Bank of Baroda’s new branch in Behala
Bank of Baroda has opened a new branch in Shakuntala Park on the auspicious occasion of Bank’s 117th Foundation Day, reaffirming its commitment to customer service and accessibility.
The finance ministry today said that there has been no increase in service charges by any public sector bank and even Bank of Baroda decided to withdraw changes made with regard to the number of free cash deposit transactions in a bank account per month. It also said that Bank of Baroda has since informed that in the light of the current Covid related situation, they have decided to withdraw the changes.
Further, no other PSB has increased such charges recently.
“While the charges have not been increased, Bank of Baroda had made certain changes w.e.f. 1 November 2020, with regard to the number of free cash deposits and withdrawals per month. The number of free cash deposits and withdrawals have been reduced from 5 each per month to 3 each per month, with no change in the charges for transactions in excess of these free transactions,” reads the Press release.
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On basic savings bank deposit (BSBD) accounts, including Jan Dhan accounts, the government informed that 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 the Reserve Bank of India.
“Although, as per RBI guidelines, all banks, including public sector banks (PSBs), are permitted to levy charges for their services in a fair, transparent and nondiscriminatory manner, based upon costs involved, other PSBs have also intimated that they do not propose to raise bank charges in the near future in view of the Covid pandemic,” reads the Press release.
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