With several public sector banks imposing charges for not maintaining the minimum average balance in savings accounts, there could be more in store for customers to bear. As per reports. Some Indian banks are considering the levying of high charges on almost every banking service and transaction offered to account holders in the future. You will then have to pay for withdrawing cash from ATMs or even for making payments digitally along with updating your passbook, requesting for changing your address of communication, updating your mobile number and so on. This sounds quite strange and hard to believe but some banks are already going ahead with these plans according to reports.
Bank of India will be imposing these charges on all its services from the 20th of January, 2018. You will have to pay Rs. 25 for every mobile number update request. You will have to pay Rs. 50 for every request for a duplicate FDR receipt or passbook. You will have to pay Rs. 50 for every interest certificate and Rs. 25 for every update of KYC-linked documents. The trend may be similar in case of other banks as well. Many other banks may be following in the footsteps of Bank of India as per market experts. You will anyway have to shell out money for depositing cash and withdrawing cash as well if this happens. If such practices by Bank of India can garner approval from the Reserve Bank of India then other banks may follow suit.
Although the Finance Ministry is trying to soothe anxieties about such developments, it is a matter of time before Bank of India (BOI) starts levying these charges and other banks start implementing a similar system across all their branches.