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Monday, July 20, 2020

What is the minimum balance required to be maintained in these banks from August? How much will the charge be on deposit and withdrawal? Learn the details

News:- From August 1, some banks in the country are going to change the rules of transaction. Which will have a direct effect on you. Axis Bank, Bank of Maharashtra, Kotak Mahindra Bank, RBL Bank will change the rules of transaction from August. While some banks will also charge for withdrawals and deposits, the minimum balance is also set to increase.
Axis Bank customers will have to pay Rs 25 per ECS transaction. There was no charge before. Charge has also been introduced for access to lockers above a certain limit. The bank will also charge a cash handling fee of Rs 100 per bundle. Kotak Mahindra Bank Savings and Corporate Salary Account holders will have to pay a debit card-ATM charge of Rs 20 per cash withdrawal after five free transactions per month.

Bank of Maharashtra savings account holders living in metro and urban areas will now have to maintain a minimum balance in their account. The bank has increased it in these areas to Rs 2,000 now. Till now 1500 rupees were left in the account. If the balance in the account is less than this, a penalty of Rs 75 will be levied in metro and urban areas. A penalty of Rs 50 will be levied on branches in semi-urban areas and Rs 20 in rural branches.

Thus Rs 8.5 will be charged for non-financial transactions. In case of insufficient balance, a fee of Rs. 25 will be charged for the field transaction at the merchant outlet or website or ATM. Kotak Mahindra Bank will take a penalty for not maintaining the minimum balance. Which will depend on the category of the account. Apart from that, a withdrawal fee of Rs 100 per transaction will be levied after every four transactions.

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