Bank Hidden Charges: Banks earn a lot from these charges, you will be shocked to know

Bank Hidden Charges: Apart from the penalty for not maintaining a minimum balance, banks also charge for many services. In these ways, banks across the country earn well from customers.

Bank Hidden Charges: ICICI, the second largest private bank in the country, has increased the minimum balance limit in savings account. It has now been increased to Rs 50,000. After this, people are seen angry on social media. But, do you know that not only minimum balance, banks also charge for many other services, from which they earn well. Let us know, in what ways banks across the country collect money from customers.

What changes has ICICI Bank made?

ICICI Bank has changed the minimum balance limit for urban, semi-urban and rural areas. The penalty for not maintaining it is also different. In urban and semi-urban branches, a fee of 5% of the minimum balance along with Rs 100 has to be paid, while in rural branches only 5% is charged. If you do not have this minimum balance in your account, the bank charges a penalty every month. Private banks charge more, especially in urban areas. Also, if your account remains inactive for a long time, the bank can also levy a 'non-operational' charge, which further increases the expenses of the customers.

This is also how the bank collects money

Most banks provide the facility of free withdrawal of money from ATM only 4-5 times a month. After this, a fee of Rs 20 to 50 is charged on every withdrawal. If you use the ATM of another bank, this fee can increase further. Banks also charge maintenance fees of Rs 100 to Rs 500 annually for debit cards, which leads to additional expenses on customers.

Money has to be paid for SMS alerts too

Banks also charge charges on SMS alerts, checkbooks and online banking services. Every quarter, Rs 15-20 are deducted for SMS alerts. Some pages in the cheque book are free, but after that the customer has to pay for additional cheques. Many times charges are levied on online transactions like NEFT, RTGS or UPI, especially when the amount is large. These small charges may seem trivial to the customers, but this amount becomes a source of huge income for the banks from lakhs of account holders.

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