ICICI Bank and Axis bank announced a convenience fee for deposits in cash recyclers during non-business hours and bank holidays effective from November 1, 2020.

As per the new rules, Rs. 50 will be levied for a transaction carried out on bank holidays and on working days between 6:00 PM and 8:00 AM.

Further, the ICICI bank will also levy a convenience fee if the cash deposit in ATMs exceeds Rs. 10,000 per month as single or multiple transactions.

However, the bank will not impose this rule on senior citizens, student accounts, basic savings bank account, Jan Dhan accounts and accounts of incapacitated and visually impaired persons.

Meanwhile, Axis Bank began levying the convenience fee from August 1. It levies Rs. 50 for cash deposit transactions done after banking hours – 5:00 PM to 9:30 AM – and on bank holidays.

Other banks such as Bank of India, PNB, Axis Bank and Central Bank are also considering charging customers for such transactions. Further reports state that Bank of Baroda will also start charging its customers from November 1.

Regarding withdrawals, it is being discussed that the first three transactions in a month will be free following which there will be a fee of Rs 150. Similarly, deposits three times in a month may be free but thereafter a charge of Rs 40 will be levied on each transaction.

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