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Watch Out For The Hidden Bank Charges You Are Paying Now

Watch out for the hidden bank charges like atm charges, debit card service charges,mobile banking charges you may already paying without even realizing.

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Life has become more convenient with the new age banking and its tools. But this convenience comes with a lot costs in terms of hidden charges. For using ATMs to depositing cash banks are charging customers for various reasons. Banks quietly impose charges for many facilities they offer.

 

Here is a list of most common hidden charges you may already be paying without even realising.

Minimum Balance Charges

Minimum Balance Charges

All banks require a minimum balance in both savings and current accounts. Most of the public sector banks have very small minimum balance requirement, private banks require an average minimum quarterly or average minimum monthly balance ranging from Rs 2,500 to Rs 10,000 or more which must be maintained by the account holder.

If the bank account holder failed to maintain minimum monthly balance or minimum quarterly balance, banks charge users a fine ranging from Rs. 250 - 750 per quarter. It depends on the bank and the balance to be maintained.

 

 ATM Charges
 

ATM Charges

Banks offer a fixed number of free monthly ATM transaction and other transactions including from the ATM of the same bank or another bank is charged. Recently due to demonetization, banks waived off levy of ATM charges for all transactions by savings bank customers done at their own banks' ATMs as well as at other banks' ATMs, irrespective of the number of transactions during the month.

NEFT or RTGS Charges

NEFT or RTGS Charges

There is a service charge for allowing online money transfer facilities like NTFS and RTGS transactions. All banks charge a service fee ranging from Rs. 5 to Rs. 25 for every online fund's transfer transaction. The charge will be different according to the amount transferred using net banking.

Debit Card Fee/Charges

Debit Card Fee/Charges

Now all banks offer debit cards for almost all their account holders. Many banks charge customers for the debit cards issued to them. State Bank of India (SBI) takes a one-time charge of Rs100 and Rs 306 for its Gold and Platinum debit cards, which come with higher daily ATM cash withdrawal and shopping limits and some additional features. Some Private banks are not charging for debit cards. Service tax is also applicable over and above the annual fee for the debit card.

Cheque Book

Cheque Book

For issuing a new cheque book majority of the banks charges their customers.  New cheque book request carries a charge of Rs. 100 depending on the bank you are contacting with. Considering that there are 50 leaves in one cheque book on an average, each cheque leaf costs the customer Rs. 2 per head. For higher account category customers there is no charge the cheque book facility is unlimited.

Cheque Bouncing Charges

Cheque Bouncing Charges

A cheque can be bounced due to many issues. Cheque bouncing due to insufficient cash  and many other reasons carries a penalty. The penalty may range  from Rs 150 to Rs 200 depending on the bank and type of account you have.

SMS Alerts

SMS Alerts

Today most of the people are opting for mobile banking and SMS alerts. While making any transactions customers will get SMS alerts.
Almost all banks  have started charging customers for mobile banking as well as for SMS alerts. Banks such as SBI and PNB are charging Rs 15 per quarter for SMS alert services. All  email alerts are continues to be free while those sent on a phone as a text alert are charged.

Limited cash transactions

Limited cash transactions

Further, cash withdrawals and deposits at a bank branch also come with a charge, beyond your free transaction limit.  The banks are offering a maximum limit on the number of cash deposits and withdrawals. In case the customer exceeds the maximum limit the bank levies extra charges for this.

Other Service Charges

Other Service Charges

Some of the private banks are charging customers for other services like photo attestation, signature verification, request for bank statement etc.

<strong>8 Transactions ATMs Can Do Which You May Not Have Known</strong>8 Transactions ATMs Can Do Which You May Not Have Known

Read more about: atm bank charge debit card account cheque
Story first published: Tuesday, December 6, 2016, 11:54 [IST]
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