Bank Of Baroda, Axis Bank, PNB, BoI Will Charge Rs 150 For Cash Withdrawal, Rs 40 For Cash Deposit (After This Limit)

The Bank of Baroda has come up with some stringent rules for deposit and withdrawal of money beyond the prescribed limit. With Diwali just around the corner, we’re not sure these rules would be very well received by the customers.

Also, there is news about banks charging extra for a select deposit if deposited during non-business hours.

Bank Of Baroda To Levy Charges After Three Transactions

The Bank of Baroda has announced that a fee of Rs. 50 will be applicable per deposit transaction if the number of deposits crosses three times in a month from the savings bank account in the metro urban areas.

Additionally,  senior citizens, pensioners, and SB customers from rural/semi-urban regions will also be required to pay Rs. 40 per transaction if the number of deposit crosses the limit of three. 

Also, the bank has also stated that CC/OD and current account holders in the bank will be charged Rs. 50 minimum and Rs. 20,000 maximum if they deposit more than Rs. 1 lakh per day. In a statement, the bank states, “Beyond Rs 1,00,000/- per day per account, Rs 1/- per thousand or part thereof. Minimum Rs 50/- maximum Rs 20,000.”

As for the withdrawal charges, the bank has said that only three transactions per month will be free. This does not include withdrawals at the ATMs, however, after three transactions, the savings bank account customers will have to pay Rs. 125 per transaction. Whereas, senior citizens, pensioners, and SB account customers from rural/semi-urban regions will have to pay Rs. 100 per transaction.

Also, the CA/CC/OD customers will have to pay Rs. 150 per transaction after the first three transactions in a month. This will also not include ATM withdrawals.

ICICI And Axis Bank Will Levy Extra Charges After Three Transactions

The ICICI Bank has announced that they will be charging a convenience fee for money deposited during non-business hours and bank holidays at cash recyclers/cash acceptance machines. This fee will be Rs. 50 and non-business hours specified are between 6 pm and 8 pm on all working days. 

Also, the bank will charge a convenience fee if the amount of cash deposit in the cash acceptor/recycler machines exceeds Rs. 10,000 per month be it a single transaction or multiple transactions.

As per reports, this fee will not be applicable to senior citizens, basic savings bank account, Jan Dhan accounts, accounts held by incapacitated and visually impaired persons, student accounts, or any other accounts identified by the bank.

Recently, Axis Bank has also started applying convenience charges of Rs. 50 on cash deposit transactions done outside banking hours and on national and bank holidays. Also, three withdrawals a month will be free, but after that, a fee of Rs. 150 will be charged.

Additionally, three deposits per month will be free of charge, but after three, the bank will apply a charge of Rs. 40 on each transaction.

Besides Axis Bank, Bank Of Baroda, other banks which will charge money for cash withdrawal are: PNB, Bank of India, Central Bank

We will keep you updated, as more details come in.