No service is offered free of change in any of the service oriented Industries and Banking industry is not an exception to this. As a retrograde steps Private Banks will charge a minimum of Rs.150 for cash deposits and withdrawals at branches after four free transactions in a month in a move to earn non-interest income and bring them to profit earning level in the financial year winding March. One should understand the implications of levying charges by banks. All foreign and new generation banks in the country had the habit of deducting charges on transactions from even Senior Citizen’s accounts as well resulting in them closing their accounts. Thus even issuing cheque book, card charges all add to the kitty of banks apart from charges on drafts and pay orders. One should know all about new Banking regulations and if needs to be some inoperative accounts can be closed to have a regular control of active accounts and not to pay charges for keeping the account with banks like ICICI, AXIS Bank and HDFC Bank. It is time for remaining cautious in operating accounts and try to use online transactions generally for cutting cost. Banking is at its best if used in a very clever way.
Jayanthy S Maniam
(The views expressed by the author in the article are his/her own.)