Tuesday 8 October 2013

Now, Pay More For Banking Services

Phone banking  : Rs 50

From 1 November, some banks will offer only first two calls free in a month, and subsequently, charge Rs 50 per call (not for calls to register complaints or card loss). Currently, all such calls are free.

SMS alert   : Rs 15 per quarter

Most banks are now charging for SMS alerts; the service used to be free earlier. Some banks levy a higher charge of Rs 25 per quarter for current accounts.

Branch banking :  Rs 100

With effect from 1 November, Rs 100 will be charged after the first four free cash transactions in a month. This is the charge if specified balance is maintained; in case of non-maintenance, all transactions will be charged at Rs 100. Earlier, Rs 50 was charged per cash transaction in case the specified balance was not maintained.

Credit cards  : 3.25-3.35%

Some credit card issuers have revised the interest rate on outstanding amount after the credit free period from 3.05-3.15% to 3.25%, with effect from 1 October.

Non-maintenance of minimum balance  : Rs 250-500

Banks typically charge for non-maintenance of the specified minimum balance in the account. Now, some banks are switching from the requirement of Average Quarterly Balance (AQB) to Monthly Average Balance (MAB).

Cash withdrawal at ATMs  : Rs 20

Most banks levy a fee of up to Rs 20 beyond five transactions at ATMs of other banks.

Debit cards : Rs 150

Some banks have revised the annual fee from Rs 100 to Rs 150 in urban centres; others have introduced an issuance fee of Rs 100, which was not levied earlier.

Source : The Economic Times

No comments:

Post a Comment