Cash deposits in Canara Bank account of up to Rs. 50,000 are free for 3 transactions in a month, and then there will be a service charge of ₹1 per thousand, with a minimum of ₹50 and a maximum of ₹5,000-plus GST. This will be effective from July 1.
The bank, however, gives five free cash withdrawals for saving banks (SB) accounts. However, senior citizen and Jan Dhan holders are exempt from the new levy.
This move coincides with transaction charges on National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) being waived off complying with RBI guidelines from July 1. SBI charges Rs 5 for the fifth withdrawal and Rs 50 as charges for the fourth cash deposit and thereafter.