Bank alert! Bank service fees to know

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Banking News: As of January 1, 2020, banking service charges on RTGS and NEFT have been removed. This came into effect on the guidelines of the Reserve Bank of India (RBI) guidelines. However, there are other bank service charges that a bank customer should be aware of as it has been found that by ignoring the fees charged for various banking services, a bank account holder ends up paying an additional amount of money which he or she could have saved if he had had this information on bank charges.

Speaking about the information on bank service charges and their importance in saving money for a bank client Jitendra Solanki, a tax and investment expert registered with SEBI, said: “The bank service charges for NEFT and RTGS have been phased out as of January 2020. However, banking services like checkbook, bank transaction alert, debit or credit card, ATM cash withdrawal, etc. are others. banking services which are charged under certain rules by various banks. Therefore, a bank customer should know the banking services they use. and the rules for those banking service charges so that they can use this information about the charges. banking service to avoid any kind of deduction of additional money from their savings account. “

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So here are some banking services and related fees that a bank customer should know about and save money deducted from their savings and other accounts:

1]IMPS fund transfer: NEFT and RTGS have been licensed free of charge for all Indian banks for its customers. Thus, all customers of banks that have an online banking service can now transfer money for free via NEFT and RTGS. However, there is another way to transfer money online: IMPS. These IMPS banking service charges are not free. Thus, the IMPS fund transfer function should only be used in an emergency. Otherwise, it’s better to avoid IMPS and send money via NEFT or RTGS.

2]Minimum balance: Every bank requires their customers to maintain a minimum monthly or quarterly average balance, which doesn’t mean you have to keep the minimum average balance throughout the month. This means that you should maintain an average monthly or quarterly balance. Suppose you need to maintain a minimum balance of Rs 10,000 in your account, that means if there is a minimum balance of Rs 3,000,000 in your savings account for a day, then in the case of a month 30 days, this minimum average monthly balance is reached. Now, if needed, you can use the entire amount in your bank savings account. However, if you fail to maintain this minimum average monthly or quarterly balance, then you will face a penalty from your bank. So you need to know your bank’s minimum average balance rules.

3]Withdrawal of money at an ATM: In accordance with RBI guidelines, one can withdraw money through ATM transactions up to 5 times per month. Beyond this limit, withdrawing money from an ATM will incur a bank service charge. Thus, a bank customer is advised to withdraw as much money from their ATM transaction within the maximum five transactions that are sufficient to meet their cash needs. Missing a debit or credit card may incur a bank service charge to obtain a new one. You should also know that resetting your debit or credit card PIN code is also chargeable by some banks. You are therefore advised to know all the details of the banking service charges associated with your debit and credit card.

4]Transaction alert: Sending transactions and other account information to the bank customer is aimed at ensuring safe and secure banking operations. However, ensuring safe and secure banking services come with banking service fees. Usually a bank charges Rs 15 per quarter for sending SMS alerts regarding your bank account like EMI, bill payments etc.

5]Document costs: Sometimes your bank charges a fee for delivering physical documents like passbook, hard copy of bank statement, etc. It is therefore preferable to settle your bank account via online banking rather than requesting a printout of your bank statement. The monthly bank statement sent by email is free. It is therefore better to use it rather than requesting a new print of your bank statement. If necessary, print your bank statement via net banking and have it certified by your bank. However, some banks are also smart in this regard and charge for the attention of your signature and bank statement as well. So you need to know what bank service fees you are charged before you can benefit from the above mentioned bank service fees.


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