BANK CHARGES THAT CAN CLEAR MONEY FROM YOUR BANK ACCOUNT
Banking has made our day to day life very easy. Online banking allows you not to carry money anywhere. You can move freely anywhere, without any tension that your money will be stolen from your pocket. Also, you just need to have some banking cards or Mobile app facility to pay anywhere cashless. You need to type the amount on transferring machine or on your mobile app and money will be transferred to creditors account. But we have almost become ignorant about the charges on services that bank imposes on our day to day payments as “Fees”.
As you carry a debit card or credit card for withdrawal of money, you must be aware of the following charges and fees so that it helps with your monthly budget.
1. NON MAINTENANCE OF MINIMUM BALANCE:
There is a minimum balance you need to maintain in your savings account which is mandatory required in your bank accounts. Banks have the minimum requirement from Rs 1,000 to Rs 10,000 in the savings account. Mostly when people quit the job, they fail to maintain the balance and charged with heavy non-compliance fees. So it is important to close that account you were using during your working days so that if you cannot deposit money in it, no charges should be applicable on you. You can either transfer your savings account to zero balance account after your retirement. There are no charges or minimum balance required in zero balance bank accounts.
2. CASH WITHDRAWALS AND TRANSFERRING:
Initially, withdrawal from ATM other than your banks and in place outside your home branch, jurisdiction charges your account with service charges. And same with the transferring process, when you transfer some money from one account to another using mobile app like PAYTM you are required to pay service charge like Rs 3 per 100 is charged by PAYTM mobile banking app.
3. CASH DEPOSITS:
Cash deposits made at non-base branches charges service fee.
Banks issue chequebooks for your account so that you can pay using cheques. But issuing more than one cash book per month makes you applicable to pay some additional charges.
5. SMS Service:
Whenever your account is debited or credited by money, the bank sends you alert messages that you receive on your phone. Bank also charges you for this service.
6. RE-ISSUANCE OF CARDS:
Banks provide you with an ATM card, Debit Card, Credit Card for the banking facility. But if you lost it, bank charge a fine for reissuing that card.
7. MERCHANT PROCESSING CHARGES:
Digital transactions or online payments are generally not charged unless the website uses a third party payment agent. For example, on booking a ticket from IRCTC you are charged a nominal fee for the online transaction.
8. FOREIGN CURRENCY TRANSACTION FEE:
Also, You can be charged with making a foreign currency transaction using the debit card or credit card.
By- Yash Garg