Services chargeable by banks Before availing banking services, you should be aware of the various charges levied by banks. Let us know on which services banks charge.
You as a customer access multiple banking services both offline and online. Some of these services are free, while some are charged by banks. Banks mostly provide free services to their customers. These services include free ATM cards, checkbooks and online services. Services are usually free within a range of limits. However, some services are subject to a fee for exceeding the limit. Therefore, before availing banking services, you should be aware of all the charges levied by the banks. Let us know on which services banks charge.
Banks charge fees on these services
Often the charges levied by banks on services are nominal. It is levied only when the free services on the part of the account holder exceeds the prescribed limit. For example, if your bank balance drops below the minimum balance limit, you will have to pay a fee. Similarly, the number of free ATM withdrawals is also stipulated, beyond which charges may apply. Other common charges include debit card annual fee, check book issuance or bounce fee and payment transfer fee.
Home Banking Services Charges
A nominal fee may also be levied depending on the amount of cash withdrawal and deposit. Home banking services like cash delivery etc. are also chargeable. If you apply for the loan, there will be a processing and documentation fee. Banks, however, provide timely information to customers about all charges applicable to basic services and any proposed changes thereto. They also upload fee related information on their official websites and mobile apps.
Banks also provide free services to preferred customers
Different banks may have different charges. Generally, the nature of all banks is not the same. The charges levied by banks also depend on the type of bank account you have. Banks can also levy fee on demand for checkbooks having more than the specified number of pages. It is also often seen that banks also provide free services and discounts on various charges to the preferred customers having strong relationship with the financial institution.
Such types of fees are charged for the loan
Banks may charge application fee, processing fee, legal and documentation fee while applying for home loan. You may also incur other charges for requiring duplicate copies of documents submitted to banks for loans. Banks may also charge foreclosure charges if the loan is at fixed interest rates. A fee is also charged for the locker. Fees may also be levied for making payments abroad by debit card. Banks also charge you for Demand Draft (DD).
