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Banks ignore festive season, announce charges on cash withdrawals, deposits

The bank will not levy any charge on senior citizens accounts, basic savings account, Jan Dhan account, Divyang account and student account.

DNA Web Team

Updated : Nov 03, 2020, 09:57 PM IST

Private sector bank ICICI has announced a charge on cash deposits and withdrawals. However, the charge will be levied on deposits and withdrawals from ATMs during non-banking hours and holidays.

ICICI Bank will charge Rs 50 as convenience fee from customers for using the cash machine from 6 pm to 8 am on holiday and working days. The bank has clarified that the charges will be applicable on deposits and withdrawal from ATMs only.

The bank will not levy any charge on senior citizens accounts, basic savings account, Jan Dhan account, Divyang account and student account.

Axis Bank, another private sector bank has already started levying these charges. On August 1, 2020, Axis Bank had announced the imposition of fees on deposits and withdrawals from ATMs during non-banking hours and holidays. A charge of Rs 50 is being made by the bank.

Bank of Baroda (BOB) has also started charging its customers for transactions beyond the prescribed limit from 1 November. Withdrawing cash from current account / overdraft / CC through the base branch, local non-base branch and outstation branch 3 times in a month is now free. Beyond third withdrawal, the bank will levy a charge of Rs 150 per transaction.

For the current account/overdraft/cash credit / other BOB accounts, the cash handling charge in the base and local non-base branches from 1 November will be Rs 1 per 1000 on depositing more than Rs 1 lakh cash per account.

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