There are many charges associated with your savings account, which you may not be aware of can be costly, so for your convenience, here we are telling you how you can track the various charges on your savings account .
How to track various charges on your savings account?
Your banking journey begins with opening a savings account in the bank and you can start handling your money. You can start your banking journey by knowing about the best banks in India.
You can earn interest while saving money by depositing your hard earned money in your savings account. Through this, you can also analyze your financial condition by keeping an eye on your income and expenses.
Apart from services like online banking, ATM, debit card, check book, UPI, you can safely park your money in the bank and withdraw it as and when required.
When you first go to a bank to open a savings account, apart from asking about the interest rate, minimum balance and FD rates, it is also important for you to know about the lesser known charges i.e. hidden charges.
There are many services and charges attached to your savings account, so it is very important for you to know about them and it will be beneficial for you to track those Hidden Charges and get proper information.
Reading the terms and conditions of the bank
When a bank savings account is opened, you are given a list of terms and conditions along with the charges by the bank. In which all those charges and services are included which are provided by the bank.
You are advised to read these Terms and Conditions thoroughly before opening your Savings Account and be aware of various hidden charges so that you can track them and avoid unnecessary payments.
checking your bank statement regularly
People often do not check their bank statements regularly, it is not a good idea. Bank statements provide you with a complete financial report detailing all your transactions.
All charges are recorded on the bank statement, so it’s easy for you to find out what you’re being charged. You can track from your bank statement if any charges are unnecessary.
View list of banking services and charges
Banks charge different fees for their different services for opening a bank account. This fee may vary from bank to bank. Hence, by viewing the list of banking services and charges, you can easily track the various charges on your savings account.
Banks may ask you to maintain a minimum balance in a savings account, and this amount may differ from bank to bank. You have to meet the minimum balance criteria to avoid paying charges to the bank.
Some banks ask to maintain Monthly Average Balance (MAB), some Quarterly Average Balance (QAB).
Before opening a savings account, you must check the minimum balance requirement.
Bank may charge fees on check book, online money transfer i.e. IMPS, RTGS, NEFT, UPI Transaction, check bounce, bank statement, SMS alerts, ATM transactions, debit and credit card transactions and various other services in your savings account .
reporting incorrect charges
Banks provide you many services free of cost on your savings account, but some services are charged. Here’s what you need to know about them to avoid getting hit with little-known costs later.
If you notice any discrepancy in your bank details related to banking services or transactions, you can report the same to the bank and get them verified and rectified.
Inform the bank about unnecessary charges
If any unnecessary charges have been deducted from your account by the bank, you may contact your nearest bank branch. Can inform them about incorrect fee deduction.
You can email them directly through the mobile application of the bank and inform about various unnecessary fee deductions. If any charges are unnecessary, the bank will immediately refund the same to you.
Savings account charges vary from time to time with various services offered by the bank. Banks usually inform you by sending SMS or email.
You can always stay updated about your savings account, track various hidden charges, manage and complain to the bank on unnecessary charges.