Banks to charge for deposits & withdrawals from 1st November 2020

[Bapun]

Customers in some banks will now have to start paying fees for deposit and withdrawal of money. As per reports, Bank of Baroda will start charging its customers for transactions beyond the prescribed limits from November 1.

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.

Similarly, deposits three times in a month will be free but thereafter a charge of Rs 40 will be levied on each transaction.

Banks to Charge For Deposits & Withdrawals From Nov 1; Cong Says 'Modi Sarkar ka Kamar Tod Tohfa'

 

[iDJ]

Nice Diwali gift from Government. Thank You!

 

[Digital Mastermind]

I guess it’s being done to encourage digital transactions

 

[iDJ]

I guess it’s being done to encourage digital transactions

That lame excuse needs to be done and buried for good. India is cash based economy. It will stay same until end of time. Demonetization couldn't bring any difference. What would charges do?

 

[mmadhankumar]

I guess it’s being done to encourage digital transactions

How it would improve digital transactions? How can you pay someone digitally, if you don't have money in your own account. You have to deposit physical cash in to your account even to do digital transactions. Not everyone in this country gets his salary credited through ECS. And what about self-employed and SMEs. They have to make regular deposits.

Let me take myself for example. I do most of my transactions digitally. I pay my suppliers digitally. But for that i need to make deposits in regular intervals as and when I have enough money. Restricting/charging for deposits would badly affect a major chunk of people for sure.

Limiting withdrawals is fine. Already most banks encourage withdrawal from ATMs or kiosks inside branches. But charging for deposits is not a good idea. Especially in a country like India where paper currency dominates more than plastic/digital currency.

 

[Sai Jai]

I guess it’s being done to encourage digital transactions

Forum Guidelines stop me to reply to ur post

 

[greylala91]

This will infact be a big blow to cashless economy it self. Why would anyone bother to make deposits now. I am not much impacted by the withdrawal thing because I do most of the transactions online, but deposits will hit me real bad

 

[Sai Jai]

Those who voted this Government , Those who support this Government till now this is the time for you guys to make party & enjoy

PS: I can't post beyond this decent content under this forum guidelines

 

[Nilu334]

Those who voted this Government , Those who support this Government till now this is the time for you guys to make party & enjoy

PS: I can't post beyond this decent content under this forum guidelines

Already cut my 4*k..withdraw & deposit.

 

[Digital Mastermind]

How it would improve digital transactions? How can you pay someone digitally, if you don't have money in your own account. You have to deposit physical cash in to your account even to do digital transactions. Not everyone in this country gets his salary credited through ECS. And what about self-employed and SMEs. They have to make regular deposits.

Let me take myself for example. I do most of my transactions digitally. I pay my suppliers digitally. But for that i need to make deposits in regular intervals as and when I have enough money. Restricting/charging for deposits would badly affect a major chunk of people for sure.

Limiting withdrawals is fine. Already most banks encourage withdrawal from ATMs or kiosks inside branches. But charging for deposits is not a good idea. Especially in a country like India where paper currency dominates more than plastic/digital currency.

Agreed with your views, they should not charge for deposits. Hope banks rethink on this decision