How to deal with bank changes in your daily transactions?

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Public sector banks usually go either by an average balance or an absolute figure

INCREASINGLY, there are various charges levied by banks for operating ordinary savings accounts.

Taken separately they may not be much. But together, they can add up to significant sums. Some of the ways to avoid bearing additional costs require an effort on the accountholder's part.

Cheque books:

There is also the issue of the number of cheques issued free to the account-holder. It is very likely that your bank has fixed a certain number of cheques that are allowed free every quarter.

But when you ask for subsequent ones there is a charge levied. There is a way in which these charges can be reduced and this is in the form of judicious use of cheques.

There are various systems like transfer of amounts through ECS or online transfers that can be set up and when these are used it will lead to a situation where the use of cheques goes down.

 

Minimum Balance:

There are two aspects to the minimum balance requirement. One is that a certain amount that must be kept in the account. This can be Rs 5,000 or Rs 10,000. The other is the manner in which the balance will be calculated. Public sector banks usually go either by an average balance or an absolute figure. Both have their own benefits and negatives. So the customer must check if the bank is following a clear policy on this. The other factor to look at is the time for the average balance. Often there is a change here from a quarterly requirement to a monthly requirement.

This can lead to mistakes when charges are levied on you.

Other charges:

There are other charges that can be incurred during day-today dealings. Each needs to be seen carefully. Looking closely at the conditions related to the account and the kind of charges that can be levied is one way of knowing where expenses can pile up how to actually avoid them. Some commonly levied charges are statement charges for a physical account statement, low balance charges, debit card charges and so on. There is no definite way of reducing these charges but efforts should be made to ensure that less rather than more is charged here.

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