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Charges for banking services that you should know

Banks offer many services for free, but there are a few which come for a fee. As a customer, you should know banks’ different fees and charges.

Often, customers aren’t even aware of many of the charges. You should collect all the information while opening an account or purchasing their products.

Here are some common charges levied by the State Bank of India, Punjab National Bank, HDFC Bank and ICICI Bank.

Debit Card Fees

Most debit cards are free for account holders, but in certain cases, there are issuing/joining fees, annual fees and card replacement fees, among others.

For SBI, the joining fee can be up to Rs 300 for certain debit cards, while annual fees range between Rs 125 and Rs 350. The replacement fee for debit cards is Rs 300.

https://sbi.co.in/web/personal-banking/information-services/kyc-guidelines/debit-card-related-charges

For PNB, the joining fee for certain debit cards is Rs 250, while the annual fees can go up to Rs 500. The replacement fee for PNB debit cards is Rs 150.

https://www.pnbindia.in/ATM-Debit-Card.html

For HDFC bank, joining and annual fees for debit cards range from Rs 200 to Rs 750, and card replacement charges are around Rs 200.

https://www.paisabazaar.com/hdfc-bank/debit-card/

For ICICI bank, joining fees can be as much as Rs 1,999 for different debit cards. The annual fees for the debit card range from Rs 99 to Rs 1,499.

https://www.icicibank.com/Personal-Banking/cards/Consumer-Cards/comparison-card/debit-card.page

All banks charge Rs 50 for duplication/regeneration of PIN.

Minimum Average Balance Requirement

Banks require you to have a minimum monthly average balance in your monthly savings account. Some banks levy a fine if the customers fail to maintain the minimum balance.

For SBI’s regular savings account, there is no fine on non-maintenance of the minimum average balance.

https://sbi.co.in/documents/16012/22770835/150722-Revision+in+Service+Charges+updated+as+on+30062022.pdf/db73b02d-63f0-fbc9-3c9b-f1a905e4aea2?t=1659079567234

The Punjab National Bank levies a fee for not maintaining a quarterly average balance in savings accounts. The fine for non-maintenance of the minimum average balance is Rs 400 and Rs 600 per quarter for rural and urban areas, respectively.

https://www.pnbindia.in/Non-Credit-Related-Service-Charges.html

For HDFC Bank’s regular savings account, the fine for non-maintenance of the minimum average balance ranges from Rs 150 to Rs 600, depending on the account’s actual average monthly balance (AMB).

https://www.hdfcbank.com/personal/save/accounts/savings-accounts/regular-savings-accounts/fees-and-charges

ICICI Bank imposes a fine of 6% of the shortfall in the required minimum average balance or Rs 500, whichever is lower, for non-maintenance of the monthly average balance.

https://www.icicibank.com/service-charges/regular-savings-account

Duplicate Statements

Banks also charge when customers want a duplicate copy of their account statements. All four banks charge Rs 100 for a duplicate statement in physical form.

ATM Charges

SBI charges customers Rs 10 when using an SBI ATM more than six times a month and Rs 20 when using other banks’ ATMs beyond the free limit.

https://sbi.co.in/web/personal-banking/information-services/kyc-guidelines/debit-card-related-charges

PNB charges customers Rs 10 when using a PNB ATM more than 5 times a month and Rs 20 when using other bank ATMs.

https://www.pnbindia.in/Non-Credit-Related-Service-Charges.html

HDFC Bank charges Rs 21 when withdrawing cash from an ATM more than five times a month from an HDFC Bank ATM and using a different bank’s ATM more than thrice.

https://www.hdfcbank.com/personal/ways-to-bank/banking-in-person/atms/fees-and-charges#:~:text=With%20effect%20from%201st%20January,will%20be%20considered%20for%20charging.

ICICI Bank charges a flat Rs 21 when using an ATM more than five times a month and more than three times at an ATM of a different bank.

https://www.icicibank.com/service-charges/regular-salary-account

International Banking Charges

ICICI Bank and HDFC Bank charge 3.5 per cent of the amount when making international transactions and transactions in other currencies using a debit card. SBI and PNB charge 3 per cent for POS and e-commerce transactions.

https://www.icicibank.com/Personal-Banking/cards/Consumer-Cards/Credit-Card/travel-easy/about-international-transactions.page

https://www.pnbindia.in/Non-Credit-Related-Service-Charges.html

https://sbi.co.in/web/personal-banking/information-services/kyc-guidelines/debit-card-related-charges

https://www.hdfcbank.com/content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f/?path=/Personal/Pay/Cards/Debit%20Card/Debit%20Card%20Landing%20Page/Debit%20Cards/DC%20Charges%20V.17%20%28Revised%29.pdf

For international money transfers (outwards), ICICI Bank charges between Rs 500 and Rs 1000. HDFC Bank charges Rs 500 to 1,000. PNB charges 0.125 per cent of the transaction, with a minimum of Rs 500, with an additional Rs 100 for SWIFT transfers.

SBI charges customers from Rs 35 to Rs 7,000 for similar transactions.

NEFT Charges

For NEFT, IMPS and RTGS transfers, ICICI Bank charges from Rs 2.25 to Rs 45. HDFC charges its customers between Rs 2 and Rs 15. SBI charges its customers between Rs 2 and Rs 40. PNB charges its customers Rs 2 to Rs 49.50.



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