Saturday, July 24, 2021

No service charge applicable on Basic Savings Bank Deposit accounts: Govt

Government today said that no service charge is applicable on the 60 crore Basic Savings Bank Deposit accounts, including Jan Dhan accounts.

Finance Ministry said, there have been several media reports alluding to steep increase in service charges by certain Public Sector Banks.

It said, the charges have not been increased.

The Ministry said, Bank of Baroda had made certain changes with effect from 1st November this year, with regard to the number of free cash deposits and withdrawals per month.

The number of free cash deposits and withdrawals, have been reduced from five each per month to three each per month, with no change in the charges for transactions in excess of these free transactions.

The Ministry said, Bank of Baroda has informed that in the light of the current COVID related situation, they have decided to withdraw the changes.

It said, no other Public Sector Bank has increased such charges recently.

As per RBI guidelines, all banks, including Public Sector Banks, are permitted to levy charges for their services in a fair, transparent and non-discriminatory manner.

Finance Ministry said, other Public Sector Banks have also intimated that they do not propose to raise bank charges in the near future in view of the COVID pandemic.

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