Banks to Charge For Deposits & Withdrawals From Nov 1

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

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.

Tagging the report, Congress General Secretary Randeep Singh Surjewala attacked the Centre and called the latest move a “Kamar Tod Tohfa” of the government.

As per reports, some of these transaction charges will kick in from November 1.

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.

“Modi Sarkar ka Naya Kamar tod tohfa. Ab khud ka paisa bank mein Jama karwane aur nikalwane par Bhi bank karenge vasooli (now one’s own money will be charged for deposits and withdrawals by banks),” Surjewala said.

After depositing money in Savings account three instances, for the fourth time, there can be a cost of Rs 50 per deposit.

Bank of Baroda goes to change the foundations of the transaction from 1 November. These modifications will apply to the financial institution’s present account, overdraft account, money credit score account, financial savings account, and different accounts associated with money deposit and withdrawal providers. Now you’ve to pay a payment for withdrawing or depositing greater than three instances. We are telling you concerning the new guidelines coming into pressure from 1 November.

New money deposit guidelines
For different accounts together with present account, overdraft, or money credit score, the money dealing with a cost from November 1 can be Rs 1 per 1000 for depositing greater than Rs 1 lakh money per account per day. This cost can be minimal Rs 50 and most Rs 20000. There is not any change in the money dealing with cost in case of different accounts together with the present account, overdraft, and money credit score of the outstation department. This cost is Rs 2.50 per 1000 rupees per day on money deposits of greater than Rs 25000 per account.

New guidelines for depositing money in a financial savings account
After depositing money three instances in the financial savings account present in the metro-urban department (not together with transactions by different means), for the fourth time, a cost of Rs 50 can be charged. In case of financial savings account, pensioner account and senior citizen accounts (besides Basic Savings Bank Deposit / Financial Inclusion Accounts) of Rural or Semi-Urban Branch, now after depositing money three instances a month (different means embrace transactions No) For the fourth time, there can be a cost of Rs 40 per deposit. Currently, there isn’t a cost on money deposits 5 instances a month.

Charge to be paid even after money withdrawal
No money can be charged from the shopper if money is withdrawn three instances a month from a present account, overdraft or CC. For withdrawal for the fourth time, every withdrawal can be charged at Rs 150. Withdrawal of money up to thrice can be free for these having a financial savings account. Every time you withdraw money for the fourth time, there can be a cost of 125 rupees.

Rural or Semi-Urban Branch
Savings account, pensioner account, and senior citizen account (besides Basic Savings Bank Deposit / Financial Inclusion Accounts) will be withdrawn free of value three instances a month from November 1. After this, a cost of Rs 100 per transaction can be charged from the fourth time. In the case of each sort of account in the outstation department, the account holder can withdraw most Rs 50000 in a day.