Here is what banks charge for cash transactions, ATM withdrawals and other services

Let's look at some of the charges levied by top banks.

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Top banks including State Bank of India (SBI), ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank, Yes Bank and others charge for various services that they offer.

All of us have a saving account but it does not come free, here is a list of charges that a user pays for availing various banking facilities:

Cash transactions

If a customer carries out more than three, and in some cases five, cash transactions from a savings account in a month, banks charge a fee for subsequent transactions.

ATM withdrawal charges

Banks allow up to five free transactions in a month at their ATMs, and three from those of other banks. SBI and ICICI Bank levy Rs 20 to Rs 50 per withdrawal for its regular savings bank account holders if the number of transactions exceeds eight times in metros—five transactions from their own ATMs and three from any other bank’s. The charges vary from bank to bank.

IMPS fund transfer

While NEFT and RTGS have been made free for all Indian banks, Immediate Payment Service transactions (IMPS) are still chargeable. The charge depends largely on the amount being transferred. It’s usually in the range of Rs 1 to Rs 25.

Failed ATM transaction

For failed transactions, banks can’t charge customers, the Reserve Bank of India (RBI) has said. Banks charge a fee for a failed ATM transaction owing to insufficient balance in an account. SBI charges Rs 20 plus GST for transaction decline due to insufficient balance. HDFC Bank, ICICI Bank, Kotak Mahindra, Yes Bank charge Rs 25 per transaction.

Minimum balance

A minimum balance has to be maintained in a savings bank account. ICICI Bank mandates a minimum balance (MAB) of Rs 10,000 in metro and urban branches and Rs 5,000 in savings accounts for semi-urban and rural branches. If the average minimum balance is not maintained, the bank levies a penalty of Rs 100 + 5 percent of the shortfall in the required MAB in Metro/Urban/Semi-Urban/Rural locations.

Documentation

Banks can also charge you for issuing documents. For instance, SBI charges Rs 150 for signature verification.  Banks offer an annual account statement once in a financial year. However, if you request a duplicate account statement, it may cost between Rs 50 to Rs 100. ICICI Bank charges Rs 100 per duplicate statement if you apply at a branch.

Debit card charges

Your bank will charge you a fee of Rs 50-500 to replace your debit card if you misplace your card. You might also be charged every time you reset ATM PIN If you forget it.

SMS charges

SMS alerts are sent by the banks to keep you updated about transactions happening from your accounts. This is supposed to help identify cases of fraud immediately. However, banks charges for SMS alerts. For instance, Axis Bank has also recalibrated its SMS charges. Instead of charging a flat fee of Rs 5 every month, it will now charge 25 paise for every SMS alert, subject to a maximum of Rs 25 per month, effective July 1 (except for one-time passwords and promotional messages) it sends you.

Cheque

The RBI does not allow banks to charge more than Rs 150 per cheque for speed clearing of cheques worth over Rs 1 lakh. There are no charges for values up to Rs 1 lakh. A fee of Rs 100-150 will have to be paid if a cheque bounces.