Here are the five situations when the bank can charge you in the case of the savings account:
The withdrawal of money from the bank is not free every time. Banks have fixed the limits and charges for the transaction from ATMs of their own banks and other banks. Typically banks offer five transaction transactions from their ATMs and ATMs from other banks each month, but if you have finished this limit, then you have to pay a fee of 20 rupees to each withdrawal.
If the cheque issued on your behalf is bounced, the bank charges a fixed fee against you. This charge can range from Rs 200/- to Rs 800/-. But if your cheque is due to a signature issue or any technical error, the bank will charge you up to Rs.50/-. This charge depends on the bank and on the basis that the check has not been cleared for the reasons.
Insufficient balance and declined transaction
Most of the banks do not charge the average monthly balance but charge the charges from the account holders. It is also called penalties which can range from Rs 100/- to Rs 650/-. This fee is levied on behalf of the banks because the bank has to spend to keep your account running.
If your savings account does not have sufficient balance and you are trying to make a transaction with your debit card, then your bank can put a penalty on you. This can be done only on your bank ATM, not on other bank’s ATMs and any commercial outlets. Banks charge 25 rupees plus tax on every declined transaction.
Banks charge debit card issuance fees and annual maintenance charges. This charge can range from Rs 100/- to Rs 800/-. It also depends on the type of account. If you have lost your debit card or you need replacement then you will have to pay the fees for it. Usually, the bank charges 200 rupees plus tax on every replacement card.
Every bank also provides internet banking facility to its account holders. There is also a fee to this. Banks charge on some high-value transactions made through Internet Banking. NEFT, IMPS and RTGS are used for fund transfer and they are charged. To send money through NEF or IMPS, you will have to pay from Rs 5/- to 25/-. Charging at this point, transfer of money through RTGS can be charged from Rs. 30/- to Rs. 55 /-.