Ever felt like your bank balance is shrinking faster than you expected? You’re not alone. Banks have a way of sneaking in charges that most of us either overlook or don’t even know exist. By the time you notice, it’s too late — and your hard-earned money is already gone.
Let’s talk about those sneaky fees. And trust me, some of them will leave you stunned.
1. Minimum Balance Non-Maintenance Charges
Imagine this: You’re running a bit low on funds, and your account balance dips below the minimum requirement. What happens? You get slapped with a penalty. In India, many banks charge anywhere between ₹100 to ₹600 per month for non-maintenance of minimum balance.
How to avoid it: Keep track of the minimum balance requirement of your account and set up a low-balance alert through your banking app.
2. Debit Card Annual Fees
You thought your debit card was free? Think again. Banks often charge an annual fee for debit card maintenance — sometimes ₹150 to ₹500 per year.
How to avoid it: Check your bank’s fee structure and see if there’s a no-fee card option available. Sometimes premium accounts waive these fees.
3. SMS Alert Charges
Yes, you’re charged for those transaction alerts you get on your phone. It’s often around ₹15 to ₹25 per quarter. Over a year, it adds up.
How to avoid it: If you prefer email alerts, switch to those — they’re often free.
4. Cash Deposit and Withdrawal Charges
Think depositing your own money should be free? Not always. Banks often charge after a certain number of free transactions. Even cash withdrawals from non-home branches can cost you ₹50 or more.
How to avoid it: Plan your cash transactions smartly. Use digital payments wherever possible.
5. IMPS/NEFT/RTGS Transfer Fees
Online transfers can also come with charges. IMPS transactions often cost ₹5 to ₹15, while NEFT and RTGS charges vary based on the amount.
How to avoid it: Use UPI for smaller transfers — it’s free and instant.
6. Cheque Bounce Charges
If a cheque issued by you bounces due to insufficient funds, banks impose a hefty fee — sometimes ₹200 to ₹800 per instance.
How to avoid it: Ensure your account has sufficient balance before issuing a cheque.
7. Inactivity Fees
Didn’t use your account for a while? Some banks charge an inactivity fee if your account stays dormant for over a year.
How to avoid it: Make at least one small transaction every few months to keep your account active.
Final Thoughts: Are You Paying More Than You Should?
The truth is, many of these charges can be avoided if you stay vigilant. Check your monthly bank statements carefully, ask questions, and know your bank’s fee structure.
So, the next time your balance seems off — you’ll know where to look.
