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

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

Several banking rules have come into effect from 1 November 2020. Some banks will charge their customers for deposit and withdrawal of money on bank holidays and non-business hours. Jan Dhan’s account holders have a breather because they won't have to pay any fees.

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 exception for senior citizens.

According to a report, ICICI Bank will charge Rs 50 as a convenience fee for customers' cash deposits in cash recycling machines at ATMs during non-business hours between 6 pm. and 8 a.m. 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 single or multiple transactions, then the bank will charge a convenience fee.

ICICI Bank said the charge does not apply to senior citizens, basic savings accounts, Jan Dahan accounts, and incapacitated and visually impaired customers as well as students’ accounts.

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

Source: FirstPost

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