From transaction to minimum balance, these new rules of the bank will be applicable from 1st August: Know otherwise you will run away
The state of the banking industry has deteriorated due to Corona. Even the former RBI governor has predicted an increase in NPAs in the next six months. As a result, banks have now made some changes in the rules for monetization to maintain the cash balance. Banks have announced charges on minimum balances from August 1. In addition, after 3 transactions from August 1, you have to pay the bank for each transaction.
The bank is enforcing the new rule
The charge will be effective from August 1 in Bank of Maharashtra, Axis Bank, Kotak Mahindra Bank and RBL Bank. Let us tell you in detail what rules this bank is changing.
1 Bank of Maharashtra
Bank of Maharashtra customers are required to keep a minimum of Rs 2,000 in their account in metro and urban areas. If this does not happen, a penalty charge of Rs 75 per month in urban areas, Rs 50 per month in semi-urban areas and Rs 20 per month in rural areas will be levied. Similarly, after three free transactions in a month, up to Rs 100 will be charged on deposits and withdrawals.
2 Kotak Mahindra bank
The rules have also changed at Kotak Bank and like BOM, you have to pay a fee after three transactions. You will have to pay a penalty for not maintaining a minimum balance or for any payment to fail. If the transaction fails, you will have to pay Rs. 25 and Rs. 8 each time you withdraw cash after withdrawing Rs. 5 from debit card-credit card.
customers will now have to pay Rs 25 per transaction on ECS transactions. In addition, the bank has decided to levy a handling charge of Rs 10/20 and Rs 100 per bundle on Rs 50 bundle.