Earlier I had written about how banks are unethically debiting customer accounts on account of their hidden charges. Come April 1 and some private banks would be increasing their service charges making banking even more expensive.
Most private banks have steeply increased the he charges on non-maintenance of minimum average Monthly balance amount from April 1, 2015. Below are some of the changes:
In addition to this, ICICI Bank would charge Rs 5 per thousand (minimum Rs 150) for cash deposited at its branches which in a different city than the account of account holder. Until now one cash transaction was free every calendar month. Thankfully first cash deposit through machine would be free.
Also Read: 22 Hidden Charges in Saving Bank Account
HDFC bank would also charge its customers Rs 75 for additional cheque book request of 25 leaves beyond the first.
RBI (Reserve bank of India) in November 2014 had asked banks to inform customers about non maintenance of minimum average Monthly balance amount and their charges. So banks would now send SMS, email or letter to inform about the same amount and give a grace period for 30 days to meet the balance requirement. In case you still do not deposit required amount bank would levy their charges for both ‘default month’ and ‘notice month’.
Also Read: Highest interest rate on savings account in India
Its expected that banks would increase their charges year on year and also introduce new charges going forward on their saving account customers. As a consumer you can do the following:
And last keep on reading Apnaplan.com to keep your self updated on the matters of Personal Finance 🙂
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