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Wednesday, November 25, 2020

Banks place curbs on free cash deposits, withdrawals per month

State Bank of India allows free cash withdrawals only twice in a month for customers keeping an average monthly balance of Rs 25,000. SBI made the last revision in charges with effect from October 1 this year.

By: ENS Economic Bureau | Mumbai | November 4, 2020 12:56:44 am
The Finance Ministry on Tuesday clarified that no other PSU bank has increased such charges recently.

While public sector lender Bank of Baroda on Tuesday decided to withdraw latest change in services changes on cash deposits and withdrawals “in the light of the current Covid-related situation”, banks across the board have restricted free cash deposits and withdrawals, with most allowing only two or five cash transactions per month and putting a service charge beyond this limit.

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

State Bank of India allows free cash withdrawals only twice in a month for customers keeping an average monthly balance of Rs 25,000. SBI made the last revision in charges with effect from October 1 this year.

The Finance Ministry on Tuesday clarified that no other PSU bank has increased such charges recently. Although all banks, including PSU banks, are permitted to levy charges for their services in a fair, transparent and non-discriminatory manner, based upon costs involved, other PSU banks have also intimated that they do not propose to raise bank charges in the near future in view of the Covid pandemic, it said.

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