BANK CONTINUED TO DEDUCTING DIFFERENT CHARGES DIRECTLY
1. Non Maintenance of Monthly/Quarterly Average Balance:
Almost all banks insist on maintaining monthly/quarterly average balance. In case you fail to do so, banks can charge anywhere from Rs 200 to 500 per instance
2. Bank Branch Visits:
Most banks discourage customers to visit their branches as branch transaction is much more expensive for banks as compared to ATM or internet banking. So banks charge anywhere between Rs 50 to 200 for transactions in branch. This charge may vary based on transaction (cash Vs non-cash) and the type of savings account you have.
3. Money Transfer charges:
Transferring money online has brought lot of convince and is widely used. But even this is not free. If you use RTGS or NEFT to transfer funds from one bank to other, banks charge between Rs 5 to Rs 25 for each transaction.
4. Debit Card Annual Fee:
The annual fee for debit card varies from Rs 100 to 500 depending on the card. Banks also charge in case you request add on cards for family members.
5. ATM Usage:
With the new RBI notification banks are allowed to charge customers for more than 5 usages of ATMs in a month. The charges can vary from Rs 8 to 20 depending on the type of transaction.
6. Email/SMS alerts:
Banks charge around Rs 15 per quarter for SMS alerts. This was started as an essential security feature but banks have started making money out of it.
7. Bank Statements:
Request beyond fixed annual, quarterly or monthly account statements entails charge. This may vary from Rs 50 to 200.
8. Cheque Bounce:
Banks charge whenever the cheque bounces. In most cases the charge is levied on both – one who had issued the cheque and the person who had submitted the cheque. This may vary from Rs 100 to Rs 500 per instance.
9. Stop Payment Request:
In case you instruct the bank not to pay an already issued cheque, banks may charge Rs 50 to Rs 100 for this. HDFC bank charges Rs 50 for stopping single cheque and Rs 100 for series of cheques.
10. Additional Cheque Book Request:
Generally a fixed number of cheque books are free every quarter, anything above that is chargeable. For instance ICICI bank gives 30 cheque books free every quarter. Thereafter every book costs Rs 30.
11. Standing Instructions:
Standing instruction is a good thing for paying regular monthly bills. But some banks charge one time fee for setting up standing instruction and recurring fee for processing it every time. SBI charges onetime fee of Rs 50 for standing instruction setup. A failed standing instruction can set you back by Rs 225.
12. Debit/ATM card Replacement Fee:
Most banks charge a fee to replace your lost or broken ATM cum Debit card. This fee varies from Rs 100 to 500.
13. Reset Password/PIN number:
You forgot your ATM card PIN number of Net banking Password, be ready to shell out some fee to the bank to reset these. For instance HDFC bank charges Rs 50 plus taxes for PIN reset.
14. Debit Card decline due to insufficient funds:
If you swiped your debit card but there was insufficient fund in the account, banks would charge you for that. For e.g. ICICI bank charges Rs 28.09 per swipe for decline due to insufficient funds.
15. Redeem Reward Points:
Most banks offer reward points for using their Net banking or Debit cards. This is a way to keep customers engaged and keep them spending through their cards. But when you try to redeem those earned reward points you may be charged even for that. ICICI bank rewards are associated with Payback and they charge Rs 99 plus tax on any catalogue based redemption and Rs 25 plus tax for any online or in-store redemption made by the customer.
16. Attest Photo, Signature or Address:
Many a time customers require banks to attest their photos, signature or address. SBI charges Rs 150 for signature verification.
17. Balance Certificate:
Banks may charge from Rs 100 to 500 to issue balance certificate.
18. Interest certificate:
Generally the first copy is free but for each additional copy you may be charged anywhere between Rs 50 to 250.
19. Closing Bank Account:
Many banks charge you “Account closure fee” in case you close your account too soon. For e.g. ICICI bank charges Rs 500 for closing accounts if it’s within 1 month to 1 year of account opening.
20. Transfer of accounts:
Want to transfer your account from one branch to other, SBI charges Rs 100 per instance.
21. International Usage of Debit Card:
In case you use debit card to withdraw money at foreign location, be ready to shell out fee amount at ATM. For e.g. HDFC bank charges Rs. 15 per balance enquiry & Rs. 110 per cash withdrawal (plus taxes). Also there is a mark-up of 3.5% on foreign currency transactions carried out on Debit Cards.
22. Returned Courier due to wrong address:
SBI charges Rs 100 if you ATM card/ KIT returned by courier due to wrong address. more
Almost all banks insist on maintaining monthly/quarterly average balance. In case you fail to do so, banks can charge anywhere from Rs 200 to 500 per instance
2. Bank Branch Visits:
Most banks discourage customers to visit their branches as branch transaction is much more expensive for banks as compared to ATM or internet banking. So banks charge anywhere between Rs 50 to 200 for transactions in branch. This charge may vary based on transaction (cash Vs non-cash) and the type of savings account you have.
3. Money Transfer charges:
Transferring money online has brought lot of convince and is widely used. But even this is not free. If you use RTGS or NEFT to transfer funds from one bank to other, banks charge between Rs 5 to Rs 25 for each transaction.
4. Debit Card Annual Fee:
The annual fee for debit card varies from Rs 100 to 500 depending on the card. Banks also charge in case you request add on cards for family members.
5. ATM Usage:
With the new RBI notification banks are allowed to charge customers for more than 5 usages of ATMs in a month. The charges can vary from Rs 8 to 20 depending on the type of transaction.
6. Email/SMS alerts:
Banks charge around Rs 15 per quarter for SMS alerts. This was started as an essential security feature but banks have started making money out of it.
7. Bank Statements:
Request beyond fixed annual, quarterly or monthly account statements entails charge. This may vary from Rs 50 to 200.
8. Cheque Bounce:
Banks charge whenever the cheque bounces. In most cases the charge is levied on both – one who had issued the cheque and the person who had submitted the cheque. This may vary from Rs 100 to Rs 500 per instance.
9. Stop Payment Request:
In case you instruct the bank not to pay an already issued cheque, banks may charge Rs 50 to Rs 100 for this. HDFC bank charges Rs 50 for stopping single cheque and Rs 100 for series of cheques.
10. Additional Cheque Book Request:
Generally a fixed number of cheque books are free every quarter, anything above that is chargeable. For instance ICICI bank gives 30 cheque books free every quarter. Thereafter every book costs Rs 30.
11. Standing Instructions:
Standing instruction is a good thing for paying regular monthly bills. But some banks charge one time fee for setting up standing instruction and recurring fee for processing it every time. SBI charges onetime fee of Rs 50 for standing instruction setup. A failed standing instruction can set you back by Rs 225.
12. Debit/ATM card Replacement Fee:
Most banks charge a fee to replace your lost or broken ATM cum Debit card. This fee varies from Rs 100 to 500.
13. Reset Password/PIN number:
You forgot your ATM card PIN number of Net banking Password, be ready to shell out some fee to the bank to reset these. For instance HDFC bank charges Rs 50 plus taxes for PIN reset.
14. Debit Card decline due to insufficient funds:
If you swiped your debit card but there was insufficient fund in the account, banks would charge you for that. For e.g. ICICI bank charges Rs 28.09 per swipe for decline due to insufficient funds.
15. Redeem Reward Points:
Most banks offer reward points for using their Net banking or Debit cards. This is a way to keep customers engaged and keep them spending through their cards. But when you try to redeem those earned reward points you may be charged even for that. ICICI bank rewards are associated with Payback and they charge Rs 99 plus tax on any catalogue based redemption and Rs 25 plus tax for any online or in-store redemption made by the customer.
16. Attest Photo, Signature or Address:
Many a time customers require banks to attest their photos, signature or address. SBI charges Rs 150 for signature verification.
17. Balance Certificate:
Banks may charge from Rs 100 to 500 to issue balance certificate.
18. Interest certificate:
Generally the first copy is free but for each additional copy you may be charged anywhere between Rs 50 to 250.
19. Closing Bank Account:
Many banks charge you “Account closure fee” in case you close your account too soon. For e.g. ICICI bank charges Rs 500 for closing accounts if it’s within 1 month to 1 year of account opening.
20. Transfer of accounts:
Want to transfer your account from one branch to other, SBI charges Rs 100 per instance.
21. International Usage of Debit Card:
In case you use debit card to withdraw money at foreign location, be ready to shell out fee amount at ATM. For e.g. HDFC bank charges Rs. 15 per balance enquiry & Rs. 110 per cash withdrawal (plus taxes). Also there is a mark-up of 3.5% on foreign currency transactions carried out on Debit Cards.
22. Returned Courier due to wrong address:
SBI charges Rs 100 if you ATM card/ KIT returned by courier due to wrong address. more
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Oct 31
Banks should at least intimate the clients before deducting the unforeseen charges. Now most of accounts are upgraded and SMS facility adapted by the clients. Bankers view their profits only and not efficient service provided to the clients. Hardly sixty percent clients are active and agile to safeguard their accounts and having sufficient knowledge. more
Jun 04
never close bank account leave it like that. If you have unused cheques to return at the time of closing your account for those cheques also charged. A day will come we do not go to bank at all more
Jun 04
BANKING IS ALWAYS ON A PERSON TO PERSON BASIS.NO BANK CAN FLOURISH WITHOUT THE INVESTORS HAVING FULL FAITH IN THE INSTITUTION, THROUGH THE MANAGERS AND THEIR PUBLIC RELATIONS more
Jun 05
In olden days, ie, 10 years back, before IT in banking sector, there were more employees. no transaction charge. No ATM credit or debit card. But now less employees, more transaction charge and maintenance cost. Everyone as a public asks why should i pay the transaction charges to bank for my earning money. Pradhan Mantri Jan-Dhan Yojana - account for every individual. Demonitization - encourage cashless transaction. - but nothing happened, no money in most of the ATM. Encouraging net banking for transaction - security is compromised just like voting machine... Make necessary steps to stop all the leaks and progress. Great People transacting in crores are not monitored, whereas a common people is being fined for not maintaining minimum balance. Please Identify what is happening outside the bank. more
May 28
Even for closing the account the banks are charging , it is not acceptable, Now the banks are in the upper hands because all transactions are to be done through banks only .They are not giving any importance to the customers On 11-May-2017 2:10 pm, "Arulmozhi Ramalingam" wrote: Since the Prime Minister told all the transaction only through bank, the banks taken upper hands,and doing their accord,and not worried about the customers On 08-May-2017 7:33 am, "Kekin Furia" wrote: > more
May 28
