Charges on savings bank accounts

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Charges on savings bank accounts

Reserve Bank of India’s Master Circular on Customer Service in Banks provides that the policy on penal charges to be levied for non-maintenance of minimum balance in savings bank accounts may be decided with the approval of the Board of the bank concerned. Banks levy panel charges on non-maintenance of minimum balance in savings bank account in terms of the said Master Circular.

Details of charges levied on deposit of cash in savings bank accounts at bank branches of public sector banks is given below in the table.

Bank Charge on deposit of cash in savings bank account at bank branch
Allahabad Bank No charges.
Andhra Bank No charges.
Bank of Baroda Home branch: no charges.
Non-home branch: For cash deposit up to Rs. 30,000 per day per account, there is no charge. Thereafter, in excess of Rs. 30,000, service charge is Rs. 2.50 per thousand or part thereof.
Bank of India No charges.
Bank of Maharashtra No charges.
Canara Bank No charges.
Central Bank of India No charges.
Corporation Bank No charges.
Dena Bank No charges.
IDBI Bank In metro/urban locations, there is no charge up to 5 transactions per month. In semi- urban locations, there is no charge up to 7 transactions per month. In rural locations, there is no charge up to 10 transactions. Thereafter, there is a charge of Rs. 2.50 per Rs. 1000, subject to a minimum of Rs. 25 and a maximum of  Rs 10,000).
Indian Bank No charges.
Indian Overseas Bank No charges.
Oriental Bank of Commerce No charges.
Punjab & Sind Bank No charges.
Punjab National Bank No charges at home branch.
Cash deposit at all branches within same clearing centre and city (other than at home branch) : There are no charges up to Rs. 25,000 per day. Above Rs. 25,000, there is a charge of Rs. 1 per Rs. 1,000 or part thereof, with a minimum of Rs. 25 per transaction.
Cash deposit at outstation non-home branches (other than same clearing centre/city): There are no charges up to Rs. 25,000 per day.  Above Rs. 25,000, there is a charge of Rs. 2 per Rs. 1,000 or part thereof, with a minimum of Rs. 25 per transaction.
State Bank of India Up to 3 transactions per month in branch, there is no charge, and there is a charge Rs. 50 per deposit thereafter. There is no charge for deposit at Cash Deposit Machines.
Syndicate Bank No charges.
UCO Bank No charges.
Union Bank of India No charges at home branch. Above Rs. 50,000 per day at non-home branch Rs. 1 per thousand, subject to a minimum Rs. 10 and a maximum of Rs. 11,500.
United Bank of India No charges.
Vijaya Bank No charges.

Source: Public Sector Banks

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