Banks to levy charges on transactions after a limit

From November 1, new rules and regulations have come into effect related to banks and citizens. One such rule suggests that people will have to disburse a fee while depositing or withdrawing money from their banks. Bank or Baroda will be levying a fee on the transactions by customers after a certain limit along with banks like Bank of India, PNB, Axis Bank and Central Bank which are still in speculations and haven’t reached on a decision yet.

Different amount of fee has been levied on current account, cash credit limit, and deposit withdrawal from overdraft account and from savings account by the Bank of Baroda.

There have been rumours that three withdrawals in a month will be free of any charges and from the fourth withdrawal, a fee of Rs 150 for a loan account will be charged.

Correspondingly, savings account holders will be paying a fee of Rs 40 if they deposit money for the fourth time in a month or more times after that, while the first three deposits are free. Even the senior citizens have not been relieved in this process.

People with a Jan Dhan account have nothing to worry about, as no charges are being applied to those accounts for deposits in the bank.

Charges on different accounts

1. For CC, current and overdraft accounts

  • Deposit of Rs 1 lakh in a day will be free of charge.
  • When the amount exceeds 1 lakh, Rs 1 will be charged on every Rs 1000 with the minimum fine being Rs 50 and maximum fine being Rs 20,000.
  • In a month, 3 withdrawals will be free of any charges.
  • The fourth transaction will be charged with Rs 150 and others after that too.

2. For Savings Account Customers

  • Three deposits in a month will be free of charge.
  • After three, Rs 40 will be charged for each consecutive deposit.
  • Three withdrawals in a month will be free of all charges.
  • Rs 100 will be charged on each transaction henceforth.
  • Senior citizens are not exempted from the fee either.

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