Consider Healthy Banking Habits
Banks are the safe piggy banks for keeping one’s money. Debit cards are like a boon for the people who want to avoid carrying heavy purses and bags for huge cash. However, there are certain rules and regulations related to banks to secure their own and people’s interests. If a person, breaks any of the regulations he will have to face a huge penalty over the interest he earned from his investments.
Here is the list of few financial practices that can lead to unwanted monthly penalty:
- Withdrawing Over the Minimum Balance Limit: Though there are many banks that allow their customers to keep zero balance in their savings account, there are some private banks except their customers to keep the quarterly balance as low as Rs 10,000. If a consumer fails to maintain that balance amount, then he will face a fine of it. Thus, it is advised to leave the required minimum balance in your savings account for different days.
- Using Non-bank ATMs More Frequently: According to RBI norms, a person can do a maximum of five transactions from a non-bank ATM every month. If a person exceeds this number, he will end up paying huge fees for the same. The transactions can be withdrawing money, checking account balance, and changing the PIN of the ATM. The charges that are levied on the cash transactions and for non-cash transactions are Rs 20 and Rs 9 respectively.
- ATM PIN Request: If you forget your current PIN or misplace it, the bank will levy some charges for issuing a new PIN. No charges are levied for changing the PIN at ATM. Generally, the issuing of a new PIN takes almost 7 days, and you will be charged up to Rs 50.
- Account Closure: If you want to block the bank account within six months to one year, from the opening period of the account, the bank will levy the charges for the account closure.
- Stop Payment: If a person does a stop payment request against the issued cheque, the bank will charge huge fees from the consumer. If you do such requests through online mode, no charges are levied on you. If you visit a bank branch for stop payment, it can put you in a huge amount of fine.
- Returned Cheque: If the cheque of the bank is dishonoured and is returned back to the financial institution, the penalty will be issued by the bank. If the cheque bounces due to inadequate balance, you will face huge penalty fees the fees can vary from Rs 50 to Rs 750. Thus, it is advised the issue the cheque after checking the bank balance.
- Forget to update bank about personal details: In the banks, it is necessary to update your bank with personal details. However, in case you do not update your bank, it can lead to a number of problems. You will miss out all of the bank letters that comes at your correspondence and can go in wrong hands.
Bank charges are very easy to avoid if a person operates his bank account very well with full care. These charges can be avoided when a person will review his bank account regularly. 
