It was reported that Bank of Baroda, Bank of India, PNB, Axis Bank, and Central Bank will be charging customers on deposit and withdrawal of money from 1st November.
In a circular issued by the Finance Ministry, it has been informed that no such charge will be levied as of now.
The circular clarified that the fee regarding deposits and withdrawals per month was already charged by the Bank of Baroda, and is not a new addition. But, the bank had decided to reduce the number of free transactions from 5 to 3 per month.
However, Bank of Baroda has informed that, in light of the current COVID-related situation, they have decided to withdraw the changes. No other Public Sector Bank has increased such charges recently.
Further, no service charge is applicable on the 60.04 crore BSBD accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society, for the free services prescribed by RBI.
