Banking is a business and banks are run to make money. If banks have to make money, they must levy various charges on customers for the services they provide. But, many people are not aware on charges levied by the banks. If you want to minimize bank charges, you must be aware of the charges levied by banks on various accounts like savings bank account, current account, and credit cards. In this blog, IndianMoney reviews tell how to minimize bank charges.
When you change your job, you don't really bother about closing the salary account. But, it is always good to close that account if you are not using it. Not maintaining the minimum balance in your old salary account can attract charges. So, it is advisable to close all the unused accounts to avoid these charges.
You must maintain the minimum balance in the accounts you are using. If you do not maintain minimum balance, you will be charged a fine. The amount charged varies from one bank to another.
Avoid using cheques and shift to online banking to make payments. Banks will charge for issuing additional cheque books. The amount charged varies across banks.
See Also: Types of Frauds in Credit Cards
You will be provided a fixed number of free monthly ATM transactions by banks. ATM transactions consist of both financial and non-financial transactions. Non-financial transactions are balance enquiry, mini statement, changing ATM pin and opening fixed deposits via ATMs. Financial transactions are cash deposits and withdrawals. Once you complete the free transactions, banks charge money for the withdrawals.
You can avoid these charges by knowing ATM transaction limits provided by your bank and make sure not to cross the limit. IndianMoney review says that instead of withdrawing cash from the ATMs, you can use digital payments.
Many banks charge money for regenerating PINs, so make sure not to forget your IPIN and debit card PIN.
Make sure to issue cheques, only if you have balance in your bank account. Dishonoured cheques attract charges of around Rs 500-750 a cheque. Issuing cheques without having sufficient balance is a criminal offence.
Not paying credit card dues on time attracts late payment penalty and you will be charged interest on the outstanding amounts. If you pay the minimum amount due, you can escape only from a penalty, not from the interest charged on the outstanding amount. So, IndianMoney review says you must clear all the credit card dues on time.
Withdrawing cash using a credit card is a very bad habit. If you withdraw cash using your credit card, you will be charged cash withdrawal fees and interest will be charged from the very next day. So, make sure not to withdraw cash using credit card to avoid these charges.
The credit limit is an amount you can spend with your credit card. Crossing the credit limit will attract charges. So make sure not cross your credit limit.
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