Are you looking forward to avoiding all unnecessary bank charges along with keeping track of accounts and cards? If so, you should understand what kind of bank charges are levied and how you can stay away from them.
A good understanding of the upcoming bank charges will not only help you get rid of the unnecessary ones, but it will also prepare you to arrange for the expenses in advance. For instance, the NEFT and RTGS are not chargeable anymore, but IMPS transactions are still liable to charges. Keep reading and we shall throw some more light on this.
RBI had issued an order that the processing charges, earlier levied on RTGS and NEFT, will not apply from January 2020 onwards. While most of you might already know this, the news would still come as a surprise to those customers who do not have any idea about how many charges they end up paying their bank.
Know What The Banks Are Charging You For
Here is the list of bank charges that you should be aware of:
#1. Cash Handling
This simply means the charges on the cash deposits and withdrawals. These are levied by most of the banks beyond a certain specified limit. Most of the banks accept the first transactions free of cost. These rules will be laxer while depositing and withdrawing from your home branch.
#2. Fund Transfer
NEFT, RTGS, and IMPS are popular ways of fund transfer. Out of these, NEFT and RTGS are not chargeable now, but for an IMPS transaction, you need to pay a certain percentage of your amount of transfer to the bank.
#3. Lack of Minimum Balance
This is a common charge levied on the bank customers. Your bank insists everyone to maintain an average minimum balance in the bank account. Failing to do so will incur extra charges that you have to pay to your bank. To avoid these charges, ensure that your balance never goes beyond the minimum limit.
#4. Debit, Credit and ATM charges
As per the guidelines laid by RBI, a bank is liable to charge a user if he withdraws from an ATM more than five times in a month. The charges incurred depend on each bank and their policies. To avoid paying money for such charges, ensure that you cater to your expenses by way of online payments and do not exceed the minimum limit of cash withdrawal from the bank.
#5. SMS alerts and Instructions
Does your bank send you regular notifications about its latest offers? If yes, they must be charging your bank account for the same. SMS alerts also act as a security feature to keep you informed about the transactions happening in your account.
Some charges are hard to avoid, but when you are aware of them, you know what is coming your way. It is your duty to keep track of all your cards and accounts to know what you are paying and when. Further, you should take only those services from the bank, which are necessary.
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