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Economy India

Banks introduce new policies for cash deposit transactions

Private sector lenders have announced convenience fees for transactions carried out during non-working periods.

Sabrangindia 03 Nov 2020

Bank

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.

Related:

Trade Unions stand in solidarity with government employees, demand withdrawal of VRS

Centre’s plan to privatise PSUs an anti-people policy: AITUC

SBI VRS scheme penny-wise and pound-foolish: AIBEA official

Banks introduce new policies for cash deposit transactions

Private sector lenders have announced convenience fees for transactions carried out during non-working periods.

Bank

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.

Related:

Trade Unions stand in solidarity with government employees, demand withdrawal of VRS

Centre’s plan to privatise PSUs an anti-people policy: AITUC

SBI VRS scheme penny-wise and pound-foolish: AIBEA official

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Sunday

03

Jan

Pan-India

Saturday

05

Dec

05 pm onwards

Rise in Rage!

North Gate, JNU campus

Thursday

26

Nov

10 am onwards

Delhi Chalo

Pan India

IN FACT

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2020

Milestones 2020

In the year devastated by the Covid 19 Pandemic, India witnessed apathy against some of its most marginalised people and vilification of dissenters by powerful state and non state actors. As 2020 draws to a close, and hundreds of thousands of Indian farmers continue their protest in the bitter North Indian cold. Read how Indians resisted all attempts to snatch away fundamental and constitutional freedoms.
Migrant Diaries

Migrant Diaries

The 2020 COVID pandemic brought to fore the dismal lives that our migrant workers lead. Read these heartbreaking stories of how they lived before the pandemic, how the lockdown changed their lives and what they’re doing now.
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Hate Speech and Delhi Pogrom 2020

A spate of provocative speeches, that amount to hate speech in law and should be prosecuted allowed blood letting to spill on the streets of north east Delhi in February-March 2020
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