{"id":3727,"date":"2020-11-03T16:11:56","date_gmt":"2020-11-03T10:41:56","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=3727"},"modified":"2024-08-12T18:38:31","modified_gmt":"2024-08-12T13:08:31","slug":"banks-to-start-charging-for-deposits-withdrawals-from-1st-november","status":"publish","type":"post","link":"https:\/\/razorpay.com\/learn\/business-banking\/banks-to-start-charging-for-deposits-withdrawals-from-1st-november\/","title":{"rendered":"Banks to Start Charging for Deposits &#038; Withdrawals from 1st November"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bank of Baroda recently announced that it would start charging its customers for deposits and withdrawals beyond a set limit, effective from 1st November.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to reports, Bank of India, PNB, Axis Bank and Central Bank are next in line to follow these regulations but are yet to give a final word on this matter.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">The new deposit and withdrawal charges apply to both savings &amp; current account holders, including senior citizens. However, banks have given relief to Jan Dhan account holders in this case.\u00a0<\/span><\/i><\/p>\n<h2><b>What are the new deposit and withdrawal charges?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Bank of Baroda has defined separate charges for the deposits &amp; withdrawals from the current account &amp; savings account.<\/span><\/p>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/x.razorpay.com\/auth\/signup?r=blog_cta_business_banking_bank_charge_deposit_withdrawal&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener noreferrer\">Get A Current Account<\/a><\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s a breakdown of the new charges:<\/span><\/p>\n<h3><b>Current Account\u00a0<\/b><\/h3>\n<h4><strong>Deposits\u00a0<\/strong><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Deposit up to 1 lakh \u2013 Free<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">More than 1 lakh \u2013 Rs 1\/- per thousand or part thereof. Minimum Rs 50\/ and maximum Rs 20,000\/-<\/span><\/li>\n<\/ul>\n<h4><strong>Withdrawals\u00a0<\/strong><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">First 3 withdrawals of the month \u2013 Free<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Beyond 3rd withdrawal \u2013 Rs. 150 on each withdrawal\u00a0<\/span><\/li>\n<\/ul>\n<h3><b>Savings Account<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/h3>\n<h4><strong>Deposits\u00a0<\/strong><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">First 3 deposits of the month \u2013 free<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Beyond 3rd deposit \u2013 Rs 40 on each deposit\u00a0<\/span><\/li>\n<\/ul>\n<h4><strong>Withdrawals\u00a0<\/strong><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">First 3 withdrawals of the month \u2013 Free<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Beyond 3rd withdrawal \u2013 Rs. 100 rupees on each withdrawal<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In other news, ICICI Bank is said to levy charges of Rs 50 as convenience fee on cash deposits at ATMs during non-business hours and <a href=\"https:\/\/razorpay.com\/learn\/bank-holidays-list-india\/\">bank holidays<\/a>. Customers will be charged for every such transaction done on bank holidays and between 6:00 pm and 8:00 am on working days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Axis Bank had started levying similar charges to its customers in August 2020.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">With the festive season just around the corner, it will be interesting to witness the shift in customer\u2019s transaction behaviour brought about by these new regulations on the deposits &amp; withdrawals limit.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Tell us in the comments what you feel about this.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We get how difficult it is to stay on top of money movement for your business. If you\u2019re a business owner looking to manage your business finances smoothly with a powerful current account, you can apply for one with RazorpayX in minutes.\u00a0<\/span><\/p>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/current-accounts\/?r=blog_cta_business_banking_bank_charge_deposit_withdrawal&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener noreferrer\">Get A Current Account<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bank of Baroda will start charging extra fees on deposits and withdrawals beyond a set limit, effective from 1st November.\u00a0Axis Bank, PNB and more to follow. <\/p>\n","protected":false},"author":151156479,"featured_media":3728,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3437],"tags":[],"class_list":{"0":"post-3727","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking"},"_links":{"self":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/3727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/users\/151156479"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/comments?post=3727"}],"version-history":[{"count":8,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/3727\/revisions"}],"predecessor-version":[{"id":12426,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/3727\/revisions\/12426"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media\/3728"}],"wp:attachment":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media?parent=3727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/categories?post=3727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/tags?post=3727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}