Charge Cancellation

The National Development and Reform Commission (NDRC) announced on July 10 that the country’s lenders will cancel or suspend charges on some financial services to support the development of the real economy.

The move will reduce the financial burden on bank clients by 6.1 billion yuan ($897.7 million) each year, the NDRC estimated.

Starting from August 1, commercial banks will no longer collect commission fees on individuals’ inter-city cash withdrawals from accounts held at the same bank, the NDRC said in a statement.

Six types of charges on cashier’s checks and bank drafts will be suspended, according to the NDRC.

It said lenders should also waive account management fees and annual fees for clients who have only one account at a single bank.