From November 1st, new rules by banks are burning holes in customers’ pockets with lenders levying charges for deposit and withdrawal of money, with the Bank of Baroda having implemented the same. While, Bank of India, PNB, Axis Bank and Central Bank also may levy these charges. It is known that the Bank of Baroda charges separately for current account, cash credit limit and deposit withdrawal from overdraft account and deposit withdrawal from savings.
In the case of a loan account, withdrawals can be done three times monthly, exceeding the limit may cost you Rs 150. Also, for savings account withdrawals can be done up to three times free of cost, however, exceeding the limit will cost Rs 40. However, those who have Jan Dhan accounts can heave a sigh of relief as these rules do not apply.
For CC, current and overdraft accounts – Day deposit up to 1,00,000 will not be charged, if there is more than 1,00,000 – one-rupee charge on minimum 1000 (minimum 50 rupees and maximum 20,000 rupees), Withdrawing money thrice in a month will not be charged, from fourth time – Rs 150 will be charged on every withdrawal.
For Savings Account Customers – Deposit up to three times is free of charge, Will have to pay from 2nd time – Rs 40 each time, 3 times money withdrawal in a month will not be charged, The fourth time and beyond withdrawal – 100 rupees each transaction.
Sadly, lenders have not provided an exemption for senior citizens in this regard as they will have to pay the fee. Do note that banks will remain closed for more than 15 days in November due to festivals and holidays.
