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Banking charges set to go up further
Posted on: 07/Mar/2017 4:09:33 PM
On one front, the central government is making all-out efforts for the banking services to reach all sections of the public. On another front, the charges for banking services are continuously increasing.
Here are some bits of info regarding the additional burden to be borne by the bank account holders:
The State Bank of India has announced that additional service charge of Rs. 50 will be levied if the number of cash transactions of the savings bank account holder exceeds 3 times in a month. Apart from this, SBI has announced that if the minimum balance is not available in the savings account, a penalty, and service of charges of up to Rs. 100 will be made to the customer.
It is also informed that depending on the type of ATM cards, annual charges of Rs. 126/- to Rs. 300/- will be collected as a maintenance charge. It is announced that these measures will be effective from 1st April.
ICICI and HDFC Banks have announced that the savings account holders will be levied additional charges of up to Rs. 150/- per month for each transaction if the number of transactions exceeds more than 4 times during a month. Axis Bank has also announced similar charges for exceeding the number of fixed transactions.
The news is gathered that the public sector, as well as private sector banks, are set to release new charges. The explanation given by the banks for this spurt in additional charges is that this is in order to reduce the number of direct cash transactions and encourage the mode of electronic financial transactions.
However, the All India Traders Associations Federation has protested ones this and stated that this is not the right method to regulate/reduce the number of cash transactions.
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