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Have you come across a bank charge on your statement and wondered what it is for? Banks may charge you for several things, depending on the facilities you use. The rates can differ for each product or service. Banking charges can also vary from bank to bank. Understanding why these charges are necessary can help you realise if you are being cheated. Armed with this information, you can select a bank that best suits your needs.
Wondering why you were charged a late fee or an account opening charge? This article will throw light on the different expenses associated with banking.
Types of banking charges
Late fee:
Banks may charge a late fee on missed credit card or loan repayments. If you miss the due date for an Equated Monthly Instalment (EMI), you will be asked to pay a late fee along with the repayment amount. This bank charge can be an unexpected burden, but you can avoid it by making timely payments.
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Surcharge:
This is an extra fee charged by the bank and is added to the cost of a product or service. It can be charged as a fixed amount or as a percentage of the transaction. A common example is the ATM fee. Many banks charge a commission on every ATM transaction or if you exceed a specific number of transactions in a month. However, some banks like IDFC FIRST Bank offer free unlimited transactions on all ATMs in India! Choose a bank that provides such a facility and save some money.
Deductions:
Banks often charge deductions, such as Tax Deducted at Source (TDS). Your bank may charge TDS on excess transactions of Rs 20 lakh or more if no Income Tax Return (ITR) has been filed for all the previous three assessment years. This limit increases to Rs 1 crore if ITR has been filed for one of the last three assessment years.
Miscellaneous account expenses:
You may be charged for services such as bank account opening, phone banking, SMS alerts, or debit card re-issuance. Further, you may have to pay the penalty if your account goes below the minimum balance. You can eliminate these costs by selecting a bank that offers these services and many others for free. For instance, IDFC FIRST Bank does not charge for the re-issue of chequebooks or debit cards, phone banking, NetBanking, electronic fund transfer (NEFT/RTGS/IMPS), passbook issuance and printing, etc.
Conclusion
Banking charges can add up to a lot of money. While some service fees are mandatory, others can be avoided. Therefore, make sure to check the schedule of charges of multiple banks and pick one with the least additional expenses. IDFC FIRST Bank is a good choice as it charges competitive fees on bank accounts, loans, credit cards, and other banking services. Go through IDFC FIRST Bank’s Schedule of Charges and make a wise decision.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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