Banks charges for every direct service | Charges are collected for withdrawing or depositing money in the accounts

October 25th, 2010| In India.

Banks charges for every direct service | Charges are collected for withdrawing or depositing money in the accounts

Banks charges

In spite of introducing many latest services, the number of people who directly go to banks to manage their accounts has not decreased and the work pressure of banks has also not been reduced.  To prevent this banks are collecting charges for every direct service they are offering.

Generally banks send Bank Account Statements to customers for every 3 months.  If the customers contact the bank for statement in the middle ICICI bank is charging Rs.100.  Charges are collected even if a phone call is made to customer service center for statement.  To avoid the charges, requisition can be made through internet or ATM or apply through Phone Banking Interactive Voice response.

  • State Bank of India has limited the direct with drawl transactions to 30 for 6 months.  The bank charges Rs.5 for every transaction after that.
  • It is a common practice to divert the money from the account to Insurance Premium, donations or investments.  Banks collect nominal charges for these transactions also.  To verify the signature made by the customer in the ‘Auto debit’ form, HDFC charges Rs.50.  Do not forget that service tax and other cess are also collected in addition.
  • If the customer tries to withdraw money from another ATM, when the balance in the account is zero, Rs.25 has to be paid even though the transaction is not completed.  ICICI bank and Kotak Mahindra are examples for this.

Depositing money in the account

Many people go to the nearest branch to deposit money in the bank.  Many banks do not allow to deposit more than Rs.5,000 in the account belonging to another branch.  Even when persons other than the customer deposits more than Rs.10,000 in the account from another branch, some banks are collecting Rs.2.50 for every Rs.1,000.

  • When the letters sent to the customers are returned to the bank, State Bank of India is collecting Rs.50 as a penalty.  Sometimes the account is also blocked temporarily.
  • Use the credit and debit cards carefully.  The cards do not work even when they are slightly damaged.  If requisition made for a new card before the expiry of the old card, many banks are charging up to Rs.250.
  • Do not forget the user ID, Pass word given at the time of opening the account. Otherwise Rs.60 is to be paid for new User ID, Password or SMS alert.
  • Rs.100 is to be paid extra for paying the credit card bills directly in the bank branches.
Get updates instantly regarding Banks charges. Enter your email address: