December 6, 2021

Banks to Charge For Deposits & Withdrawals From Nov 1

Many new rules come in force from today, i.e. November 1, 2020, which will directly affect consumer’s pocket. From today, customers in some lenders will now have to pay fees for deposit and withdrawal of money from banks. As per reports, Bank of Baroda (BOB) will start charging its customers for transactions beyond the prescribed limits from today, i.e. November 1.

BoB has set separate fees for current account, cash credit limit and deposit withdrawal from overdraft account and deposit withdrawal from savings account.

Names of other banks like Bank of India, PNB, Axis Bank and Central Bank are also emerging in reports, but they are yet to take a final call on the matter.

It is being said that withdrawals three times in a month will be free but after that, a withdrawal transaction charge will be levied at a flat fee of Rs 150 for a loan account.

Similarly, for savings account, deposits three times in a month will be free but thereafter if customers deposit money for the fourth time, then Rs 40 will be levied on each transaction.

However, Jan Dhan account holders have some relief in this. They will not have to pay any fee on deposit but will have to pay 100 rupees only for withdrawal. Banks have not given any relief to senior citizens.

For CC, current and overdraft accounts

  • Day deposit up to one lakh – free
  • If there is more than one lakh – one rupee charge on minimum one thousand rupees (minimum 50 rupees and maximum 20 thousand rupees)
  • Withdrawing money thrice in a month – No charge
  • From 4th time – Rs. 150 withdrawal each

For Savings Account Customers

  • Deposit up to three times – free
  • Will have to pay from 2nd time – Rs 40 each time
  • 3 times money withdrawal in a month – no fee
  • The fourth time, and beyond withdrawal – 100 rupees each transaction
  • No exemption for senior citizens. They also have to pay a fee

Meanwhile, as November is a month full of festivals and holidays, so banks will remain closed for 15 days.

(With inputs from IANS)

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