5 Ways to Save On Bank Service Charges

Charges on ATM withdrawal, account transfer or even SMS alerts feel like banks are taking away your savings. For example, for a regular salary account at ICICI Bank, only the first four withdrawals at ICICI bank ATMs within the city of your branch is free of cost. You will be charged Rs 5 per Rs 1,000, subject to a minimum of Rs 150 per month.

On the other hand, for a NEFT transaction, you will be charged Rs 2.5 per transaction up to Rs 10,000 and Rs 10 for a transaction between Rs 10,001 to Rs 1 lakh and so on.

Almost all financial activities will have a charge because those are the primary services a bank provides. Non-financial activities like updating your passbook at a branch, or email of e-statement is free of cost.

You may have noticed that ATM charges are higher than NEFT charges. This is to reduce the number of cash withdrawals made by individuals and encourage them to switch to internet banking. Similarly, services put in place to reduce branch visits are cheap or free of cost.

So maybe, you should consider the following 5 habits to reduce the charges you pay to save your own hard-earned money.

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