The idea behind opening a savings account with a bank is to save some money for your future, but now that just seems like a nightmare. Some time ago, banks announced that we could open a zero balance account and come a few years down the line, now the minimum balance required in your bank account is ₹10,000/- in the urban areas. (P.S. not everyone living in the cities earns enough to maintain that). What is even more surprising is, the facilities that the banks should have been ideally providing us free of charge, are being charged exorbitant rates.

For example:

  • If the minimum amount is not maintained in account then you have to pay a fine;
  • If the amount is maintained and you want to withdraw the same, then ATM charges;
  • If the bank is careless in maintaining its ATM security and you want an SMS intimation for transactions, then there’s the SMS charge;
  • If you want to transfer amount online using NEFT, RTGS or IMPS, your bank charges a certain amount along with GST;
  • If you want to use your Debit or Credit card, then you have transaction charges for the same;

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