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Banks Withdraws Its Decision To Impose Charges On Withdrawals And Deposits With Immediate Effect

Being mindful of the financial strains that the pandemic has brought about in the lives of people, Bank Of Baroda (BOB) has decided to retract its original decision to charge customers on every fourth deposit or withdrawal in a month. In its latest circular the public sector lender mentioned how the new changes would come into effect immediately.

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The decision to retract its original decision to impose charges was preceded by an announcement by the Ministry of Finance in which the latter clarified on the aforementioned charges imposed. They stated that no service charge would be applicable to Basic Savings Bank Deposit (BSBD) which includes accounts like the Jan-Dhan accounts held by the poor in the society. 

Quoting the RBI, the ministry clarified that no banks , Public Sector Banks(PSB) included, had the permission to impose charges on the services provided by them unless it is in a fair and transparent manner. They also mentioned how most banks don’t have thoughts of increasing or imposing charges on services provided by them any time soon due to the prevailing pandemic. 

The changes that had come into effect on the 1st of November regarding extra charges on withdrawals or deposits in Regular Savings accounts, Current Accounts, Cash credit accounts & Overdraft accounts stand withdrawn with immediate effect. The Ministry of Finance added that no PSB has increased its charges as of now. 

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