New Delhi: The bank account holders will have to pay fees for deposit and withdrawal of money beyond prescribed limitations, according to new banking regulations.
According to reports, Bank of Baroda will start to charge it’s customers for transactions beyond the limitations from November 1, 2020.
The Bank of Baroda has set up separate fees for current account, cash credit and deposit withdrawal from the savings account.
While other banks such as Bank of India, Punjab National Bank, Central Bank and Axis Bank are yet to take any decision on this matter.
As per reports, the first three withdrawals in a month will be free, but for further transactions, the bank will charge a flat fee of Rs. 150 for a loan account.
Also for the savings account, deposits three times a month wil be free but, after that Rs 40 will be levied on each further transaction.
However, the account holders of Jan Dhan Yojna will not have to pay Any deposit but will have to pay Rs 100 for withdrawal. Also, the banks have not given any relief to senior citizens.
For CC, Current and Overdraft accounts
Day deposit up to one lakh – free
If there is more than one 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 each
For Savings Account Customers
Deposit up to three times – free
Will have to pay from 2nd time – Rs 40 each time
3 times money withdrawal in a month – no fee
The fourth time, and beyond withdrawal – 100 rupees each transaction
No exemption for senior citizens. They also have to pay a fee
Also, November is a month full of festivals and holidays so banks will also remain closed for 15 days.