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Do You Know? How Much Your Bank Charges For Basic Savings Account

Bank Charges For Basic Savings Account

Do You Know? How Much Your Bank Charges For Basic Savings Account. This topic has dominated all over the business press after it was revealed. Your bank also charges you when you close your account within a particular time period.

Your Bank May Charge You For Closing A Bank Account

Generally, if the account is closed within a year, account closure charges are levied by the bank. These are known as bank account closing charges.Those who close the bank account within one year of opening will have to pay the appropriate charges.

It is always better to limit your bank accounts and maintain only those which are necessary as you have to pay costs like debit card fees, SMS alert fees etc for most of the saving account.

You earn an interest of around 4 per cent on saving bank account amount, which is much less than returns you would get while investing in mutual funds, PPF etc. You can scroll down this page to know more about the bank charges which is well discussed below by the team of recruitmentresult.com.

Bank Charges For Basic Savings Account

Bank Charges For Basic Savings Account

Bank Minimum monthly balance  Cheque Leaf
SBI

If Rs. 3000/- not maintained, penalty of Rs. 50-30+GST per month

25 free leaf. Additional 25 leafs Rs. 75+GST
HDFC BankIf Rs. 10000/- not maintained, penalty of Rs. 150-600+GST per month
ICICI BankIf Rs. 3000/- not maintained, penalty of Rs. 100+5% of the short fall required per month20 free leaf. Rs. 20/- for every additional cheque book of 10 leaves
Bank of BarodaIf Rs. 3000/- not maintained, penalty of Rs. 200 per quarter

30 free leafs thereafter Rs. 5 per cheque leaf

 

Bank Cash Transactions SMS Alert Charges NEFT Through mobile and Internet
SBI3 deposits free Rs. 50+GST 4th deposit onwardsRs. 15+GST every quarterCharge of Rs. 2 to transfer between Rs. 10000 and Rs. 1 Lakh
HDFC Bank4 cash free transactions per month

Charge of Rs. 150+GST for 5th transaction onwards

Free
ICICI BankRs. 15/- per quarterCharge of Rs. 05 +GST to transfer between Rs. 10000 and Rs. 1 Lakh
Bank of Baroda5 cash free deposits per month
Beyond that Rs. 50/- per transaction
—-Free

 

Bank Debit Card annual Fee RTGS
SBIRs. 125 p.a.Rs. 05 to transfer Rs. 2 Lakh to Rs. 05 Lakh
HDFC BankRs. 150 p.a.Free
ICICI BankCharge of Rs. 25+GST to transfer Rs. 2 Lakh to Rs. 05 Lakh
Bank of Baroda(Through Cheque) Charge of Rs. 25+GST to transfer Rs. 2 Lakh to Rs. 05 Lakh

Want to Know?  How Goods or Services will be Cheaper & Costlier

RBI Guidelines On Charges

The Reserve Bank of India has not given any specific guidelines on these charges and has left it to the discretion of the bank like most of the service charges. The RBI says that while fixing specific charges banks should ensure that charges are reasonable and are not out of the line with the average cost of providing these services.

RBI has asked banks to ensure that customers with low volume of activities are not penalized, while fixing charges.

Why And How Much You Have To Pay?

Banks like State Bank of India, Axis Bank, HDFC Bank and ICICI have decided to charge customers for cash transactions above certain limits and for a few facilities which were free till now.

The new charges are aimed at discouraging cash transactions though banks might end up profiting from them hugely.  Below is what you must know if you have an account in any of these banks:

State Bank of India

  • State bank of India will permit savings bank account holders to deposit cash three times a month free of charge from 01 April. Beyond that, it will charge Rs 50 plus service tax for every transaction.
  • SBI account holders will also have to keep a minimum balance in their accounts.

Axis Bank

  • Axis Bank customers will be allowed five free transactions every month, including deposits and withdrawals. Above that, customers will be charged a minimum fee of Rs 95 per transaction.
  • Up to five non-home branch transactions will be free for customers, subject to a maximum per-day deposit of Rs 50,000. For larger deposits or the sixth transaction, the bank would charge Rs 2.50 per Rs 1,000, or Rs 95 per transaction, whichever is higher.

Want to Know About? Axis Bank Young Bankers Program

HDFC Bank

  • HDFC Bank will levy Rs 150 per transaction, beyond four free ones (deposits and withdrawals) each month.
  • The new charges would apply to savings as well as salary accounts.

ICICI Bank

  • There will be no charge for first four transactions a month at branches in home city while Rs 5 per Rs 1,000 will be charged thereafter subject to a minimum of Rs 150 in one month.
  • The third-party limit would be Rs 50,000 per day.

Vital Note:

This is what your bank is charging you for a basic savings account. For more such details candidates may follow this page on face book and Google Plus or they can subscribe to our free mail services to get instant mails in your mail box.


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