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Canara Bank to charge in case of more than 3 deposits in account in a month
Posted on: 20/Jun/2019 11:06:44 AM
Until recent times, the norm was that charges were taken when withdrawing money more frequently. However, a new trend is introduced when charges will be levied even for depositing money in the bank account!
Canara Bank has informed that in case of more than 3 deposits in the account in a month, a service charge would be collected.
It is gathered that the bank administration has taken this decision to reduce the cash transactions. Thus, the account holder will be able to deposit money in the account only 3 times in a month without any service charges. This has sent a shock wave among the customers.
As per the announcement made by Canara Bank, free deposit of money up to Rs. 50000 can be made only 3 times in account commencing from July. When the number of deposits increases more than 3 times, a service charge of Re. 1 will be collected for every Rs. 1000.
Further, Canara bank announced that this service charge will be in the range of minimum Rs. 50 to Rs. 5000 and GST also have to be paid for this.
It has been explained by the bank administration that this new initiative has been taken mainly in order to encourage cash transactions and also discourage direct cash transactions.
