Bank account holders often have to face many types of charges, some of which they are not even aware of. Account holders come to know about this only when money is deducted from their account. Many times customers ignore these minor charges, but this small fee charged from every customer becomes a big source of income for banks.

Aam Aadmi Party (AAP) MP Raghav Chadha has exposed this ‘theft’ of banks by raising this issue in the Rajya Sabha. So let us know how banks are cutting your pocket and which charges you should be cautious about.

Heavy penalty on minimum balance

Raghav Chadha told in the Rajya Sabha how banks are cutting the pockets of customers. He said that if the minimum balance is not maintained in the bank account, then ₹ 100 to ₹ 600 are deducted per month. After the implementation of this fee, banks have collected ₹ 3500 crore from the pockets of the people in the financial year 2022-23. This is a shocking figure that shows this ‘hidden’ income of banks.

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Withdrawing money from an ATM is also not free

MP Chadha also mentioned ATM charges. He said that only nominal ATM transactions are free. After this, banks charge ₹ 20 on every transaction. It is worth noting here that withdrawing money from ATM is going to be even more expensive from May 1.

Under the current system, customers in metro cities are allowed 5 free transactions, while in non-metro cities this number is 3. Customers have to pay additional charges when the number of free transactions is exceeded.

SMS also costs money

He also raised the issue of inactivity charges levied by banks. Raghav Chadha said that if a customer does not use his account much and his bank account becomes inactive, then ₹ 100 to ₹ 200 are charged annually. Apart from this, banks also charge ₹ 50-100 for issuing statements. ₹ 20 to ₹ 25 is charged every quarter in the name of SMS charges. Apart from this, transaction charges are also charged for online payments.

Charges are also charged for these services

It all does not end here, but even for simple tasks like changes in nominee details, signatures, etc., banks have to pay charges. Banks charge up to ₹ 200 for this. Similarly, ₹ 100 to ₹ 200 are charged for demand drafts and pay orders.

The AAP leader also raised the issue of loans. The MP said that banks charge 1 to 3 percent in the name of loan processing fees. Not only this, a pre-payment penalty is also levied for repaying the loan early.

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