Bank Service Charges: Money will be deducted from your bank account even at zero balance, know which charges the bank will levy...

Infosys co-founder and chairman Nandan Nilekani on Tuesday said that people are not using 'zero balance' bank accounts due to various charges levied by banks. Describing this problem as 'solvable', Nilekani said that finding a solution to it is also important so that other countries can emulate it.

In fact, due to the aggressive campaigns of the government and banks in the last few years, a large section of the country's population has opened accounts in banks, but these bank accounts, which are free from the requirement of a minimum amount, are not being used much for transactions. In 2011, only 44 percent of people above 15 years of age in India had bank accounts. There was a tremendous change in this figure due to Pradhan Mantri Jan-Dhan Yojana.

Stopped using accounts
While addressing the Global SME Finance Forum in Mumbai, Nilekani said that despite the amount being deposited in bank accounts, people are not doing transactions. The reason for this is the collection of charges on transactions by banks. Nilekani, who was the architect of the Aadhaar card project, said, "In many places, operating these basic bank accounts is not being found economically viable. Various types of charges have been imposed on these accounts. In such a situation, people have stopped using these accounts. However, he said that this problem related to the operation of banks can be solved.

There are mainly two types of savings accounts - one is a zero balance saving account i.e. such a savings account in which there is no minimum limit for keeping any amount, the second is a minimum balance saving account i.e. such savings account in which no less than a fixed amount can be kept. Can...

What kind of charges do banks charge?

1: Maintenance/Service Charge: All banks collect this charge for maintaining your account. This applies to all types of accounts.

2: Charge for debit card: Banks usually give a debit card along with the account as soon as it is opened, which is not free. For this, all banks charge on an annual basis.

3: ATM Charge: If you use another bank's ATM, you will have to pay a charge for it. Now you can withdraw money from your bank's ATM only 4 times in a month for free.

4: Insufficient funds: In accounts where a minimum balance is required, banks charge a fee if the money is less than the limit.

5: Overdraft Charge: This is not applicable to everyone and not all banks provide this facility. Under this, you can withdraw money up to a limit even if there is no balance.

6: Transfer Charge: You can send money to another account through means like UPI, IMPS, RTGS, or NEFT. Not all of these are free. Many banks charge money on EMPS transfers.

7: Account closing charge: If you close your bank account, the bank may charge you for it.

8: Dormancy Fee: If you do not do any transaction from your account for a long time, then banks make it dormant. Generally, its limit is one year.
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