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How To Beat Your Bank On Their Own Game

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MoneyMindz.com India’s First Free Online / On-call Financial Advisory / Best Free Financial Advice

“It is easier to rob by setting up a bank than by holding up a bank clerk,”

                                      German poet and playwright Bertolt Brecht once said.

While that statement may be little over the top, many might be tempted to say the same regarding the increasing trend in bank transaction charges of late in India. Take for instance, the largest public sector bank of the country announced an increase charges for a number of transactions effective 1 April.

Giant Private Sector banks have increased charges for cash transactions from March 1.

In case of other banks, which are yet to announce the increase in charges, sources in the banking industry said the number of free ATM withdrawals may be slashed. There will be a hike in charges levied in the coming months in a move to discourage people from using cash. The proposed move will hurt the common customers since cash is still a mainstream medium for transactions.

Some banks even charge you for SMS alerts. So how can you save your hard earned money from banks? Let’s find out. Just leave a missed call on Moneymindz.com best financial advisor in India or ask your quires on moneymindz.com website. Our certified financial planner will help to save your hard earn money

However, here are a few things you could do to avoid being charged by your bank: 

Close unused accounts: 

When you move jobs you often leave behind a trail of unused accounts. There’s a good chance that such accounts have now fallen below the minimum amount balance limit and will attract charges. Check all these accounts, and if they have been inactive for a while, simply close them. Keeping money idle in a savings account makes no sense when you have other financial instruments that offer better returns.

Reduce dependency on cheques: 

Think twice before you write cheques. It may be better to use online banking instead. Most banks do issue at least one cheque book (20-25 leaves) per quarter free of cost if you maintain a minimum balance. Otherwise, you pay up. If you want to use more cheque leaves, you will have to pay for each of those.

Don’t be careless: 

Try and remember your card PINs. Many banks charge for regeneration of PIN. Take, for instance, HDFC Bank which charges Rs 100 plus applicable taxes for physical delivery of regenerated IPIN. For debit card PIN regeneration too there is a charge – Rs. 50 (plus taxes and cess).

Go digital, know your documentation charges: 

Reduce dependency on paper statements. Quarterly account statements are provided free by banks. So are the monthly email statements. However, if you want a physical monthly statement posted/ couriered, be prepared to pay. Also remember, every time you do an address confirmation, signature attestation and photo attestation you are charged.

The only thing we can do as customers now, choose your bank wisely. See what you can afford and what services you can let go.

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