Why do banks charge cash deposit fees?

Why do banks charge cash deposit fees?

To make a profit and pay operating expenses, banks typically charge for the services they provide. When a bank lends you money, it charges interest on the loan. When you open a deposit account, such as a checking or savings account, there are fees for that as well.

What are the charges for SBI savings account?

Types of SBI Savings Account – Features & Benefits

Particulars Details
Minimum/Maximum Balance No limit
Eligibility Criteria All individuals having valid KYC documents
ATM Charges & Monthly withdrawal limit 4 free monthly cash withdrawals (SBI & other bank’s ATMs, both) Thereafter, service charges of Rs. 15 +GST

Do I get charged for depositing cash?

While there’s been a talk of banks charging customers fees for making cash deposits, none of the major banks have implemented this kind of policy to date. That means that as long as you’re making the large cash deposit into a personal checking or savings account, you won’t pay a fee for this service.

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What is a cash deposit processing fee?

Business checking and savings accounts include a specified amount of cash deposits processed monthly without a fee. Once cash deposits processed exceeds this amount, a cash deposit processing fee will apply. Fee. Fees are $0.30 per $100 cash deposits processed over the amount included with the account without a fee.

What does cash processing mean?

Cash Processing means verification of authenticity and numerical accuracy and sorting of cash; Sample 1. Save.

What is cash handling charges in SBI current account?

1. SBI Regular Current Account

SBI Regular Current Account Charges Details
Cash Deposit It is free up to Rs. 5 lakh in a month. After this, Rs. 0.75 per Rs. 1,000 + GST Subject to Rs. 50 + GST minimum and Rs. 20,000 + GST maximum