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

[Itsme...]

PSU Banks won't take any step like this is near future. Finance ministry clarified it. The government on Tuesday quashed all the media reports alluding to steep increase in service charges by certain Public Sector Banks (PSBs). In this regard, the Ministry of Finance issued a "factual position".

"No service charge is applicable on the 60.04 crore Basic Savings Bank Deposit accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society, for the free services prescribed by RBI," said the ministry in an official statement.

Due to Covid, no PSU bank will raise bank charges in near future: Govt

 

[Itsme...]

IMO 7-10 times should be minimum free chance each for diposit and withdrawal. After that they should do whatever they want. Same with UPI. The limit should be more than 100 if we really want to promote digital India. Otherwise why will i pay extra money to do digital transactions or doing anything by Bank?! There needs to be a balance between welfare of both Consumer and Banks.

 

[Sai Jai]

IMO 7-10 times should be minimum free chance each for diposit and withdrawal. After that they should do whatever they want. Same with UPI

why I have to pay to deposit my money ?? Why not I keep it in my home ?? Why there is a limit in transactions ?? The interest they giving on sb account will be less than these charges then what is the use of standing in a queue to deposit my money on bluddy deposit counter ??

 

[Itsme...]

Can you please explain why I have to pay to deposit my money ?? Why not I keep it in my home ?? The interest they giving on sb account will be less than these charges then what is the use of standing in a queue to deposit my money on bluddy deposit counter ??

I am guessing it is because of processing fees. Like when we give them money, they just don't keep it in that branch. They have to transfer it to some where else. Or even bring money from HQ to their branch in case of withdrawal. These involves cost like transport, security and all. So probably banks are trying to recover these charges from customers. I mean they aren't in Charity. Banks are kind of a business. That's why i said a fair balance is needed. If any Banker is here, they can explain it better why they are charging us.

 

[Sai Jai]

I am guessing it is because of processing fees. Like when we give them money, they just don't keep it in that branch. They have to transfer it to some where else. Or even bring money from HQ to their branch in case of withdrawal. These involves cost like transport, security and all. So probably banks are trying to recover these charges from customers. I mean they aren't in Charity. Banks are kind of a business. That's why i said a fair balance is needed. If any Banker is here, they can explain it better why they are charging us.

So what about the interest or share profit they earning with our money ??

 

[Itsme...]

So what about the interest or share profit they earning with our money ??

Normal saving account aren't there to allow unlimited transaction. That is why current account is there. Business owner use that account. Sooner or later they would have implemented this. NPA may have speed up the process. So the point here is how many free transactions we will get in a savings account. All these rules are applicable to saving account only.

 

[Mahesh Reddy]

IMO 7-10 times should be minimum free chance each for diposit and withdrawal. After that they should do whatever they want. Same with UPI. The limit should be more than 100 if we really want to promote digital India. Otherwise why will i pay extra money to do digital transactions or doing anything by Bank?! There needs to be a balance between welfare of both Consumer and Banks.

UPI Charges by NPCI​

Transaction	Charge/transaction
Upto ₹1,000	10 paise
Above ₹1,000	50 paise
Incentive by the Apps	10 paise
Merchant Transaction	10 paise + 0.04%

Source: UPI Transaction Charges of SBI, ICICI, HDFC, Paytm and Others.

Comparison of RuPay Card with Visa, AmEx, and MasterCard​

RuPay is a card scheme that was developed by the National Payments Corporation of India (NPCI). Since it is a domestic card scheme, there are some areas where RuPay differs from its peers such as MasterCard, Visa, and AmEx. The following are a few points of distinction between RuPay and other International Debit Cards schemes.The transaction fee that is charged to the merchant is 0.01%

Features	RuPay	Visa, AmEx, and MasterCard
Processing fees	23% less expensive than international cards	More expensive as the processing happens overseas
Fee structure	Banks do not have to pay to be a part of the network	Banks have to pay an entry fee to be a part of the network
International usage	Domestic usage only	Can be used internationally
Processing time	Faster processing time	Slightly longer processing time
Security of data	More secure due to domestic payment gateway	Data shared across boundaries due to international payment gateway
Cards offered	Only debit cards	Debit and credit cards
Insurance cover	Accidental insurance provided by Indian Government	No insurance

Source: Rupay Card - How to Get Rupay Debit Card Online.

 

[Itsme...]

UPI Charges by NPCI​

Transaction	Charge/transaction
Upto ₹1,000	10 paise
Above ₹1,000	50 paise
Incentive by the Apps	10 paise
Merchant Transaction	10 paise + 0.04%

Source: UPI Transaction Charges of SBI, ICICI, HDFC, Paytm and Others.

Comparison of RuPay Card with Visa, AmEx, and MasterCard​

RuPay is a card scheme that was developed by the National Payments Corporation of India (NPCI). Since it is a domestic card scheme, there are some areas where RuPay differs from its peers such as MasterCard, Visa, and AmEx. The following are a few points of distinction between RuPay and other International Debit Cards schemes.The transaction fee that is charged to the merchant is 0.01%

Features	RuPay	Visa, AmEx, and MasterCard
Processing fees	23% less expensive than international cards	More expensive as the processing happens overseas
Fee structure	Banks do not have to pay to be a part of the network	Banks have to pay an entry fee to be a part of the network
International usage	Domestic usage only	Can be used internationally
Processing time	Faster processing time	Slightly longer processing time
Security of data	More secure due to domestic payment gateway	Data shared across boundaries due to international payment gateway
Cards offered	Only debit cards	Debit and credit cards
Insurance cover	Accidental insurance provided by Indian Government	No insurance

Source: Rupay Card - How to Get Rupay Debit Card Online.

I didn't get this. Why did you replied this?

 

[Sai Jai]

Normal saving account aren't there to allow unlimited transaction. That is why current account is there. Business owner use that account. Sooner or later they would have implemented this. NPA may have speed up the process. So the point here is how many free transactions we will get in a savings account. All these rules are applicable to saving account only.

I'm also spoke abt SB Account only

 

[Mahesh Reddy]

I didn't get this. Why did you replied this?

Because you referenced UPI,Digital Transactions in "Same with UPI. The limit should be more than 100 if we really want to promote digital India. Otherwise why will i pay extra money to do digital transactions or doing anything by Bank" .I thought of telling you UPI and other Card Charges.In Some Places Bank is Charging regarding UPI and in Case of Cards the Processing Fee is very high for International Card Providers.