Cash Deposits, Withdrawals Charges: Days after asserting new modifications within the cash deposits, withdrawals charges, Bank of Baroda (BoB) on Tuesday withdrew it with speedy impact and mentioned it could not cost for fundamental banking companies following a public outcry.
The announcement got here days after the financial institution mentioned it could start charging prospects for fundamental transactions, together with deposits and withdrawals, above sure limits.
“We refer to our circular No.HO: BR: 112:393 dated 29.09.2020 regarding revision of Cash related service charges related to basic services w.e.f 01.11.2020. In view of the current prevailing COVID-19 pandemic and its impact on the Economy, it has been decided to withdraw the above circular with immediate effect,” the public sector lender mentioned in its newest round.
cThis improvement comes after Ministry of Finance earlier within the day clarified concerning the charges and introduced that no service cost is relevant on the Basic Savings Bank Deposit (BSBD) accounts together with Jan Dhan accounts.
“Regular Savings accounts, Current Accounts, Cash credit accounts & Overdraft accounts: While the charges have not been increased, Bank of Baroda had made certain changes w.e.f. 1st Nov 2020, with regard to the number of free cash deposits and withdrawals per month,” the finance ministry mentioned in a collection of tweets.
There have been a number of media reviews alluding to steep enhance in service charges by sure Public Sector Banks (PSBs). (1/5)
Please learn extra for the factual place on this context ➡️ https://t.co/PRaWsmrPk9@nsitharamanoffc @Anurag_Office @PIB_India @DFS_India
— Ministry of Finance (@FinMinIndia) November 3, 2020
Further, no different PSB (public sector financial institution) has elevated such charges lately, the ministry added.
“As per RBI guidelines, all banks, including PSBs, are permitted to levy charges for their services in a fair, transparent & non-discriminatory manner, other PSBs have also intimated that they do not propose to raise bank charges in the near future in view of COVID pandemic,” it mentioned.
However, as per RBI pointers, all banks, together with PSBs, are permitted to levy charges for his or her companies in a good, clear and non-discriminatory method, based mostly upon the prices concerned.