Banks to Levy Charges on Deposit and Withdrawal | India News

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Banks to Levy Charges on Deposit and Withdrawal

G Plus News | November 02, 2020 18:25 hrs

Bank of Baroda, Bank of India, PNB, Axis Bank, and Central Bank will now be charging customers on deposit and withdrawal of money. 


Reportedly, the fee will be charged on transaction beyond the prescribed limit from 1st November onwards.


It is being said that while the first three withdrawal transactions of every month will be free, a fee of Rs 150 will be charged beyond that. Similarly, for deposits, Rs 40 will be levied after the first three transact
ions per month.


Congress General Secretary, Randeep Singh Surjewala condemning the Central government on the issue said, "Modi Sarkar ka naya kamar tod tohfa. Ab khud ka paisa bank mein jama karwane aur nikalwane par bhi bank karenge vasooli (New gift of the Modi government. Now one's own money will be charged for deposits and withdrawals by banks)."


ICICI Bank, the private sector lender, will charge a convenience fee for cash deposits by customers in cash recyclers during non-business hours and bank holidays. A fixed amount of ₹50 will be levied for each transaction on the bank holidays and between 6:00 pm and 8:00 am on working days, starting from Sunday, the lender mentioned.


“Effective November 1, 2020, a convenience fee of ₹50 per transaction, will be levied on cash deposited in the cash acceptor or recycler machines on bank holidays and between 6:00 pm and 8:00 am on working days," ICICI Bank said.


The bank will also levy a convenience fee if the cash deposit in the cash acceptor/recycler machines exceeds ₹10,000 per month either as a single transaction or multiple transactions.


The fee will not be applicable to senior citizens, basic savings bank account, Jan Dhan accounts, accounts held by incapacitated and visually impaired persons, student accounts or any other accounts identified by ICICI Bank, the lender mentioned.


Axis Bank had already started levying the charge earlier this year. It levies a convenience fee on cash deposit transactions done at the rate of ₹50 per transaction after banking hours (or between 5:00 pm to 9:30 am) and on national and State bank holidays. The convenience fee was effective from 1 August.

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