Firstly what we need to understand is why banks levy or collect charges for any kind of service they provide from their customers.
Banks collect these charges to pay their own operating expenses and for them to also make a profit. These charges differ from private banks to government banks.
The recent update for this week by the banks is that there will be a fee charged by the banks from 1st November on transactions beyond the prescribed limit.
The banks which will be now charging customers for deposit and withdrawal of money are Bank of Baroda, Bank of India, PNB, Axis Bank, and Central Bank.
It is being said that the first three transactions would be for free and later a fee of Rs.150 would be charged beyond that for every month. And in the same way for deposits after the first three transactions, Rs.40 will be levied per month.
The private bank leader ICICI stated that it would collect a convenience fee for cash deposits by customers in cash recyclers during bank holidays and non-business hours (6:00 pm – 8:00 am) and the amount would be Rs.50. Also, ICICI will be collecting the convenience fee per month if the cash deposits in the Cash Acceptor/Recycler machines exceeds Rs.10,000 through single or multiple transactions.
Though this fee will not be applicable to the basic savings account, senior citizens, Students, Jan Dhan accounts, incapacitated and visually impaired people.
So account holders make sure you keep track of your daily transactions and avoid making huge withdrawals and deposits which might reach the limit and also avoid making transactions during non-business hours and bank holidays.
Since November is also a month of many festivals and holidays the banks stay closed for 15 days this month.
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