Warning: Use of undefined constant हिन्दी - assumed 'हिन्दी' (this will throw an Error in a future version of PHP) in /home/customer/www/bestofme.in/public_html/wp-content/themes/bestofme-child/functions.php on line 347
हिन्दी में पढ़ें।
Although choosing a right bank is not as difficult as choosing a right life partner, yet it is not so easy that you can keep your hard-earned money in any random bank. Having your money in the wrong bank means financial stress.
There is no apprehension that banks are an essential part of our economy and for every service given, they debit our bank account with a few hidden and/or permanent charges. Many of us are not even serious about knowing these charges and later when we have to face financial hardship or fines, we are left with no option but regret. However, if we compare these charges with other banks, we will not only be able to avoid these worthless charges, but will also be able to choose a correct bank. I hope you know that your financial situation, to an extent, is directly related with your choice of bank. Therefore, here are the 7 bank charges to look for before choosing a (right) bank.
ALSO READ – 5 Tips To Have Financial Stability In The Family
1AQB and AMB Charges
AQB (average quarterly balance) and AMB (Average monthly balance) i.e., minimum balance requirement adopted by most of the bank. Every bank has a limit of their own and should you miss to maintain it, you will then have to pay a certain amount as penalty. It is advisable to either go with a bank which has lowest or no AQB/AMB.
2Cash Deposit Charges
Are you up for depositing a big amount of cash? Well, be prepared for a cash deposit charge. Now, banks are charging you for deposit cash after a certain amount say 50,000 per day.
They need resources to tackle this situation where you deposit huge amounts. The best possible way of saving yourself from such cost is, “online transactions or cheques.”
3Outstation Cheque Clearance Charges
Outstation cheque clearance charges means you are asking your bank to walk that extra mile for you and without any shadow of the doubt, the bank will charge you for this favor.
In simpler terms, if you are accepting your local bank to clear an intercity cheques, the bank will charge you with a certain amount of fees; bigger the amount, bigger the charge.
To avoid this, how about having a bank account at the location of your regular debtor. All cheques will now be treated as local cheques and hence, no outstation clearance charges.
4Cash Withdrawal Charges
Same as in the case of cash deposit; bank do charge you for big cash withdraws. Fees could be anything. The only solution to this is – ask yourself, do you really need that much amount? Alternatively, ask the receiving party, if they are fine with a bank cheque.
Another kind of charges where bank charge you for transferring the money on the same day to any bank account in Indian from your bank account. Though fees for the service is not very much, however, the suggestion is club all NEFT transfers that are for one same party.
6Cheque Bouncing Charges
This is a hefty one. Single cheque bounce means nearly 250 INR deduction from your bank account. It further leads to poor creditability i.e., no more loans. Furthermore, you could be jailed for a bounced cheque. Be wise, never borrow more than your paying capacity and always keep your bank account ready for any installments due.
7Debit Card Charges
This one attracts a lot of fees. Whether you use it or not, you still have to an Annual fees pay for it. Also, now most of the banks charge you for ATM transactions after a few free transactions (if not used in associated ATM). Before signing up, better compare banks for this charge.