Now, get ready to shell out for bank deposits, withdrawals

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New banking rules have become applicable with effect from November 1, 2020, and these could weigh heavily on the consumer's pocket. Customers in some banks will now have to pay fees for deposit and withdrawal of money from banks. As per reports, Bank of Baroda (BOB) will start charging its customers for transactions beyond the prescribed limits.

BoB has set separate fees for current account, cash credit limit and deposit withdrawal from overdraft account and deposit withdrawal from savings account. Names of other banks like Bank of India, PNB, Axis Bank and Central Bank are also emerging in reports, but they are yet to take a final call on the matter.

It is being said that withdrawals three times in a month will be free but after that, a withdrawal transaction charge will be levied at a flat fee of Rs 150 for a loan account. Similarly, for savings account, deposits three times in a month will be free but thereafter if customers deposit money for the fourth time, then Rs 40 will be levied on each transaction.

However, Jan Dhan account holders have some relief in this. They will not have to pay any fee on deposit but will have to pay Rs 100 only for withdrawal. Banks have not given any relief to senior citizens.

For savings account customers

. Deposit up to three times - free
. Will have to pay from fourth time - Rs 40 each time.
. Three times money withdrawal in a month - no fee
. From fourth time onwards - Rs 100 for each transaction
. No exemption for senior citizens.

For CC, current and overdraft accounts

. Day deposit up to Rs 1 lakh - free
. If it is more than Rs 1 lakh - one rupee charge on minimum Rs 1,000 (minimum Rs 50 and maximum Rs 20,000).
. Withdrawing money thrice in a month - no charge
. From fourth time - Rs 150 for each withdrawal

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