RETAIL BANKING | Staff Reporter, India

Indian Banks' Association slams rumours of junking free services

This is after banks were rumoured to end free services from January 20.

Indian Banks’ Association (IBA) released a statement dismissing the rumours that Indian banks will withdraw free services after January 20, 2018. They reveal that ‘there is neither a move by banks for a blanket removal of free services nor such a thing is being contemplated.’

The rumours were circulating on social media at the start of the year, yet IBA was quick to clear them. According to their statement, “It is clarified that these are baseless and false information.”

IBA specified that cash withdrawal of a maximum of Rs 50,000 will be allowed only to account holders by self-cheque and there will be charge of Rs 10 per transaction, which will be auto-debited. Withdrawals of up to Rs 10,000, allowed to third-party account holder by cheque, will be charged Rs 10, whilst cheque deposits will have a charge of Rs 10 plus speed clearing charges.

However, they also mentioned that ‘Banks are looking at commercial and operational costs and would constantly examine and revise charges as the case may be.’

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