Some of the banks are mulling over the proposal to levy charges for each and every banking transaction or service request made with them. Until now, banks charge for non-maintenance of stipulated minimum account balance in the savings account, mobile banking services, withdrawal of cash from ATM or for making digital payments.

But few of the services including issuance of a duplicate bank account passbook or FD receipt, request for updation of address or mobile number in the bank records can be availed for free. But henceforth you can expect charges on these services too.

In fact to your surprise, some banks have already begun with the process and Bank of India with effect from January 20, 2018 will charge for such services. For instance, if you make a request for the issuance of a duplicate passbook or FD you will be charged Rs. 50 per transaction and for asking the bank to update your communication address or mobile number, the bank will charge a sum of Rs. 25 for each such service request.

For getting an interest certificate also you will be charged a fee of Rs. 50 for each such certificate issued by the bank.

So, after BoI implements these charges, other banks may follow suit in the near future.

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