Hyderabad: After a recent decision by major banks to limit free transactions at branches, social media platforms are a buzz with calls for a protest against what they call anti-consumer steps.
In an attempt to show their displeasure over these steps, some of the social media users, who are taking lead on this issues, have called for ‘no transaction day’ on April 6. If the banks still don’t relent, they wanted to have three-day no transactions days on April 24, 25 and 26.
If the posts, tweets and messages on social media and SMSes are anything to go by, people across the country seem to have gone into a frenzy over the banks slashing interest rates and increasing transaction charges.
While the banks have already capped the number of free ATM transactions to five, they have recently announced a levy of Rs 150 per transaction for cash deposits and withdrawals after four free transactions in a month.
Close on the heals of private lenders HDFC Bank, ICICI Bank, Axis Bank capping free branch transactions, State Bank of India announced that they will permit only three free cash deposit transactions a month and thereafter they will charge Rs 50 (plus service tax) for each transaction. SBI will also charge Rs 20 (plus service tax) after the consumer exceeded the free transaction limit.
The consumers, both online and offline, have been sharing the messages about the no transaction day, while requesting their friends and acquaintances to take part in it on April 6.
“Let the banks experience the public power. They are thieves. Imagine, you have to pay service charge to the bank to withdraw your own money. You have to pay a service tax on the service charge to the government. For this, let us make April 6 a no transaction day for banks. If they don’t rollback, let’s plan April 24, 25 and 26 as no transaction days. We will continue this, until they roll back service charges. Keep spreading this message, every five days to all your Facebook, mails and WhatsApp contacts,” a Facebook post read.
