Bank Service Charge: Banks are now charging this much for every small service, see the list here

Whether it is updating the passbook in the bank, getting the signature verified, or availing any other small service, customers have to pay a fee. Last May, banks had also increased the fee for withdrawing money from ATM more than 5 times in a month. Here is a special report by a special correspondent…

Bank Service Charge: Many types of charges levied by banks are becoming a burden on the pockets of customers. In the last five-six years, banks have started levying charges on every small and big service. Now charges are being levied even on the IMPS service which sends and receives money instantly. Along with this, many types of old charges have also been increased. On the other hand, the facilities being provided to customers are also decreasing.

Nothing is free now

Today the situation is such that whether it is updating the passbook in the bank, getting the signature verified, or taking any other small service, customers have to pay a fee for everything. In this sequence, last May, banks had also increased the fee for withdrawing money from ATM more than five times in a month. Now a charge of Rs 23 is levied on every additional withdrawal. Apart from this, new charges have also been imposed on certain credit card transactions from July 1.

Cash transactions also became expensive

Banks have also made a big change in the rules of cash transactions. Now in many banks, customers can deposit or withdraw cash from the branch or cash machine (CRM) only three times a month without any fee. Earlier this limit used to be five times. If a customer withdraws cash from his account more than this limit, then he will have to pay a hefty fee of Rs 150 every time. Also, if someone deposits more than one lakh rupees in cash in a month, then a fee of Rs 150 will be charged on that too.

Facilities are getting reduced

The facilities being provided to the customers are also being reduced. State Bank of India (SBI) has reduced the benefits on its credit cards. From July 15, the free air accident insurance of Rs 50 lakhs available on SBI’s ‘Prime’ and ‘Pulse’ credit cards has also been discontinued.

A storm of charges is coming on IMPS too

SBI has decided to levy charges on the instant money transfer IMPS service from August 15. It is expected that other banks will also announce charges on IMPS soon. Although many private banks are already charging charges on online IMPS, but after this move of SBI, they can also increase their charges.

SBI New IMPS Charges Amount Existing Proposed

  • ₹1,000 Free Free
  • ₹1,000 to ₹10,000 Free Free
  • ₹10,000 to ₹25,000 Free Free
  • Rs 25,000 to Rs 1,00,000 free Rs 2 + GST
  • Rs 1,00,000 to Rs 2,00,000 free Rs 6 + GST
  • Rs 2,00,000 to Rs 5,00,000 free Rs 10 + GST

Charges levied by banks on their services

Bank’s main services charges

  • Account maintenance charge Rs 500
  • SMS alert Rs 10 to 35 per quarter
  • Duplicate passbook Rs 100
  • Rs 50 extra per page with duplicate passbook entry
  • Stop payment of cheque Rs 200 per cheque to maximum Rs 500
  • Return of cheque due to customer’s fault Rs 150
  • Signature verification Rs 100
  • Signature verification in joint bank account Rs 150
  • Demand draft from five to 10 thousand Rs 75
  • Changing mobile number, e-mail in the account Rs 50 and GST extra
  • Debit card maintenance charge Rs 250 to 800
  • Changing debit card re-PIN Rs 50
  • SMS alert Rs 10 to 35 per quarter
  • Postal charge Rs 50 to 100

It is clear that banks have now linked every small facility provided to customers to money, due to which the banking experience of the common man is continuously becoming expensive.

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