Is there a charge for withdrawing or depositing money? | Detailed information!
There have been protests from the public against the imposition of fines if the bank does not have a minimum balance, and a service charge fee for withdrawing more than certain amounts at ATMs. In this situation, an information is going viral on social networking sites that the bank is being charged for debiting or crediting money.
Banks offer free withdrawals, they only charge when it goes above a certain level. According to a report in the Indian Express, Bank of Baroda has revised its deposit and withdrawal fees from November 1.
Savings account customers in metropolitan areas will be charged a fee of Rs.50 if they make a deposit transaction in their account more than 3 times a month. Similarly, senior citizens, pensioners and savings account holders in rural and urban areas will be charged Rs 40 per transaction if they go more than 3 times a month.
Withdrawals can be made three times a month for free (excluding ATMs). There is a charge of Rs.125 in metropolitan areas and Rs.100 for urban savings account customers, senior citizens and pensioners for going over 3 times.
Holders of the current account, cash credit limit and overdraft account can deposit up to Rs 1 lakh per day. If you deposit more than Rs 1 lakh, you will be charged Rs 1 for every Rs 1,000. For this, a minimum limit of Rs 50 and a maximum of Rs 20,000 has been fixed. A fee of Rs.150 will be charged for each transaction made from such accounts more than 3 times a month.
In particular, Bank of Baroda has stated that these fee rules do not apply to Prime Minister Jan Tan Yojana account holders. Following the Bank of Baroda, it has been reported that some banks including Punjab National Bank, Axis Bank and Central Bank, are likely to implement similar tariff rules.
“The manner in which some banks charge for depositing and withdrawing money does not apply to Prime Minister Jan Tan Yojana’s account and his basic savings bank account,” the Economic Times reported.
From November 1, ICICI Bank will charge a fee of Rs 50 for depositing cash at ATMs during non-working hours and on holidays. The bank will also charge a fee of Rs.10,000 / – per month for one transaction or multiple transactions at the cash deposit machine.
The bank said, “These payment methods do not apply to Senior Citizens, Basic Savings Bank Account, Prime Minister Jan Tan Yojana’s Accounts, Accounts Used by the and visually challenged, Student Accounts, and any other accounts identified by ICICI Bank.”
Bank of Baroda revises charges on deposits and withdrawals, effective Nov 1
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