Know which Banks will levy charges on deposit and withdrawing money

by Psu Connect
Date: 02-11-20

Names of other banks include Bank of India, PNB, ICICI Bank, and Central Bank also in talks in this matter but did not give any decision yet.

Know which Banks will levy charges on deposit and withdrawing money

Representive Image (PSU Connect)

New Delhi: Some of the Private and Public undertaking banks including Bank of Baroda and Axis Bank will now charge from their customers on deposit and withdrawing money. As per reports, the Bank of Baroda will start charging its customers for transactions beyond the prescribed limits from November 1.

It is being said that while the first three withdrawal transactions of every month will be free, a fee of Rs 150 will be charged beyond that. Similarly, for deposits, Rs 40 will be levied after the first three transactions.

Names of other banks include Bank of India, PNB, ICICI Bank, and Central Bank also in talks in this matter but did not give any decision yet. On this decision, the Congress General Secretary Randeep Singh Surjewala smash the BJP Government and said, "Modi Sarkar ka Naya Kamar tod tohfa".

This will give a slight shock to the bank customers and surely reduce the transaction made by them. 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.

Similarly, deposits three times in a month will be free but thereafter a charge of Rs 40 will be levied on each transaction.

ICICI Bank, one of the private-sector lenders, will also charge a convenience fee for cash deposits in cash recyclers during non-business hours and bank holidays. There will be a fixed amount of ?50 will be levied for each transaction on the bank holidays and between 6:00 pm and 8:00 am on working days, starting from Sunday, the lender mentioned.

“Effective November 1, 2020, a convenience fee of ?50 per transaction, will be levied on cash deposited in the cash acceptor or recycler machines on bank holidays and between 6:00 pm and 8:00 am on working days," ICICI Bank said.

The Charges will not apply 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 lender mentioned.

Axis Bank had already started levying the charge earlier in August 2020. It levies a convenience fee on cash deposit transactions done at the rate of ?50 per transaction after banking hours (or between 5:00 pm to 9:30 am) and on national and State bank holidays.

Know which Banks will levy charges on deposit and withdrawing money

Names of other banks include Bank of India, PNB, ICICI Bank, and Central Bank also in talks in this matter but did not give any decision yet.

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