PSU Banks withdrawn their statements on charging customers for deposits and withdrawals

by Psu Connect
Date: 05-11-20

New Delhi: The Public sector banks have withdrawn its statement over charging their customers on depositing and withdrawaing cash due to Covid19 situation. The government of India mentioned this on Tuesday, the Ministry of Finance issued a "factual position".

In an official statement made by the ministry states, "No service charge is applicable on the 60.04 crore Basic Savings Bank Deposit accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society, for the free services prescribed by RBI."

Government came up this decision when Bank of Baroda announced on Suday that it will be charging customers for deposits, withdrawals above certain limits, which would be effective 1 November, 2020. However, the ministry on Tuesday said that owing to the ongoing coronavirus situation in the country, the state-owned lender has "decided to withdraw the changes".

"Regular Savings accounts, Current Accounts, Cash credit accounts & Overdraft accounts: In this regard, while the charges have not been increased, Bank of Baroda had made certain changes w.e.f. 1st November, 2020, with regard to the number of free cash deposits and withdrawals per month. Bank of Baroda has since informed that in the light of the current COVID related situation, they have decided to withdraw the changes. Further, no other PSB has increased such charges recently. As per RBI guidelines, all banks, including PSBs, are permitted to levy charges for their services in a fair, transparent & non-discriminatory manner, other PSBs have also intimated that they do not propose to raise bank charges in the near future in view of COVID pandemic, said the Finance Minister through twitter.

PSU Banks withdrawn their statements on charging customers for deposits and withdrawals

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