Banks to levy fees on deposits and withdrawals during holidays and non-business hours
New Delhi | Jagran Business Desk: A number of new banking regulations have come into effect since November 1, 2020. Some banks have started charging fees from consumers on deposits or withdrawals during bank holidays and non-business hours. However, Jan Dhan account holders and senior citizens are relieved of these rules and they will not have to pay any fee for doing so.
If the current and overdraft account holder deposits more than one lakh rupees in a day, he will have to pay a fee. According to a report by Money Control, ICICI Bank has started charging a convenience fee of Rs 50 from consumers for depositing cash on an ATM machine during non-business hours between 6 pm and 8 am from November 1. ICICI Bank said that no such fee will be levied on senior citizens, basic savings accounts, Jan Dhan accounts and visually impaired as well as student accounts.
"Effective November 1, 2020, a convenience fee of Rs 50 per transaction, will be levied on cash deposited in the cash acceptor or recycler machines on bank holidays and between 6:00 pm and 8:00 am on working days", ICICI bank said in a statement.
"The fee will not be applicable to senior citizens, basic savings bank account, Jan Dhan accounts, accounts held by incapacitated and visually impaired persons, student accounts or any other accounts identified by ICICI Bank", it added.
In addition, banks will still charge a convenience fee if depositing more than Rs 10,000 in a month in a cash adapter/recycling machine, whether it is in one go or several times.
Earlier this year, Axis Bank had also started levying the charge of Rs 50 on its customers as a convenience fee on cash deposit transaction done after banking hours (or between 5:00 pm to 9:30 am) and on national and State bank holidays.
Posted By: Talib Khan