Ministry of Finance has issued a “factual position in which government has announced that no extra charges will be levied by the PSBs due to the COVID-19 pandemic. However, private banks are free to charge extra money for the transactions conducted with them.
As per the statement issued by the Ministry of Finance, “No service charge is applicable on the 60.04 crore Basic Savings Bank Deposit accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society, for the free services prescribed by RBI.”
The statement also says, “Regular Savings accounts, Current Accounts, Cash credit accounts & Overdraft accounts: In this regard, while the charges have not been increased, Bank of Baroda had made certain changes w.e.f. 1st November, 2020, with regard to the number of free cash deposits and withdrawals per month…….Read More>>