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Banks to levy charges for transactions. Know rules

Customers will now have to pay an extra fee amount for depositing as well as withdrawing their money, starting from November 1, 2020. Among this set of banks, the public sector bank Bank of Baroda has started its customers with a certain amount of fee, for deposit and withdrawal of money beyond a prescribed limit, w.e.f Nov 1.

Free Transactions only Thrice a Month :-

It has been reported that for such banks, customers will be able to withdraw their money for free, i.e. without paying any additional charge, only thrice in a month.

After 3 free withdrawals in a month, a withdrawal transaction charge will be charged at a flat fee of Rs 150 for a loan account.

Similarly, in case of savings account, customers can deposit for free only thrice a month, after which a fee of Rs 40 will be charged on each transaction.

Jan Dhan account holders have some relief here, which means that while they will not be charged for fee deposits, these account holders will have to pay a fee of Rs 100 only for withdrawal.

Additionally, no relief will be provided to senior citizens.

BOB and Other Banks to Implement This

While Bank of Baroda has reported to start charging its customers with transaction fee beyond a prescribed limit, some other banks are in line of doing the same too, once they confirm their decision.

These banks include Bank of India, PNB, Axis Bank and Central Bank, among others. However, they still need to declare their final call on the matter, yet.

Speaking of Bank of Baroda, the public sector bank has set separate fees for current account, cash credit limit and deposit withdrawal from overdraft account and deposit withdrawal from savings account. 

Important Information/Update :-

CC, Current and Overdraft Accounts

Day deposit upto 1 lakh: free,

For sum over 1 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 for each transaction.

Savings Account

Deposit up to three times – free

Amount charged after this – Rs 40 each time

3 times money withdrawal in a month – no fee

The fourth time, and beyond withdrawal – Rs 100 for each transaction

No exemption for senior citizens.


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