Learn how to avoid unnecessary costs on your savings and transaction accounts.

Banking fees and service charges are amounts that financial institutions charge for various services they provide to their customers. These charges may include account maintenance fees, ATM withdrawal fees, cheque book issuance charges, and penalties for non-maintenance of minimum balances.

These fees are typically incurred for services that require additional resources or administrative efforts from the bank. For instance, processing a cheque or transferring funds electronically involves backend operations and infrastructure, which are often charged to customers.

Why do these fees matter? For customers, they can quickly accumulate, affecting their overall savings. A small fee here and there might not seem significant, but over months or years, it can lead to a considerable amount of money spent unnecessarily. Therefore, understanding these charges is crucial to managing your finances effectively and avoiding any surprises.

It is vital to recognise the most common banking fees to avoid them where possible. Below is a table outlining the top 10 banking fees and their typical cost ranges:

By understanding these charges, you can adjust your banking habits to minimise costs. For example, using digital statements or maintaining the required minimum balance can help you avoid unnecessary fees.

Digital banking offers convenience, but it is essential to be aware of the associated transaction charges. Below is a breakdown of NEFT, RTGS, and IMPS fees:

Using online banking platforms like the Bajaj Finserv Service Portal can help you track and manage these charges effectively. Additionally, some banks may waive these fees for premium account holders or during promotional periods.

Penalty charges are often incurred for failed transactions or insufficient funds in your account. Here is a tabular representation of common penalties:

To avoid these penalties, ensure that your account has sufficient funds before issuing cheques or setting up ECS payments. Using tools like the Bajaj Finserv Service Portal can help you monitor your account balance and avoid such charges.

Managing or reducing banking fees is easier than you think. Here are some practical strategies:

• Negotiate with your bank: Discuss your concerns with customer service and request a waiver for specific charges, especially if you are a long-term customer.
• Maintain the required minimum balance: Avoid penalties by ensuring your account balance does not fall below the stipulated limit.
• Opt for digital banking: Use online banking services to reduce physical transaction fees, such as cheque issuance or branch visits.
• Track your fees regularly: Use the Bajaj Finserv Service Portal to monitor your account activity and identify any unnecessary charges.
• Choose the right account type: Some accounts, such as salary accounts, offer waived fees for specific services.

By adopting these strategies, you can significantly reduce your banking expenses and manage your finances better.

International transactions often come with additional charges. Here are the key fees to consider:

• Forex Markup Fee: A charge of 2% – 3.5% on the transaction amount for currency conversion.
• Dynamic Currency Conversion (DCC): Avoid opting for DCC at ATMs or merchants abroad, as it incurs higher fees.
• International ATM Withdrawal Fee: Banks may charge Rs. 200 – Rs. 500 per withdrawal.

To minimise these fees, use cards with lower forex markup rates or consider preloading foreign currency on travel cards.

At Bajaj Finserv, we prioritise transparency in banking. Our services are designed to minimise hidden fees and provide customers with clear information about charges.

Using the Bajaj Finserv Service Portal, you can:

• Check your account statements and fee breakdowns instantly.
• Track payments or refunds with OTP login.
• Access exclusive benefits like lower transaction fees and reduced penalties.

With Bajaj Finserv, you can enjoy a seamless banking experience while keeping your costs in check.

If you encounter unjustified banking fees, you have the right to dispute them. Here are your options:

• Know your rights: Banks must provide clear information about fees. You can challenge any unexplained or unfair charges.
• Contact the Banking Ombudsman: File a complaint with the Reserve Bank of India’s Banking Ombudsman if your issue is unresolved.
• Compensation limits: The ombudsman can award compensation of up to Rs. 20 lakh for grievances, including financial losses and mental agony.

Being aware of your rights empowers you to take action against unfair practices.

Banking fees can significantly impact your finances if left unchecked. By understanding these charges and adopting cost-saving strategies, you can avoid unnecessary expenses and save more.

Take charge of your finances today with tools like the Bajaj Finserv Service Portal, where you can track your banking fees, download statements, and manage your account efficiently. Start saving now!