Bank Services: These days, while opening a bank account is easy, maintaining it has become costly. In recent years, banks have added charges to almost every service.
Even services that used to be free, like passbook updates, cash transactions, or signature verification, now come with fees. Banks have started charging for almost everything.
Charges Apply Even for Basic Services
If you visit a bank branch for a passbook update or to get information about your account, you’ll now have to pay for it.
Back in May, banks introduced a fee of ₹23 for withdrawing cash from ATMs more than five times in a month. From July 1, new charges have also been applied to certain credit card transactions.
Strict Limits on Cash Deposits and Withdrawals
Cash transactions are now costlier. Many banks allow only three free deposits or withdrawals each month. After that, a charge of up to ₹150 is added for every transaction.
Also, if a customer deposits more than ₹1 lakh in cash in a month, an extra fee of ₹150 will be charged.
Customer Benefits are Being Reduced
Besides introducing charges, banks are cutting down on benefits too. For example, SBI has ended the free ₹50 lakh air accident insurance that came with its Prime and Pulse credit cards from July 15. So, while services are being reduced, charges are on the rise.
IMPS Transactions Won’t Be Free Anymore
From August 15, SBI will start charging for IMPS (Immediate Payment Service) transactions. Until now, transfers up to ₹5 lakh were free.
But now, for transactions above ₹25,000, a fee between ₹2 and ₹10 will apply, plus GST.
Charges Apply to Many Common Services
Now, running a bank account means paying for even the smallest things. For example:
₹100 for a duplicate passbook
₹100–₹150 for signature verification
₹200 to stop a cheque
₹50 + GST to update your mobile number or email
₹50 to reset your debit card PIN
What Should Customers Do?
Banking is no longer as simple and cheap as it once was. Now, customers have to pay for almost every transaction or service.
So, it’s important to carefully read your bank’s charge list. Use digital and free services wherever possible to avoid extra costs.
