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Banks Going To Impose Charges On Deposits And Withdrawals Of Money Starting November 1

If and when customers exceed the prescribed limits on transactions of money, Bank Of Baroda (BOB) will charge them for deposits and withdrawals that exceed the limits. Some other banks who might be taking the same decision include Bank of India, Punjab National Bank, Axis Bank, and Central Bank.

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The Bank Of Baroda(BOB) has decided to impose different amounts as fees depending on the type of transaction like current account, cash credit limit, and deposit withdrawal from an overdraft account. Those exceeding the prescribed limit on deposit withdrawals from savings accounts will also have to pay extra fees. As of now, three withdrawals per month will be free after which an amount of 150 rupees will be charged if it is a loan account. 

On the other hand, deposits for savings accounts will be free for a total of three times after which customers will have to pay 40 rupees for depositing to the same. While those with Jan-Dhan accounts have been exempted from this and will not have to pay anything extra on their transactions, Banks have not taken such a stance for senior citizens. 

For CC, current, and overdraft account holders, day deposit of up to one lakh rupees will be free. If at all the deposit amount exceeds one lakh rupees they will be charged one rupee on a minimum of one thousand rupees. Deposit amounts can range from a minimum of 50 rupees to a maximum of 20,000 rupees at a time. As mentioned before withdrawing money for a total of three times a month will have no extra charges but every transaction after that will be charged with an amount of rupees 150. 

For savings account holders withdrawing or depositing money up to three times a month will be free and every transaction after the same will be charged with rupees hundred. 

Banks will be closed for fifteen days in the month of November as the festival season is upon us. 

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