Banks begin levying charges on deposits and withdrawals during bank holidays, non-business hours: Reports

A number of banking rules have come into effect from 1 November 2020. Some of the banks will be charging its customers for deposit and withdrawal of money on bank holidays and non-business hours. Jan Dhan account holders have a breather as they will not have to pay any charge.

If a current and overdraft account holder deposits more than one lakh in a day, they will have to pay a charge. There is no exemption for senior citizens.

As per a report by Moneycontrol, ICICI Bank will charge Rs 50 as convenience fee for cash deposits by customers in cash recyclers at ATMS during non-business hours between 6 pm and 8 am and on bank holidays from 1 November.

Also, if the money deposited in cash acceptor/recycler machines is more than Rs 10,000 a month, whether it is a single or multiple transactions, the bank will charge a convenience fee.

The ICICI bank has said that the charge is not applicable to senior citizens, basic saving accounts, Jan Dhan accounts, and incapacitated and visually impaired customers as well students’ accounts.

Reportedly, Bank of Baroda has begun charging customers for transactions more than the prescribed amount. Additionally, in August, Axis Bank imposed a convenience fee of Rs 50 on cash deposit transactions on bank holidays, CNBC TV 18 reported.