List of all charges that Banks deduct from your Savings Account

In today’s digital era, almost everyone holds a bank account. The advent of the Pradhan Mantri Jan-Dhan Yojana has significantly increased the number of people with bank accounts.

However, many account holders often find charges deducted from their accounts without knowing the reasons behind them.

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Types of Bank Accounts:

There are primarily two types of bank accounts: savings account and current account. Common individuals usually hold savings accounts, while businesses and those involved in frequent transactions opt for current accounts.

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Savings accounts can often be opened with zero balance.

Common Charges on Bank Accounts:

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Regardless of the account category, you will be subject to certain charges. The number and amount of charges may vary depending on the account type.

1) Maintenance Charge:

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All banks charge this fee for maintaining your account, applicable to all account types. Rates may vary across different banks.

How to Save: Many banks waive maintenance charges if your transactions exceed a certain limit. Review your bank’s terms and conditions to find out more.


2) Debit Card Charges:

How to Avoid: If you don’t require a debit card, simply decline it during the account opening process.


If you have multiple accounts, request a card for only one of them.Banks typically provide debit cards along with account opening, but they come with an annual fee.

3) ATM Charges:

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Using another bank’s ATM may incur charges, with most banks offering only four free withdrawals per month from their own ATMs.

How to Avoid: Optimize your withdrawals by taking out sufficient cash for monthly expenses in one or two transactions. Minimize using ATMs of other banks.

4) Low Balance Penalty:

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It’s essential to maintain a minimum balance in your account; failing to do so may result in charges.

How to Avoid: Keep track of your minimum account balance requirements and ensure you maintain the necessary funds.

5) Overdraft Charges:

Not all banks offer overdraft facilities on savings accounts, but those that do may impose charges for availing this facility.

How to Avoid: Strive to manage your finances to avoid the need for overdrafts.

6) Transfer Charges:

Money transfers through channels like UPI, IMPS, RTGS, and NEFT are not free, and charges are levied.

6) Account Closure Charges:

Closing a bank account may attract charges, so it’s essential to be aware of this before making the decision.

How to Avoid: Verify if your bank imposes any account closure charges. Some banks may waive these charges after a certain period.

Understanding these charges and adopting appropriate strategies can help you manage your bank account more efficiently and minimize unnecessary deductions.

Be informed and proactive in managing your finances!


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