From today (1st November 2020) many new regulations related to Banks charges came in force that will affects the consumer’s pockets.
From 1st November 2020 the customers in some of the banks will now have to pay fees for the deposit and withdrawal of money from banks.
As per the reports of B.O.B. (Bank of Baroda) they will start charging their customers for the transactions far away the prescribed limits from 1st November. B.O.B. has set separate fees for the current account, deposit, withdrawal and cash credit limit from the overdraft account and deposit, withdrawal from the savings account.
Banks like Bank of India, Axis Bank, PNB and Central Bank are also appearing in this reports, but they have not yet taken the final call on this matter.
The withdrawals will be free of cost for three times in a month but after that, the withdrawal transaction charge will be imposed at the fee of Rs.150 for a loan account.
The deposit in saving account will be free of charge for 3 times but after that if customers deposits the money for the 4th time, then Rs.40 will be imposed on each transactions.
Although , the Jan Dhan account holders have a bit of a relief in this rule. The account holders do not have to pay any fees on the deposits but they will have to pay ₹100 only for the withdrawals. Banks have not given any relaxation to the senior citizens as well.