High banking charges | Indore NYOOOZ

Summary: The penalty levied by the banks for its non-compliance varies from Rs 50 per month to Rs 150.
“HDFC bank charges Rs 150 per transaction beyond the limit of five transactions per month.
This affects me badly since I receive multiple payments within a month and need to withdraw them accordingly.
The banks have also increased the minimum balance requirement for savings account, with the same at SBI being Rs 5,000 in metro cities, Rs 3,000 for non-metro and Rs 1,000 for rural banks.
This applies mainly to ATM transactions beyond the free limit, which range from Rs 50 to 150 depending on the type of account and the bank.

Indore: Be it the impact of GST or burden of bad debts on banks, the charges levied by them on several transactions including ATM withdrawals, fund transfer, SMS service, Cheque book issuance beyond free limit and penalty for non-maintenance of minimum balance has gone up, affecting customers, most of whom are unaware about the heightened charges.While the banks consider it necessary to bear the cost of their services, customers feel that such charges are unjust and that they are being charged high. This applies mainly to ATM transactions beyond the free limit, which range from Rs 50 to 150 depending on the type of account and the bank.”HDFC bank charges Rs 150 per transaction beyond the limit of five transactions per month. This affects me badly since I receive multiple payments within a month and need to withdraw them accordingly.

I have to pay a lot of money on penalty and so I am planning to shift my account at the earliest,” Satish Agrawal, a garment businessman said.Another criterion which is used by bankers to charge customers is non-maintenance of minimum balance in accounts. The banks have also increased the minimum balance requirement for savings account, with the same at SBI being Rs 5,000 in metro cities, Rs 3,000 for non-metro and Rs 1,000 for rural banks. The penalty levied by the banks for its non-compliance varies from Rs 50 per month to Rs 150.”We have received complaints from customers who feel that such high minimum amount is not appropriate as they have to block that amount in their accounts.

Source: http://timesofindia.indiatimes.com/city/indore/high-banking-charges/articleshow/59798211.cms

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