Here's how much you really pay for your bank account

In India almost 80% of the 135 crore people have at least one bank account. Every customer has to pay a fee every year for different types of services.

The amounts payable by the customer are not big, but when you add up all the charges, it is not a very small charge either. Here is a detailed list.

For cash transaction
In bank branches generally all customers have to pay an amount after the free-service limit. Usually four-five free cash transaction are permissible in a month. Beyond that customers have to pay a charge.

In State Bank of India in metro branches usually four free transactions are permitted, beyond that a charge of Rs 15 plus GST is levied from the customers.

PSU banks generally charge between Rs 20 and Rs 100 excluding GST.

On the other hand, private banks such as HDFC, ICICI and Axis charge minimum Rs 150 excluding GST. Non-home branch transactions levied a bit higher.

ATM charges
Like cash transactions ATM transaction beyond free limit also attract some charges. In a month five ATM transactions are permitted free of cost.

Beyond five free transactions SBI charge its customers Rs 15 + GST. Other PSU banks also charge between Rs 15 and Rs 25 excluding GST.

Private players like HDFC, AXIS and ICICI bank charge Rs 20 and GST after five free transactions.

Minimum balance
Banks are now charging customers for non-maintenance of minimum balance. Metro, semi-urban and rural branches have different limit of minimum balance. The limit of minimum balance in urban, semi-rural and rural branches generally are Rs 5,000, Rs 2,500 and Rs 1,000.

But due to pandemic these charges have been waived off for some time. Generally, banks levy Rs 100 plus GST for not maintaining minimum balance.

On the other hand, in March 2020, SBI waived charges for non-maintenance of minimum balance. It has also waived SMS charges. Earlier, SBI savings bank customers had to maintain an average monthly balance of Rs 3000, Rs 2000 and Rs 1000 in metro, semi-urban and rural areas respectively.

The bank used to levy a penalty of Rs 5 to Rs 15 plus taxes on the non-maintenance of the average monthly balance. This is now not in place.

Failed ATM transaction
For each unsuccessful transaction, SBI charges a fee of Rs 20 plus GST. For each failed transaction, HDFC Bank, ICICI Bank, Kotak Mahindra and Axis Bank charge a fee of Rs 25 plus GST.

SMS charge
Now a day banks generally intimate the customers everything over SMS like cash withdrawal, cash deposit, FD Statement, RD statement, failed transaction or any other transactions. For this service, banks levy a charge on the customers.

SBI had waived SMS service charges amid the pandemic situation. Customers who register for InstaAlert service with ‘SMS’ as the delivery platform will be charged Rs 15 per quarter in the case of salary or savings accounts.

HDFC Bank charges Rs 25 per quarter in the case of savings and current accounts. As of now, ICICI bank and Axis bank savings account customers are charged Rs 15 per quarter to use the Alerts facility via SMS.

Debit card chargeGenerally, in the first year, banks don’t impose any charge for using the debit cards. But second year onwards banks generally charge between Rs 100 and Rs 500 plus GST, depending upon the nature of the debit card and the account.

Credit card is also chargeable from the second year itself between Rs 150 and Rs 2,500 plus GST depending upon the nature of the card.

Cheque book charge
Customers with a basic savings bank account don’t have to pay any charge for a 10-leaf cheque book in a financial year. But beyond this 10-leaf book, customers have to pay a charge if it is in the same financial year.

If in the same year, one takes a second chequebook of 10 leaves, he has to pay Rs 40. But for a 25-leaf cheque book, he/she has to pay Rs 75 plus GST.

If a cheque bounces the customer has to pay between Rs 150 and Rs 250 depending upon the amount of the cheque.

IMPS fund transfer
NEFT and RTGS are now free for all customers. But IMPS (Immediate Payment Service) transactions are still chargeable.

The charge depends on the amount being transferred. It’s usually in the range between Rs 5 and Rs 25.