Now Banks to Levy Charges on Deposits, Withdrawals of Money

From now on customers will need to think twice before depositing or withdrawing money from a bank.

Notably, effective November 1, Customers in some lenders will now have to pay fees for deposit and withdrawal of money from banks. As per reports, Bank of Baroda (BOB) will start charging its customers for transactions beyond the prescribed limits.

BoB has set separate fees for current account, cash credit limit and deposit withdrawal from overdraft account and deposit withdrawal from savings account.

Names of other banks like Bank of India, PNB, Axis Bank and Central Bank are also emerging in reports, but they are yet to take a final call on the matter.

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 for a loan account.

Similarly, for savings account, deposits three times in a month will be free but thereafter if customers deposit money for the fourth time, then Rs 40 will be levied on each transaction.

Meanwhile, Jan Dhan account holders have relief in this. They will not have to pay any fee on deposit as banks will not apply any charges to the Jan Dhan accounts. However, Banks have not given any relief to senior citizens.

BoB has set separate fees for current account, cash credit limit and deposit withdrawal from overdraft account and deposit withdrawal from savings account.

Names of other banks like Bank of India, PNB, Axis Bank and Central Bank are also emerging in reports, but they are yet to take a final call on the matter.

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 for a loan account.

Similarly, for savings account, deposits three times in a month will be free but thereafter if customers deposit money for the fourth time, then Rs 40 will be levied on each transaction.

Meanwhile, Jan Dhan account holders have relief in this. They will not have to pay any fee on deposit as banks will not apply any charges to the Jan Dhan accounts. However, Banks have not given any relief to senior citizens.

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