New Delhi, March 3: HDFC Bank, India’s largest private bank, has announced a significant change regarding cash withdrawals via UPI. Starting April 1, these transactions will count towards the monthly limit of free ATM withdrawals for customers.
In an official statement, the bank clarified that cardless UPI cash withdrawals will no longer be categorized separately. Instead, they will be combined with regular ATM withdrawals made using debit cards, determining the monthly limit of free transactions.
Customers exceeding the specified free limit will incur standard ATM fees, as stated by the bank. The UPI-based ATM withdrawal feature allows customers to withdraw cash without a debit card. Users simply need to scan the dynamic QR code displayed on the ATM screen and confirm the transaction securely through their UPI app.
This cardless cash facility has been introduced across various banks to bridge the gap between digital payments and cash withdrawals. Currently, HDFC Bank offers five free cash withdrawals per month for its regular savings and salary accounts.
For withdrawals from non-HDFC Bank ATMs, customers in the top six cities are allowed three free transactions, while other locations, including tier-2 cities, permit five free transactions.
The bank emphasized that this new policy is part of a broader initiative to standardize fee structures across all banking channels and ensure transparent transaction charges for customers.
In the December quarter of the current fiscal year, HDFC Bank reported a year-on-year net profit increase of 12.17%. The bank’s net interest income (NII) rose by 6.4% to ₹32,615 crore, as previously disclosed to the stock exchange.
On Monday, HDFC Bank’s shares closed at ₹882.10, down 0.64%. However, the Indian stock market is closed on Tuesday due to Holi.
My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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