Ministry of Finance

Ministry of Finance

03-11-2020

09:47

There have been several media reports alluding to steep increase in service charges by certain Public Sector Banks (PSBs). (1/5) Please read more for the factual position in this context ➡️ @nsitharamanoffc @Anurag_Office @PIB_India @DFS_India

➡️Basic Savings Bank Deposit (BSBD) accounts including Jan Dhan accounts - 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 RBI. (2/5)

➡️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. (3/5)

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. (4/5)

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.(5/5)


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