Bank of Baroda rolls back changes in cash deposits and withdrawals related charges

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Bank of Baroda on Tuesday withdrew the new changes with immediate effect.

“We refer to our circular No.HO: BR: 112:393 dated 29.09.2020 regarding revision of Cash related service charges related to basic services w.e.f 01.11.2020. In view of the current prevailing COVID-19 pandemic and its impact on the Economy, it has been decided to withdraw the above circular with immediate effect,” the public sector lender said in its latest circular.

The move comes after Ministry of Finance earlier in the day clarified about the charges and announced that no service charge is applicable on the Basic Savings Bank Deposit (BSBD) accounts including Jan Dhan accounts that are opened by the poor and unbanked segments of society.

“Regular Savings accounts, Current Accounts, Cash credit accounts & Overdraft accounts: While the charges have not been increased, Bank of Baroda had made certain changes w.e.f. 1st Nov 2020, with regard to the number of free cash deposits and withdrawals per month,” the finance ministry said in a series of tweets.

Further, no other PSB (public sector bank) has increased such charges recently, the ministry added.

“As per RBI guidelines, all banks, including PSBs, are permitted to levy charges for their services in a fair, transparent & non-discriminatory manner, other PSBs have also intimated that they do not propose to raise bank charges in the near future in view of COVID pandemic,” it said.

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