Banks levying charges on deposits, withdrawals
Banks levying charges on deposits, withdrawals could soon become the norm
It has only started with one bank. But if certain reports are to be believed, it could soon become the norm. We are talking about charges on deposits and withdrawals in cash, into and from bank accounts.
Bank of Baroda (BoB) started charging its customers for transactions beyond the prescribed limit of three times in a month from November 1.
The bank has set separate fees for current account, overdraft account and savings account. From the fourth time onwards, for each time, a cash withdrawal from a loan account will attract a transaction charge of Rs 150 while a cash deposit in a savings account will be levied a flat fee of Rs 40 per transaction.
In a time of pandemic, such additional charges would become a burden for many across the country.
Names of banks like Bank of India, Punjab National Bank, Axis Bank and Central Bank are also doing the rounds, though they haven’t announced anything officially.
And there’s no saying that other banks won’t follow suit.
