The bank offers its clients a range of facilities. However, none of these amenities are free. Therefore, the bank does charge certain of its customers for these services.


All people utilize banking services. Both offline and online access to these services is possible. No feature is free, whether it be SMS transaction confirmation, IMPS fund transfer, check clearance, or ATM withdrawal capability. The bank undoubtedly charges its consumers for all of its services. Let us explain the seven benefits for which money is taken from your pocket.


1. Cash Transaction

Every bank has the facility to conduct cash transactions, but there are restrictions on how much money can be exchanged. You must pay a fee for this if you conduct more cash transactions than that set threshold. According to each bank's guidelines, this fee varies. The typical range in a government bank is 20 to 100 rupees.


2. Minimum Balance

Up to a predetermined amount, the bank account balance must be maintained. You must pay a minimum balance fee if your account balance is lower than that. For instance, HDFC Bank requires that your account balance be at least $10,000; you will be penalized if it is lower than this. Each bank has a separate minimum balance limit and a limit on the penalty for not keeping it.


3. IMPS Charge

Customers can now conduct NEFT and RTGS transactions for free at all banks, although most banks continue to charge for IMPS transactions. This fee may be between Rs. 1 and Rs. 25.


4. Check Fee and Check Clearance

No need to pay the bank if your check is up to Rs 1 lakh, but if it is higher than this, you will need to pay a clearance fee. There will be a 150 rupee fee. When it comes to checks, however, SBI only offers 10 checks for free with a savings account; further reviews require a payment.


5. ATM Transaction

There is also a free ATM cash withdrawal option for a limited period. If there are more transactions than allowed, the bank assesses a fee. Each bank charges a different price. Most banks charge between Rs 20 and Rs 50 for this.


6. SMS

The bank notifies you when money is credited or debited from your account by sending you an alert message. Moreover, banks charge you for this. However, due to the low cost of this tax, most individuals are unaware of it. For example, Axis Bank costs about Rs 5 per month, while ICICI costs Rs 15 every quarter. As a result, the fee varies depending on the bank.


7. Card Replacement

You must pay a fee to obtain a new debit card if you've misplaced your old one. This fee may be between Rs. 50 and Rs. 500. Each bank has set forth different prices.