Bank of Baroda recently announced that it would start charging its customers for deposits and withdrawals beyond a set limit, effective from 1st November. 

According to reports, Bank of India, PNB, Axis Bank and Central Bank are next in line to follow these regulations but are yet to give a final word on this matter. 

The new deposit and withdrawal charges apply to both savings & current account holders, including senior citizens. However, banks have given relief to Jan Dhan account holders in this case. 

What are the new deposit and withdrawal charges?

Bank of Baroda has defined separate charges for the deposits & withdrawals from current account & savings account.

Here’s a breakdown of the new charges:

Current Account 

Deposits 

  • Deposit up to 1 lakh – Free
  • More than 1 lakh – Rs 1/- per thousand or part thereof. Minimum Rs 50/ and maximum Rs 20,000/-

Withdrawals 

  • First 3 withdrawals of the month – Free
  • Beyond 3rd withdrawal – Rs. 150 on each withdrawal 

Savings Account 

Deposits 

  • First 3 deposits of the month – free
  • Beyond 3rd deposit – Rs 40 on each deposit 

Withdrawals 

  • First 3 withdrawals of the month – Free
  • Beyond 3rd withdrawal – Rs. 100 rupees on each withdrawal

In other news, ICICI Bank is said to levy charges of Rs 50 as convenience fee on cash deposits at ATMs during non-business hours and bank holidays. Customers will be charged for every such transaction done on bank holidays and between 6:00 pm and 8:00 am on working days.

Axis Bank had started levying similar charges to its customers in August 2020. 

With the festive season just around the corner, it will be interesting to witness the shift in customer’s transaction behaviour brought about by these new regulations on the deposits & withdrawals limit. 

Tell us in the comments what you feel about this. 

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Suhani Jain
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A potterhead finding magic in words | Content Marketer @ RazorpayX

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