Look before you leap at the enticing services being offered by your bank.
(1) Standing Instruction Fee
Banks offer to relieve you of the trouble of remembering regular payments, but it is not a free service. While you standing instruction facility helps you avoid late payment penalties, be prepared to shell out between Rs.50 and Rs.150 per instruction.
(2) Cash Payment Penalty
Do you often leave your credit card buill payments for the last day, racing to pay in cash before the bank closes for the day? This flexibilty will cost you around Rs.100 each time.
(3) Banking Channel Usage Fee
The Standard Chartered bank is one of the few banks to mention unfront that only the first four transactions on any channel per month are free. Thereafter, every transaction costs an additional Rs.75. It is very likey that your bank imposes a similiar fee. For instance, even at base branches, most banks allow only a limited number of free cash transactions per quarter.
(1) Standing Instruction Fee
Banks offer to relieve you of the trouble of remembering regular payments, but it is not a free service. While you standing instruction facility helps you avoid late payment penalties, be prepared to shell out between Rs.50 and Rs.150 per instruction.
(2) Cash Payment Penalty
Do you often leave your credit card buill payments for the last day, racing to pay in cash before the bank closes for the day? This flexibilty will cost you around Rs.100 each time.
(3) Banking Channel Usage Fee
The Standard Chartered bank is one of the few banks to mention unfront that only the first four transactions on any channel per month are free. Thereafter, every transaction costs an additional Rs.75. It is very likey that your bank imposes a similiar fee. For instance, even at base branches, most banks allow only a limited number of free cash transactions per quarter.
(4) At Par Cheque Fee
Most bank now offer payable-at-par cheques, which are treated as local clearing cheque across bank's branch network. Wwhile most private banks offer at leat one such cheque book free per quarter, others charge Rs.3-25 per cheque. If your bank does not offer such a cheque book, be prepared to pay extra for cash transactions at branches in diffirent cities.
(5) Penalty on Carelessness
For some banks, stupidity is a chargeable offence. At a leading private bank, for instance, if you deposit cash in the cheque drop box you have to pay a fine of Rs.100, Rs.300 if the deposit amount is over.
(Us Open Results, Barack Obama, Phelps,Games)
