Bank of Baroda has withdrawn free deposit and monthly withdrawal fees.
Bank of Baroda has made some changes regarding the number of free cash deposits and monthly withdrawals from November 1, 2020.
The number of free cash deposits and withdrawals has been reduced from 5 per month to 3 per month, with no change in fees for transactions above these free transactions.
The Finance Ministry said in a statement that the Bank of Baroda had informed it that it had decided to withdraw the changes in light of the current Govt-related situation. Moreover, no other PSB has recently increased such fees.
The Finance Ministry said in a statement that the charges were not increased in respect of regular savings accounts, current accounts, cash loan accounts and overdraft accounts.
According to the RBI guidelines, all banks, including BSPs, are allowed to charge for their services in a fair, transparent and impartial manner.
Other BSPs have also said they do not propose raising bank fees in the future in view of the Govt-19 epidemic, the report said.
There have been several media reports that some public sector banks (BSPs) are raising service charges vertically. In this context, the Ministry of Finance has said that no service charge will apply to 60.04 crore BSPD accounts, including the accounts of 41.13 crore people opened by the poor and non-banking sections of the community for the free services recommended by the Reserve Bank.