Bank Charges -

Banks in our nation charge such high interest rates on loans, credit cards, MDRs and yet they charge these charges to us. Can this issue please be taken up by consumer department?

Common Bank Charges Described

Insufficient balance: Other than a salary account, most savings accounts require you to have a minimum balance. For example, if you have an account in a metro city, most banks will require you to have an average monthly balance of ₹10,000, per quarter. Banks can charge ₹300-500 per month and applicable taxes for non-maintenance of this balance.

Debit cards: Some banks levy an issuance fee of ₹150-700 plus applicable taxes. Almost all banks charge an annual maintenance fee depending on the type of debit card you have. However, for a basic debit card, most banks charge ₹100-200 plus tax. The maintenance fee can go up if you own a premium debit card. For instance, the annual maintenance fee on HDFC Bank’s EasyShop Platinum card is ₹750. However, if you have a salary or premium account, which requires you to maintain a higher minimum balance, your bank may waive annual maintenance fee.
If you lose your debit card and want to get a replacement, you will again have to pay a fee. Typically, banks charge ₹200 plus tax for every replacement card they issue.

Account statement: Most banks allow you to get a physical copy of your account statement but there is a restriction on the number of times you can avail it. Beyond that, you need to pay a fee. For example, SBI charges ₹100 for every 40 entries each time you request for a duplicate statement. But an email statement request or checking your entries on the bank’s app is usually free.

If you have to get a duplicate copy of your statement, it is better to take your own printout and get the bank to attest it. Most banks won’t charge you for this. For a balance certificate, banks charge ₹100-500.

Transaction decline: If you are trying to make a transaction by swiping your debit card but your account does not have sufficient balance, your bank could levy a penalty. This also includes the transactions declined at other bank’s ATM or any merchant outlet within or outside India. Most banks charge ₹25 plus tax for every declined transaction.
Your bank could also levy charges if your cheque bounces. If it happens due to insufficient funds, the charge could be as much as ₹500 but if it happens due to other technical reasons such as signature issues, you can be charged up to ₹50 per instance.

ATM charges: If you withdraw money often from ATMs and if you’ve been charged for some of them, there’s a reason. Normally, banks allow up to five free transactions per month at their own ATMs, and three free transactions at other banks’ ATMs. If you exceed these limits, you may end up paying around ₹20 per withdrawal. Banks also charge you for regenerating your debit card PIN. HDFC Bank, for instance, charges ₹50 plus tax, while ICICI Bank charges ₹25 for PIN regeneration. more  

View all 58 comments Below 58 comments
and it is still worse now especially for small companies or individuals who have CC accounts - The yearly renewal charges of CC limits have gone up Ten Fold !!! Depending on the size of the loan - a renewal of a CC limit can cost Lakhs !!! Banks tell - with so much forced and fast digitisation - someone needs to bear the increased cost to banks !!! That is the reply - and that it is allowed by RBI !! Once you take a loan or have CC Limits - you are stuck unless you are in a capacity to bargain which means that you must have enough funds to repay at once if you don't agree with the Bank !! more  
DEAR ANUSHKA,we are also puzzled by the Banks' arrogancy.FYI,you may give a miss call to 14440(A RESERVE BANK HELP LINE).They will get back to you.we are sure,you will get appropriate guidance.With regards.B N DAS more  
Actually speaking, WHY AT ALL THE LEVY OF BANK CHARGES? What we have kept in the Bank, is OUR MONEY and the Banks roll over our money and earn interests in multiple ways. Indian Government, RBI and the Banks are JUST FOOLING COMMON MAN by introducing new new charges from time to time. Now added to this, GST is applicable on all these charges too. Is this not a taxing & fooling country. Any reasonable nominal charges people won't mind. Whereas what is being charged is very much exorbitant. Besides, there is no uniformity. It depends from Banks to Banks. I suggest a PIL be filed against such organised looting by the Banks/Government/RBI and fooling common man. more  
The fine prints should either be abandoned or should be clearly explained to the customer and his consent taken in particular to every condition after explaining the same.

The bank should not unilaterally change or add any condition without the consent of the customer more  
Seriously at the time of opening new account or request of debit or credit card they give u mouth watering offers but afterwards they will start making clauses which will start nuding you more  
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