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Contents_Credit_Card_Article5.php
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<title>Compare credit cards in India | Now, pay for debit card & ATM services</title>
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<span><a href="index.php">Home</a> > <a href="Contents_Articles.php">Articles Menu</a> > <a href="Credit-Card-Articles.php">Credit Card Articles</a> > Now, pay for debit card & ATM services</span>
<div id="txt"><h1>Now, pay for debit card & ATM services</h1>
A free SMS alert from your bank today may cost you tomorrow. This is because banks have upped service charges on banking financial services and products. <br>
As per RBI guidelines, the decision to prescribe service charges is left to the discretion of boards of individual banks. So the charges will vary from bank to bank, which they can revise at their will. <br>
Explains a senior banker, "Different banks have different internal structures, which often determines the pricing of a product. So it is best left to the banks." But the comforting factor is that all banks have to display their service charges on their websites.
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<p><b>Services charged </b><br>
BANKS like ICICI Bank and UTI Bank have increased service charges on various products. ICICI Bank has raised its rates, effective from July 1, on certain services such as ATM, cheque returns, PIN regeneration and ATM usage. The bank is already charging Rs 750 for every quarter if any customer fails to maintain a minimum average of Rs 5,000 per quarter. For receiving monthly statements, the bank is charging another Rs 200 from the customer.</p>
<p>
For instance, banks were offering debit cards free of charge. But now in case of ICICI Bank, you have to pay an annual charge of around Rs 99 for holding a debit card. Similarly, a cash deposit at your doorstep or office is charged Rs 150, which is deducted from the deposit itself. Regarding the ATM usage, only six transactions are free in a quarter. After that, you will be charged around Rs 15 per transaction. </p><p>
Even SMS alerts are only free for the first six months from the date of registration. Subsequently, they are charged, which varies from bank to bank. UTI Bank, on the other hand, has hiked penal charges for customers who fail to maintain QAB (Quarterly Average Balance) of Rs 5,000, the bank said in a statement. </p><p>
ICICI Bank customers, who fail to maintain QAB, will now be able to avail of only five free ATM transactions as against the earlier six and thereafter, they would be charged Rs 50 per transaction instead of Rs 25 per transaction earlier. </p>
<p><b>Financial discipline </b><br>
A debit card PIN regeneration through a branch will now be charged Rs 25, however, a PIN request through the Internet or phone banking will not be charged. In case of inward cheque return, the charges have been hiked to Rs 350 from Rs 200. The idea is to inculcate financial discipline in customers, who do not maintain minimum balances. </p>
<p>Banking experts say the rise in the service charged should be seen in right light. <br><br>
They say the rise in service charges should encourage people to use alternative channels like online or phone banking, which could also be cost efficient for banks.<br><br>
According to industry estimates, if any service is carried out at a branch, the transaction cost is as high as Rs 80 in the metros and Rs 50 in tier II towns. </p><p>
If the same service is carried out in an ATM, the banks cost lowers to almost Rs 20-25. In case of net banking & phone banking, it can be much lower depending upon the service provider. So the banks have revised service charges in line with the costs they incur on the services.</p>
<p><b>What customers want</b><br>
Industry experts explain if there are any changes in service charges, then banks must notify to the customer at least 30 days prior to its implementation. Similarly, banks charge a fee, usually around Rs 300, for exiting from an account within six months. So the customers want to be given an option, whereby they can exit any banking relationship free of cost within 30 days from opening an account. </p>
<p>
Explains a senior banker, "All a bank needs to do is to inform customers if the transaction initiated by the customer is not likely to get through, be it even due to insufficient funds. A customer must be given a chance to pay the shortfall before being penalised for the same". <br><br>
<b>Source : </b>Economic Times<br>
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