By the way, the banks charge different types of charges, which are in lieu of the services offered on their behalf. But sometimes it happens that our carelessness gives the banks an opportunity to charge the charge without any service. Net banking, mobile banking, ATM transactions etc. are expanding in this era of technology.In such cases, many times when we do banking, we do not hesitate to keep alerts about things like paying attention to things like balance, transaction limits, and doing so is very important on our pocket. If we take some precautions, then these extra charges can be avoided. We are telling you, what are the charges, which you can avoid by cutting your alertness with banks.
1. Not maintaining Minimum Balance
Many banks have made minimum balance mandatory in the account. When the balance is less than the minimum balance, the banks deduct their charge. The minimum balance is different according to the rural and urban areas.
For example, the minimum balance limit for SBI Savings Account is Rs 1000 for rural area, Rs 2000 for semi-urban areas, Rs 3000 for urban areas and Rs 5000 for Metro cities. The charges on less balance from this limit are up to 50 rupees in rural areas, 75 rupees in semi-urban areas, upto Rs 80 for cities and Rs 100 in metro cities. Similarly, for the normal Current Account, Minimum Balance limit is Rs 10,000 and the fee is 500 rupees plus GST.
2. Transactions greater than limit from ATM
Banks have set the number of cash transactions through ATMs. This number varies for the ATM of the bank with the presence of your account and the ATM of the other banks. For example, SBI has 5 transactions through SBI ATM from Saving Bank account in Metro cities and 3 transactions from ATMs of other banks in free of cost. There are 10 transactions in 5 non-metro cities (5 from SBI ATM, 5 from other ATMs). But when transactions go upstairs, the bank charges the charge. From the SBI ATM, above the limit of 10% plus GST and other bank ATM plus 20 GST plus GST for financial transactions. The charge for non-financial transaction is Rs 5 and 8 plus GST, respectively. If you keep in mind the number of your transactions, then you can avoid this extra charge.
3. Do not close the door or unused account
Often people keep the old account running after living or changing jobs. Many times people do not have deposits with them but they do not deposit in it. In such cases, the balance is reduced from the minimum balance and charge is charged. If you need your old account and you want to avoid the extra charge, then you have to maintain the minimum balance in that account. But if you do not need that account then it would be better to shut down with you.
4. Excessive use of checks
Most banks issue a check book free of cost, if you maintain average balance, quarter-wise or earliest with 25-30 checks. But then there is a payment for the new check book. For example, for all the current accounts of SBI, there is a check book free of 50 checks in a financial year. However, after receiving 25 checks, the check book will have to pay Rs. 150 / plus GST for Rs. 75 plus GST and 50 check checks. Similarly, if the quarterly average balance in SBI Savings account (PB or SME) is Rs. 1 lakh, check book of 25 checks is free in a financial year. After this, the check book on 10 checks is 30 rupees plus GST, 25 rupees plus 75 rupees plus GST and 50 check check book, Rs 150 plus plus GST.
5. Withdrawing more than balance with accidentally for withdrawing from ATM
Many times it happens that the amount we put in withdrawing money from the ATM is not present in our account. In this case, the transaction is declined. There are many banks in which this charge is also charged on the declining. For example, due to inadequate balance in SBI, the charge is 20 rupees plus GST if the transaction is declined. So if you want to avoid this charge, keep checking your account balance.
6. Forgetting the debit card password
If you have forgotten your debit card PIN and want a new PIN then you have to be prepared for payment. There are several banks who charge a charge for generating a new PIN. For example, in SBI, charging of a pin or a duplicate pin for the PIN from the Home Branch charges 50 rupees plus GST. There are similar rules in many other banks. So try not to forget your debit card PIN or password.