Customers have to pay fees for deposit and withdrawal of money from banks

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

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 savings bank 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."

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.

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 and ICICI Bank, other banks which will charge money for cash withdrawal are: PNB, Bank of India, Central Bank.