Banks to levy charges on deposits, withdrawals of money

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SRINAGAR — Many new rules come into force from today, i.e. November 1, 2020, which will directly affect consumer’s pocket. From today, customers in some lenders will now have to pay fees for deposit and withdrawal of money from banks.

It is being said that withdrawals three times in a month will be free but after that, a withdrawal transaction charge will be levied at a flat fee of Rs 150 for a Loan account.

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Similarly, for Savings account, deposits three times in a month will be free but thereafter if customers deposit money for the fourth time, then Rs 40 will be levied on each transaction.

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Meanwhile, Jan Dhan account holders have relief in this. They will not have to pay any fee on deposit as banks will not apply any charges to the Jan Dhan accounts. However, Banks have not given any relief to senior citizens. It is not yet clear if J&K Bank will implement this order.

For CC, Current and Overdraft accounts:

  • Day deposit up to one lakh – free
  • If there is more than one lakh – one rupee charge on minimum one thousand rupees (minimum 50 rupees and maximum 20 thousand rupees)
  • Withdrawing money thrice in a month – No charge
  • From 4th time – Rs. 150 withdrawal each
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For Savings account customers:

  • Deposit up to three times – free
  • Will have to pay from 2nd time – Rs 40 each time
  • 3 times money withdrawal in a month – no fee
  • The fourth time, and beyond withdrawal – 100 rupees each transaction
  • No exemption for senior citizens. They also have to pay a fee

Meanwhile, as November is a month full of festivals and holidays, so banks will remain closed for 15 days.

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