If you are a customer of Bank of Baroda then Good news is for you. This government bank has withdrawn the new rule which came into force from 1 November. Millions of customers will benefit from this decision of the bank. Giving this information, the Finance Ministry said that the Bank of Baroda has decided to withdraw the changes related to free cash deposit transactions in a bank account every month.

From November 1, 2020, the Bank of Baroda made some changes in the number of free cash deposits and withdrawals every month. The bank had reduced five-five free deposit and withdrawal transactions every month to three. However, the bank did not make any change in fees for transactions exceeding the number of free transactions. According to the Reserve Bank's guidelines, any public sector bank is allowed to levy fees for its service in a fair, transparent and impartial manner. Banks can levy these charges on a cost basis.

The Finance Ministry said that along with Bank of Baroda, other public sector banks have also reported that they have no intention of increasing the charges in the near future in view of the Corona epidemic. Regarding Basic Savings Bank Deposit (BSBD) accounts, the ministry said that no service charges are applicable on 60.04 crore accounts of this type. These include 41.13 crore Jan Dhan accounts. The meaning of BSBD account is that it does not require the customer to keep the minimum or average monthly balance. Banks have different qualifications for these accounts according to age and income.

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