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

[kanagadeepan]

I guess it’s being done to encourage digital transactions

I think this will only encourage CASH transactions... I feel buying Godrej safety locker is much better and cheaper than using bank accounts in the long run. Yes, in banks you pay Rs40+ 18% Tax for fourth deposit onwards. But in safety locker, it will be UNLIMITED FREE (including the withdrawals)..

Let them charge as much as they want for withdrawal of cash above any limit. I get lots of cash in my counter sales, even though I have POS machine as well as BHIM QR. I sell goods with bill and GST. I file them and pay my Taxes. The cash I have collected is PURE WHITE. I can give PAN number for every deposit, if asked. But still, if the bank and govt eats my money for depositing, then safety locker is the way to go.

To promote digital transactions, Govt must allow the circulating cash to enter banks freely without restriction (of course with PAN) and RESTRICT THE FLOW AWAY FROM THE BANK, via charges. Restricting cash entry as well as exit will only make Banks rich, which will anyway loose those money to the defaulters...

 

[Ashok L]

I guess it’s being done to encourage digital transactions

Does your government gave required infrastructure to our rural and remote areas to perform digital transactions...

Don't support all the moves of our government blindly..

 

[Mystique]

First they open poor people's Jan dhan account to increase financial inclusion and later they charge for depositing money

 

[Sai Jai]

First they open poor people's Jan dhan account to increase financial inclusion and later they charge for depositing money

That's the trick .. 1st everyone must have SB Account 2nd if u don't have minimum balance fine 3rd to avoid that people have to put monet 4th if u deposit money also fine will be imposed

Is this a government or [Censored]

 

[hike]

I guess RBI will reverse it!
P.S what these bank think of themselves?

Demonetization couldn't bring any difference.

Digital Payments Market Grows 55% Since Demonetisation​

Digital Payments Market Grows 55% Since Demonetisation, India Secures First Position In Terms Of Transactions - The Indian Wire
Transactions through debit card at point of sale (POS) terminals and m-wallets increased by 134% and 163%, respectively, between October 2016 and December 2016.
How Has Digital Payment Ecosystem Changed Since Demonetisation

 

[iDJ]

That's when cash was devalued. Market is not same since then.

 

[Esmail]

This will just increase Black money. Ppl will prefer to hold on to the cash and transact directly in cash than to bother with depositing and paying cashless at establishments. Only things that have purely digital payment like subscription charges of OTT services etc will be paid digitally.

 

[Itsme...]

This is really foolish move. Banks get commission for every digital transaction they process by UPI. They should promote digital transaction instead of taking steps like this which will just made it more difficult. First UPI limit and now this. Very bad. RBI should reverse it ASAP.

 

[Shivpatel]

This is for those who has voted for this government....Government is being approaching for digital and payment...for digitisation we must have to deposit that money to bank...now bank start charges on money deposits. How can people afford digitisation...?
So now what is difference between private bank and government bank...?

 

[Mahesh Reddy]

I am still waiting for my 15 Lakhs Rupees from BJP. This move is anti-Senior and Anti-Youth.This people do small deposits and withdrawals in Daily Basis by proper planning every month.This move will Increase/Promote Black Money.Even I want to have Physical Money instead Digital Money.Also there is no proper banking infrastructure in rural places for digital as well as physical banking.I think the Ache Din are finally here! {Banks}.