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  1. Bank of India to charge for some services which were earlier free

Bank of India to charge for some services which were earlier free

Bank on India is going to make some of their services chargeable from 20th January, 2018, which were earlier free.

By: | New Delhi | Updated: January 12, 2018 4:05 PM
Banks, SBI, Bank of India, passbook Earlier, you didn’t have to pay anything to the bank for getting an interest certificate. However, soon you will have to pay Rs 50 per certificate. (Representative Image)

For some time now, one news was dominating in a section of the media concerning the fact that all bank services will be made chargeable from 20th January, 2018. However, Rajeev Kumar, Secretary, Department of Financial Services, Ministry of Finance, sought to allay concerns and tweeted recently that “No proposal by Banks to discontinue free services from 20th January. Pure Rumours. Pl Ignore, advises Indian Banking Association clarifying that rumours in section of social media are baseless and no such blanket removal.” The Indian Banks Association also issued a clarification to this effect.

However, on the same day of the government clarification, we came across a document put out by Bank of India on their site, which showed details of their plans regarding making some services chargeable from 20.01.2018, which were earlier free. For instance, till now you were not required to pay anything to the bank for making a request for change in your communication address or for updation of your mobile number. However, 20th January 2018 onwards you will have to pay Rs 25 for every such request. Similarly, the bank was not charging anything for making a request for a duplicate passbook/FDR receipt. However, starting from 20th January you will have to shell out Rs 50 per request.

Earlier, you didn’t have to pay anything to the bank for getting an interest certificate. However, now you will have to pay Rs 50 per certificate. You will also have to pay Rs 25 for every request for updation of KYC-related documents. In fact, from cash withdrawal to cash deposit, you are required to pay for most of the things now.

Here is a list of some of the proposed charges by BoI for services which were earlier free (Applicable from 20.01.2018):

Present Activity Present Charge Proposed Activity Proposed Charge
Cash withdrawal up to maximum Rs.50,000/- allowed only to account holder by self-cheque No charges 1.Cash withdrawal up to maximum Rs.50,000/- allowed only to account holder by self-cheque.
2.Cash withdrawal up to maximum Rs.10,000/- allowed to 3rd party
holder by cheque.
Rs 10 per transaction (auto debit)
Cash deposit of any amount. No charges Cash deposit of maximum Rs.2 lakh per day in CD/CC/OD & any amount in SB [as in SBI] 1. For SB Upto Rs. 50,000 per day free. For amount in excess of Rs. 50000/-, Rs.2.50 per thousand or
part thereof .Minimum Rs. 50/-.
2. For CA/CC/OD/Others Rs.25000
per day free. For amount in excess of Rs. 25000/-, Rs.2.50 for every thousand rupees or part thereof. Minimum Rs. 50/-
Passbook updation of transaction entries. No charges Passbook updation of transaction entries. Rs.10/- per updation (auto debit)
Providing statement of balance to account holder No charges Providing statement of balance to account holder. Rs.25/- per statement (auto debit).
Cheque book request by customers No charges Cheque book request by customers Rs.25/- per request (auto debit).
Customer request for fund transfer via NEFT, RTGS, etc. No charges Customer request for fund transfer via NEFT, RTGS, etc. 1. Rs.25 per request for amount upto Rs. 2.00 lacs.
2. Rs.50 for amount above Rs.2.00 lacs (auto debit).
Customer request for interest certificate No charges Customer request for interest certificate Rs.50/- per certificate
Customer request for change of communication address and updation/ change of mobile no. No charges Customer request for change of communication address and updation/ change of mobile no. Rs.25/- per request
Customer request for updation of KYC related documents. No charges Customer request for updation of KYC related documents. Rs.25/- per request

Being one of India’s largest banks, this move creates concerns of other large banks following the example and charging for services that have so far been free.

(This story was earlier published with the headline ‘Soon, pay for each and every banking transaction, even for passbook updates, address changes’)

 

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  1. Shiv Sharma Dadhich
    Jan 20, 2018 at 5:20 pm
    ab to yhi trika h no bank jana.. no bank charges lgana..
    Reply
    1. A
      Arav
      Jan 13, 2018 at 11:06 am
      This shows the indecisive and debility of Indian government.
      Reply
      1. Luntin Sat Kipgen
        Jan 12, 2018 at 3:27 pm
        A pick pocket is caught for pick pocketing from a man but the government permits banks to pick pocket from all the citizens. What a mockery law...
        Reply
        1. B
          Balaji
          Jan 12, 2018 at 1:16 pm
          Oh! It indicates that the Bank of India has become a looting en y with the approval of RBI and Finance Ministry. Instead of keeping silent over these developments, it is high time for the Govt. to close down such a looting bank from the operation and spare from the citizen from exploitation.
          Reply
          1. Neha Pandey
            Jan 11, 2018 at 11:55 pm
            Omg loot macha rkhi h ye to
            Reply
            1. A
              A.Chandran...
              Jan 11, 2018 at 9:35 pm
              When already many of the commonmen old aged Seniour cityzens are fed up with the various charges being levied by many banks for handling or depositing their hard earned money in the banks, charging too much for each every items can not be considered as services to the common customers!Squeezing more more money in the name of sevice charges reducing the interest for the deposits poor peoples are making in the banks are much desperated now a days as there is neither ry nor pension also to many of the poor customers of the banks.Though ATM service started free of charge ,now a days the annual charge collecting for ATM also is too much.Hence proposal for imposing any additional charges for any sevices in the banks will be unbearable to ordinary customers of the banks,hence such proposal may be cancelled once for all!!
              Reply
              1. P
                Pandit
                Jan 11, 2018 at 3:11 pm
                This is ridiculous and definitely it will affect on economy because people will avoid to keep money in bank account. This is insane move of government.
                Reply
                1. S
                  Santosh
                  Jan 11, 2018 at 12:05 pm
                  no comments as of now.
                  Reply
                  1. Prasenjit Biswas
                    Jan 11, 2018 at 9:44 am
                    Pickpoket's acchedin.
                    Reply
                    1. M
                      Mohan
                      Jan 11, 2018 at 9:25 am
                      Mallaya transaction tax is here!!! Lets all protest and make this viral, even if they say Jan Dhan accounts, Basic accounts are barred, lets not sit quite. Banking association is a spineless, defunct org. One by one SBI onwards everybody will be imposing the mallya transaction tax Lets all open a savings account in post office near our houses and close all our banking accounts other than pension etc... lets see how the banks will function then huh??
                      Reply
                      1. I
                        Irfan aghadi
                        Jan 11, 2018 at 7:29 am
                        I have an account in BOI. They even charge for RTGS. Then how do u expect digital india
                        Reply
                        1. P
                          Prakash Mutgi
                          Jan 11, 2018 at 5:21 am
                          Shameless Government. Instead of targeting the Rich and the famous they are targeting the poor and the middle class. Achhe Din. Kya huva tera wada
                          Reply
                          1. JAY MEHTA
                            Jan 11, 2018 at 2:20 am
                            No issue if bank charge us for those service no issue but after paying we want best service n very fast service n if u bank are not able to provide us such service than pls refund ur money with interest.
                            Reply
                            1. Edward Nixon
                              Jan 11, 2018 at 5:03 pm
                              OMG "who let the dogs out" Bow wow
                              Reply
                            2. R
                              Ramesh Rao Neramballi
                              Jan 11, 2018 at 1:20 am
                              Some people wondered why so much delay for Acche din.sabar karo 😀aanewala hai mitro
                              Reply
                              1. R
                                Ramesh Rao Neramballi
                                Jan 10, 2018 at 11:14 pm
                                Every one was wondering why there's so much of delay for"Acche din"'
                                Reply
                                1. V
                                  V.Srinivasa reddy
                                  Jan 10, 2018 at 10:35 pm
                                  Long live Mr Modiji and Jaitely ji. Tax those who dare to live. When all the resources exhausted , power is enough to rule and to satisfy yourself.
                                  Reply
                                  1. A
                                    Amit Tyagi
                                    Jan 10, 2018 at 7:18 pm
                                    I would like to brief the writer of the post that such charges are applicable only when customer is getting his job done from non- Home Branch i.e not the Branch where he/she maintains his/her account
                                    Reply
                                    1. Jaskaran Singh
                                      Jan 10, 2018 at 10:20 pm
                                      u, u chaddis
                                      Reply
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