Israeli bank fees are 70 percent higher than those in the developed world, a parliamentary committee probing bank fees wrote in a report handed in on Monday.

In the report, the panel recommended to set ceilings on what banks can charge their customers for their services.

It also suggested to exempt customers whose checking accounts were above a certain limit from paying fees.

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The Knesset Finance Committee will convene on Tuesday to discuss the findings, after which panel members are expected to sign the report.

A proposed law limiting bank fees will be presented to the Knesset in the future.

The committee was created because of public outcry over a co-ordinated hike in bank move by Bank Leumi, Bank Hapoalim and Bank Discount last year, who raised their fees by a considerable amount.