savings Bank Deposit Accounts (BSBDA).

 ICICI Bank- Four free cash transactions per month. After that, every cash transaction will cost you Rs 150 plus tax and cess or Rs 5 per 1000, whichever is higher. 

- For third party transactions at your home branch, you can withdraw a maximum of Rs 50,000 per day- For third party transactions at other branches of the same bank, you can withdraw a maximum of Rs 25,000 per day- In other cities, you will be able to make one free cash withdrawal- You will have to pay for cash deposits at branches in other cities, but there will no charges the first time you put your money in a cash deposit machine elsewhere.- If you are personally withdrawing from your account, there is no limit.- The charges are applicable to all savings accounts.

Axis Bank

Metro/urban areas:

- Five transactions per month or Rs 10 lakh, whichever happens sooner, will be free. The sixth transaction onwards will cost you Rs 150 or Rs 5 per 1,000, whichever is higher.

Semi-urban/rural areas

- Ten transactions per month or Rs 10 lakh, whichever is sooner, will not invite charges. After crossing the threshold, you will have to pay Rs 150 or Rs 5 per 1,000, whichever is higher.- The charges are applicable to both salary and savings accounts.