Bank charges on savings account:

We all know that after an amount is debited from our account, we receive a message in our assigned phone number. These initially was started in order to specifically build up the security system.

But, the unknown fact about it is that, it isn’t a default free-of-cost service, but a charge is attached to it. Almost all banks for e.g. Punjab National Bank, State Bank of India etc. charges around Rs.15 additionally with taxes each quarter of the service given. For sometimes, if a person is in hold of a salary account, then the fee may get waived off.

Here, we discuss about certain charges that the bank asks for the savings account.

The first one is that, leaving apart salary account, all savings account need to have the least minimum balance in their account. For instance, if someone is having an account in a metro city, almost all the banks will need their customers to have minimum of Rs. 10000 each quarter. The banks stand a chance to levy Rs.300- 500 each month and also the taxes applicable on this for non-maintenance of that balance.

The next one is the charge involved with issuance of debit cards. For each issue, the banks stand a chance to charge around Rs. 150-700 additional to the taxes as a fee. Most banks asks for another charge in order to maintain such card each year.

For the basic ones, each bank charges around Rs. 100 – 200 exclusive taxes. Taxes are added on top of it. The fee may get higher if the card which the customer owns is a premium one. But, if the person has a salary account or premium account which needs that person to maintain a good amount of balance as minimum, the banks may waive the annual charge fee.

Anyway, loss of a debit card will lead to the replacement of such which again will lead you to pay a certain fee. Mostly in this case bank charges are around Rs. 200 + tax.

The third attempt where a bank charges fee is when a customer asks for physical copies of the account statement. For some time, that is free of cost, but the ‘no-cost’ facility lasts only till few takes. If one crosses that threshold, a fee is ascertained to be paid. For example, SBI levies a charge of Rs.100 for each 40 entries every time one requests for a statement that’s duplicated. Well, the
checking of statement via email or app is absolutely free.

Click here to check out Credit Calculators.

It’s an advice that if one needs a duplicate copy of the bank statements, then it will be great if s/he takes out prints on his/her own and then get it attested by the bank. Usually, the banks do not charge for this. For a certificate of balance, the banks levy a charge of Rs. 100- 500.

The fourth one is that, if someone is about to transact an amount by swiping the debit card while the account do not contain sufficient balance, then the issuer bank may ask for a penalty charge. It is inclusive of the transactions which are declined at the other bank’s ATM or any other outlet of merchant either in or outside India.

All of the banks could charge an amount of Rs. 25 exclusive tax for each time the transaction have been declined. Taxes go on top of it. The banks may also charge you if any cheque gets bounced. For insufficient balance, the charge is Rs 500 and for some other technical issue, the charge is Rs. 50 for each time.

The last type of bank charges is ATM charges. If a person is in a habit of withdrawal money from the ATMs and find himself or herself paying more, then s/he should know this. Each bank allows 5 free transactions from it’s own ATM and 3 free transactions from other bank’s ATM. If someone exceeds such limits, then a charge of around Rs. 20 can be levied for every withdrawal.

Thus, we are surrounded by many bank charges which we were aware or unaware of. After reading this article, one will find him/her self known to many bank charges levied by banks on the usage of debit cards. Therefore, if this reading was helpful, please ensure a comment in the comment box. Thank you!

Source: The 5 Comprehensive Fees Charged By The Best-rate Banks On Savings Account

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