Bank News: Recently, the Reserve Bank of India (RBI) has authorized the National Payments Corporation of India (NPCI) to raise fees for ATM transactions and balance inquiries. These new charges will take effect nationwide starting May 1, 2025. It is important to note that these fees are in addition to various other charges that banks impose, such as those for checkbooks, transactions, and penalties for falling below the minimum balance requirement.
To provide further details, previously, withdrawing cash from an ATM of a different bank incurred a fee of Rs 17, which has now increased to Rs 19. Similarly, the cost for checking the balance at another bank’s ATM has risen from Rs 6 to Rs 7.
When opening a savings account, customers typically receive a complimentary checkbook containing 10 cheques. However, banks have varying policies regarding checkbook fees; some offer the first 10 to 20 cheques for free, while charging Rs 20 for each additional cheque. For instance, the State Bank of India (SBI), the largest public sector bank in the country, charges Rs 75 for a checkbook of 25 cheques. In the case of current accounts, the fee for a checkbook can range from Rs 500 to Rs 700 for 100 cheques.
Banks impose different transaction fees
Additionally, banks impose different transaction fees, particularly if the account holder fails to maintain the required minimum balance. If an account balance falls below Rs 5,000 or Rs 10,000, banks may deduct between Rs 300 and Rs 500. Furthermore, there are annual charges for SMS alerts, which can range from Rs 5 to Rs 25.