Banks begin levying charges on deposits and withdrawals during bank holidays, non-business hours: Reports

KEY STORY

• A number of banking rules have come into effect from 1 November 2020. Some of the banks will be charging its customers for deposit and withdrawal of money on bank holidays and non-business hours.

• Jan Dhan account holders have a breather as they will not have to pay any charge.

• If a current and overdraft account holder deposits more than one lakh in a day, they will have to pay a charge. There is no exemption for senior citizens.

•  ICICI Bank will charge Rs 50 as convenience fee for cash deposits by customers in cash recyclers at ATMS during non-business hours between 6 pm and 8 am and on bank holidays from 1 November.

• Also, if the money deposited in cash acceptor/recycler machines is more than Rs 10,000 a month, whether it is a single or multiple transactions, the bank will charge a convenience fee.

CONCLUSION

• The ICICI bank has said that the charge is not applicable to senior citizens, basic saving accounts, Jan Dhan accounts, and incapacitated and visually impaired customers as well students’ accounts.

• Reportedly, Bank of Baroda has begun charging customers for transactions more than the prescribed amount. Additionally, in August, Axis Bank imposed a convenience fee of Rs 50 on cash deposit transactions on bank holidays,