BANK RULES 2020
Hey everyone now let’s understand what is this rule all about and why has government taken this step? and will it be beneficial to you or not? Let’s find out.
What is this rule?
So, at the very beginning all you need to know is the banks will charge a fee on your deposits and withdrawal if it exceeds the limit of three transactions. In other words if you withdraw more than three times or deposit money in the bank( does not include online transfer which is NEFT, IMPS,etc.) for more than three times or exceeds the limit given by the bank they will charge you some amount fee on every further transactions you will do.
Now I’ll explain you this in brief for each account holder:-
- For Current/ CC/ Overdraft accounts holders:-
- Depositing ₹1,00,000/- will not cost you any transaction fee.
- If you deposit more than ₹1,00,000/- then they will charge one rupee on minimum ₹1000/- transaction and if it’s more than that you will be charged minimum ₹50/- and maximum ₹20,000/- on your further transactions.
- If you withdraw three times in a month no transaction fee will be charged.
- Now if you exceed the limit or the number of times you withdraw(whichever is earlier) you will be charged ₹150/- on each transactions there after.
- For Saving account holders:-
- Depositing for three times will not cost you any transaction fee.
- Now if you deposit more than three times(irrespective of amount) you will be charged ₹40/- for each.
- If you withdraw three times in a month no transaction fee will be charged.
- Again if you withdraw more than three times in a month you will be charged ₹100/- for each transaction you will be making .
- There is no exemption for the senior citizens, which means all the above rule is for them too.
NOTE:-
- Several banks like:- Bank of India, PNB, Axis Bank and Central Bank are also thinking to adopt the new rule, but haven’t yet given any statement on it.
- On the other side, Jan Dhan account holders are free from this rule.They will not have to pay any fee on deposit as banks will not apply any charges to them.
Some other banks rules you must know :-
- ICICI BANK
- The bank will charge it’s customers on non business days or holidays for withdrawal. A fixed amount of ₹50/- will be charged for each transaction on the bank holidays and between 6:00 pm and 8:00 am on working days.
- AXIS BANK
- This bank has already started charging earlier this year. They charge ₹50/- per deposit transaction and also after banking hours and on national and State bank holidays.
Now the main question why? Why has government taken this step which is nowhere benefiting the citizens of the country? Well it’s bit tough to understand what the government is trying do. So let’s understand what they want us to know.
- Let me explain you this point by point:-
- Firstly, the government is trying to promote digital payments which here means the government is focusing on digitalization of the liquid money.
- Now with this it’s easy to track and analyse the payments done by the both the party (seller an buyer). Here a grid of transaction is formed in a systematic format.
- This helps government to track income tax as everything is in data format and in records.
- As of now their main focus is make people withdraw less liquid money and to make everything on online for transactions (here liquid money means the cash you carry in your hand).
- For the companies earning more than ₹50 crores annually will have to make digital payments compulsory for every transactions they do and will have to keep the records clear.
- It’s also been said that by this burglary would also come an end.
Well you may have changed your perspective towards the rule because of the above points, Right? But now let’s see what we have missed out in the above points:-
- The government has ignored the aspect that most of the labour class don’t have the access or haven’t created a bank account. So it’s a big problem for them(here I have mentioned most labours not all).
- People living in a metropolitan city or any developing area won’t face much problem but for the people living in village or remote areas they may face a big time problem with this new rule.
- Now for the Business entities for example Builders, Restaurant owners, Industrialist, etc. they hire labours on wages basis and most of them get cash in hand but due to this rule it would cause a serious loss to the business owners thus giving out wages will be difficult.
- Or they can help the labours to create a bank account for themselves but for now it’s of course difficult for both of them as one has to help making other’s account and other has to understand how to make and accept payments.
So at last let me tell you what I personally feel about this rule:-
I think the rule is perfect for the future and would make it easy for the income tax officials to track down transactions and analyse tax. But we also know that our internet speed and capability ranks 131 out of 138 countries, which makes me think that even if we all go digital will we be able to do our transactions with ease as we know we are averaged at 12.07 Mbps. As of now I think It’s a bit early for us to go fully digital as we have loops and gaps to cover up before going this far. So at the end the one thing that satisfies me the most about this rule is it will create a hard time for the black money holders as per the depositing rules and digitalization of money and also government should think about the people who are still reluctant to create an account or trust online payments.
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I think this is one of the most detailed and original take on the bank rules.. I came to know about many new things which I didn’t know. Keep sharing such useful articles…