New banking rules have become applicable with effect from November 1, 2020, and these could weigh heavily on the consumer's pocket. Customers in some banks will now have to pay fees for deposit and withdrawal of money from banks. As per reports, Bank of Baroda (BOB) will start charging its customers for transactions beyond the prescribed limits.

BoB has set separate fees for current account, cash credit limit and deposit withdrawal from overdraft account and deposit withdrawal from savings account. Names of other banks like Bank of India, PNB, Axis Bank and Central Bank are also emerging in reports, but they are yet to take a final call on the matter.