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Wednesday, November 25, 2020

Bank of Baroda revises charges on deposits and withdrawals, effective Nov 1

Bank of Baroda deposit & withdrawal Charges: Savings bank (SB) account holders of Bank of Baroda will be charged Rs 40-50 per transaction for depositing money beyond three free deposits in a month and Rs 100-125 post three free withdrawals.

By: Express Web Desk | New Delhi | Updated: November 2, 2020 7:05:53 pm
Bank of BarodaPedestrians walk past a Bank of Baroda (BOB) branch in Mumbai, India, on Saturday, April 21, 2018. (Photographer: Dhiraj Singh/Bloomberg)

Barely weeks ahead of the key festival of Diwali, Bank of Baroda has revised its charges for deposit and withdrawal of money beyond its new prescribed limit.

With effect from November 1, the public sector lender is levying Rs 50 per deposit transaction beyond a limit of three deposits in a month from its savings bank (SB) account customers in the metro urban areas. Separately, senior citizens, pensioners and SB customers based in rural/semi-urban regions will have to shell out Rs 40 per transaction post their three-free deposits in a month.

Likewise, CC/OD and current account (CA) holders in Bank of Baroda will be charged a minimum of Rs 50 all the way up to Rs 20,000, if they deposit beyond Rs 1 lakh per day. “Beyond Rs 1,00,000/- per day per account, Rs 1/- per thousand or part thereof. Minimum Rs 50/- maximum Rs 20,000/-” the bank has informed in a press statement.

Withdrawals

Coming to withdrawals, Bank of Baroda has informed that it will allow three transactions per month (excluding ATM withdrawals) for free, however beyond that SB customers in metro urban regions will be charged Rs 125/- per transaction, while senior citizens, pensioners and SB account customers based in rural/semi-urban regions will be charged Rs 100/- per transaction.

On the other hand, CA/CC/OD customers will be charged Rs 150/- per transaction beyond the first three transactions per month (excluding ATM withdrawals).

These charges are not applicable to Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.

“For loan processing, no change in revision of service charges w.e.f. 01.07.2020. There are no processing charges for loans upto Rs 3 lacs under agriculture segment,” the public sector lender said.

Further, there are no upward revision in processing charges of retail/MSME segments. However, Bank of Baroda said that concession has been allowed upto March 31, 2021 in home loans and auto loan segments.

15 bps cut in repo-linked lending rate

In a separate statement, on Saturday, the public sector lender had reduced its repo-linked lending rate by 15 basis points (bps) to 6.85 per cent from 7 per cent, effective from November 1.

“All retail loans are linked to BRLLR (External benchmark- Repo linked rate), hence customers availing Home Loan, Mortgage Loan, Car Loan, Education Loan, Personal Loan and all other retail loan products can avail of this benefit,” Bank of Baroda said.

Now with this revision in Baroda Repo Linked Lending Rate (BRLLR), home loan rates start at 6.85 per cent and car loan rates start at 7.10 per cent, it said adding that mortgage loan rates start at 8.05 per cent and education loan rates start at 6.85 per cent.

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