These charges are applicable from November 1.

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Money Banks Tuesday, November 03, 2020 - 12:23

Customers of some banks will now have to start paying fees for deposit and withdrawal of money. As per reports, Bank of Baroda will start charging its customers for transactions beyond the prescribed limits from November 1. ICICI Bank will levy a convenience fee of Rs 50 will on customers for making cash deposits at the ATM on bank holidays and non-business hours (6 pm to 8 am) on working days. 

“The fee will not be applicable to senior citizens, basic savings bank account, Jan Dhan accounts, accounts held by incapacitated and visually impaired persons, student accounts or any other accounts identified by ICICI Bank,” the bank said. 

A similar fee was reportedly levied from August 1 by Axis Bank on such cash deposits done between 5 pm and 9.30 am on working days and on holidays. According to reports, Axis Bank said that three withdrawals would be free per month, but after that a flat fee of Rs 150 would be levied. Similarly, three deposits would be free, after which Rs 40 would be levied on each transaction.

Bank of Baroda is also offering three free deposits, after which Rs 50 would be charged per deposit transaction from savings account customers in metro urban areas. For senior citizens, pensioners and savings account customers in rural or semi-urban areas, this fee is Rs 40. 

The charges of Bank of Baroda were applicable from November 1. 

Current account holders and CC/OD holders will be charged a minimum of Rs 50 and a maximum of Rs 20,000 if they deposit more than Rs 1 lakh per day. Beyond Rs 1 lakh, they will be charged Rs 1 per thousand. 

For withdrawals, three free transactions excluding ATM transactions will be allowed for free, after which those in metro regions will be charged Rs 125, and senior citizens, pensioners and those with a savings account in rural or semi urban regions will be charged Rs 100 per transaction.

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.

Tagging the report, Congress General Secretary Randeep Singh Surjewala attacked the Centre and called the latest move a "Kamar Tod Tohfa" of the government.

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