Banks are integral part of our economy and keep our money secured. They are also helpful for procuring loans and transferring money as and when required. But as with most of the other services, all banking services do not come for free and require paying different types of fee and charges on part of the account holder.
While we are dealing with the banks on a day to day basis and making use of the various facilities provided by them we somehow miss on certain charges that we end up paying to the bank. We may think that certain benefits or facilities that we get are free. However, this may not be the case with most of them. Let us discuss some of the hidden charges that we all should be aware of.
Minimum balance charges - This charge is true in case non salary accounts. The bank will expect you to keep a minimum balance in your account every month. If for some reason you end up withdrawing more money and the account balance goes below this limit then there are charges up to INR 250. Most private sector banks have these charges. If you are not sure of being able to maintain a minimum balance, then open your account in a public sector bank. These banks generally do not have such charges. It always advisable to check the clause before opening the account.
Debit card charges - Some banks charge you for issuing a debit card. This charge is especially applied when you opt for premium debit cards. Some banks may not charge you for issuing the debit card but will charge you for maintenance from the second year onwards. These charges vary from INR 100 to INR 500 depending on the bank and the card opted for. You also have debit card usage charges at a fuel station. The charge is applied for using your card with a different banks point of sale terminal.
Bank visit charges - Are you one of those people who visit the bank for every issue, question or request? If the answer is yes, then you should know that most private sector banks charge you for visiting the branch beyond a certain limit of visits. These charges are for availing extra staff services, security and tackling fake currency. A wiser thing to do is limit your visits to the branch and make use of other modes available. For example for withdrawing money you can use the ATMs. You can also use the cash deposit machines and cheque drop boxes. Internet banking is another mode that has made life very easy.
National Electronic Fund Transfer (NEFT) charges - Internet banking is a boon for many, especially for working professionals who do not have the luxury of visiting the branch for transactions it is very rewarding. You can transfer money to any bank account via this medium. However, this facility comes with a price. It may get you to paying anything between INR 5 to INR 25 per transaction depending on the bank.
It is important that you keep these charges in mind the next time you are dealing with your bank. A good idea is to have a clearer understanding of the charges. If you are under any kind of doubt about the pertaining charges, you can call the customer support and get all your questions answered so that you can be sure about any fee or charges for future transactions.Tweet