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BoB, ICICI Bank announce fees for certain cash transactions; more may follow

Many banks have been charging customers for certain cash transactions in the past as well. But, these charges have been tweaked now

November 03, 2020 / 05:01 PM IST

Some of the large commercial banks have introduced or tweaked convenience fees on certain cash transactions from November 1. Two banks - Bank of Baroda (BoB) and ICICI Bank - have made announcements that essentially say that they will now levy a fee or hike existing fees that will be charged to customers for certain type of cash transactions.

BoB has said it will levy a higher cash handling charges for cash transactions beyond certain limits - a minimum Rs 50 and a maximum Rs 20,000, the bank said on its website. Earlier, BoB, used to charge a minimum of Rs 10 and maximum of Rs 10,000 for certain kind of cash deposits.

Further, for cash deposits, beyond first three transactions a month, the bank will now charge Rs 50 per transaction. Earlier, this charge was not applicable for first five transactions. Similarly, beyond first three transactions, the bank will charge Rs 150 per transactions.

Similarly, ICICI Bank too has said it will charge a convenience fee of Rs 50 per transaction from customers for cash deposits at ATMs during non-business hours and bank holidays. Customers will be charged for every such transaction done on bank holidays and between 6:00 pm and 8:00 am on working days.