Account Maintenance Charges

• Most banks levy monthly or annual maintenance charges.
• These charges apply to services like debit cards, SMS alerts, and account management.
• Charges vary based on account type and bank policy.
• Some basic or zero-balance accounts may have no maintenance fees.
• Premium accounts may include bundled service charges.

Minimum Balance Requirements

• Many banks require maintaining a specific minimum balance.
• Falling below the threshold may incur non-maintenance penalties.
• The amount varies across banks, regions, and account categories.
• Charges are automatically debited from the account balance.
• Customers receive alerts when balance falls below limits.

Service and Transaction Fees

• Additional charges apply for cheque book requests and ATM usage.
• Fees may be imposed for branch visits or staff-assisted transactions.
• Beyond-limit cash withdrawals and fund transfers may attract charges.
• Some banks limit free transactions per month before applying fees.
• Printed statements or duplicate passbooks may involve extra costs.

Exemptions and Waivers

• Student, pension, or senior citizen accounts may be exempt from charges.
• Salary accounts often enjoy waived fees for a fixed period.
• Digital and basic savings accounts typically have low or no charges.
• Banks may offer waiver benefits for high average balance holders.
• Offers and fee structures are disclosed in account terms and conditions.

Transparency and Customer Communication

• Banks must inform customers about applicable fees during account opening.
• Charges are listed in the bank’s schedule of service charges.
• Customers are notified via SMS or email before fee deductions.
• Charges are itemized in account statements for clarity.
• Banks update fee structures periodically with public notice.