Banks begin to Charge on Deposits and withdrawals during Holidays

It was reported that Banks began to Charge on deposits and withdrawals during non-business hours and Bank holidays. Some rules regarding banks have been coming into effect since November 1, 2020. However. the Jan Dhan account holders have a slight form of relief as they will not have to pay any charge. If a certain account holder, has made a deposit of more than Rs.1 Lakh, he or she is bound to pay a charge for the same.

Even senior citizens are not exempted from paying this charge. The Moneycontrol has reported that the Private banks charge a convenience fee of Rs.50 for cash deposits. These are also applicable to the deposits that are made between non-business hours and even on the days of bank holidays.If an individual deposit more than Rs.10,000 a month, he or she is bound to pay the transaction fee, whether it be single or multiple transactions.

There are certain categories that are exempted from these charges like senior citizens. Basic saving accounts, Jan Dhan accounts, visually impaired as well as the students do not have to pay the charges for the same.It has been reported that the Bank Of Baroda been charging customers more than the prescribed amount. The Axis Bank however has introduced a convenience fee of Rs.50 on the transactions made on the holidays.

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