Banks become greedy day by day more due to inflation. Banks increased charges or levy charges on such services which are used to be free earlier. This includes looking saving account either by SMS or internet.
Some banks which used to offer free debit cards now levy charges and other increased the charges. Also some banks increased charges for cash deposit or issuing a demand draft.
This all make banking costlier and it will affect more to a common man.
This all because of high cost operations of the banks and low income generation. Thus as per banks, there is no option left to them but to increase or levy charges on the services.
Now the account holder needs to pay some charges for getting SMS by the banks on debit or credit entries as well as to know the balances of the accounts.
Banks say that the cost of SMS has increased 5 times compare to past as well as telecom companies have increased the cost of SMS. So they pass it on customers.
Some banks like Axis bank and ICICI bank charge 15 Rupees per quarter whereas Kotak Mahindra bank charges 120 Rupees per year.
PNB has revised the cash deposit charges at all branches within the same clearing centre and city. From April 2, customers are being charged Re 1 per Rs 1,000 or a minimum of Rs 25 per transaction on select products such as savings account. Monish Shah, Senior Director at Deloitte India, said though banks started with free services to remain competitive, there is now an increasing emphasis on operational efficiency.
“There is a realization that being value driven is also important. Moreover, there is a segment of customers willing to pay for these services.”
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