How’s this for a saying, “Give a man a gun and he will rob a bank”. Give a man a bank and he will rob the World.” Yes, some banks in India are charging you to deposit and withdraw cash, beyond a certain number of transactions. Some banks mainly private sector banks, ask you to maintain an average minimum balance in your savings bank accounts. This practice is being copied by public sector banks.
Then banks charge you for extra cheque leaflets, UPI/USSD transactions beyond a limit….why some banks even charge you for SMS alerts. So how can you save your hard earned money from banks? Let’s find out. Want to know more on loans and fixed deposits? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and Capital markets.
You have opened savings bank accounts in a number of banks? You don’t use many of these savings bank accounts and don’t bother closing them. There is a very high chance that money in these savings bank accounts could have fallen below the minimum limit and banks would charge you for it. If you don’t transact using these savings bank accounts for more than 12 months, these accounts become inactive. If you don’t transact using these savings bank accounts for more than 24 months, they become dormant.
How to save your money from these banks? You simply close all your inactive and dormant savings bank accounts. Should you leave your money lying idle in a savings bank account which pays you an interest of just 4% a year, when you have so many great investments to make?
Love reaching for that cheque whenever you have to make a payment? This habit is going to cost you. Your bank gives you a cheque book each quarter, absolutely free of cost. This cheque book has 20 to 25 leaves. If you happily keep paying for everything you buy/use through cheques, your cheque book will get over, real soon. If you request the bank for a new cheque book, you will be charged for it.
Do you think it’s a great idea to pay by cheque? Or, is it better to use online banking to make payments?
Are you the kind who keeps forgetting your card PIN’s? Your bank might charge you for the regeneration of your debit or credit card PIN. You got to remember your card PIN’s even if it means learning tricks to strengthen your mind. Should you allow banks to run away with your hard earned money?
After demonetization you and several citizens have adopted digital methods of payment. Digital = Paperless. Whenever you make a transaction, e-statements are sent to your email id/mobile. You are kept up to date with your transactions. What if you want your monthly statement in the physical form? Bank would have to post/courier your monthly statements and you would have to pay for it.
Do you think reducing dependency on physical statements is a good idea?
Yes, banks can separate you from your hard earned money, but only if you co-operate with them. There is a saying…A fool and his money are soon parted. Keep on eye on your bank statements. Know where your money is going. Be Wise, Get Rich.
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.
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