While annual charges on HDFC Bank card can rise up Rs 750, it can go up to Rs 950 for Axis Bank. Talking to a phone banking executive will also cost
If you thought debit cards or ATM cards come free with your savings account, check again with your bank. There is a charge ranging between Rs 100 and Rs 950 that almost every plastic card levies on your account.
Banks justify the steep charges, saying that there are reward points and cashbacks that are beneficial for the customer.
For instance, HDFC Bank has seven variants of the basic card with annual charges varying from Rs 150 to Rs 750. A regular ATM card costs Rs 150 annually, the Rupay premium Rs 150, easy shop platinum Rs 750 and reward card Rs 500. So customers need to check which card is loaded on to their account.
An HDFC Bank official said, "Debit cards for managed customers are free. Managed customers classify as Classic, Preferred and Imperia. The charges on debit cards depend on the kind of card one opts for. It also depends on the features and benefits offered on the respective cards, for example, Rs 750 is for a platinum debit card, which offers cash back points and other benefits."
But if you are calling up a bank to check the rates, also check the rates for talking to a phone banking executive. HDFC Bank website says, "The Phone Banking charges will apply for transactions that are available on the IVR but are done by a customer through the Phone Banking Executive."
ICICI Bank charges Rs 150 for all debit cards in urban centres and Rs 99 from rural customers. All value-added SMS facility from the bank will cost you Rs 15 a quarter. ICICI International Coral debit card has a joining fee of Rs 499 and an annual fee of Rs 499, which is applicable from the second year.
Axis Bank also has debit cards like the Visa debit card and the Mastercard Titanium rewards cards which cost anywhere between Rs 350 and Rs 950.
Even electronic payments have a charge. If you use an IMPS or RTGS facility to send money it has a charge only internet banking is kept free so far but here also cash withdrawal restrictions apply. when asked if electronic payments have any charges. Axis Bank said, "IMPS, RTGS and NEFT, a nominal fee is charged to cover the cost to the bank."
Similarly, the bank accounts have various hybrid variants so the customer need to check the features of each account and decide which one is suitable as each of the features may be chargeable. Sometimes customers may be paying for services you don't need.
Banks justify the charges saying it is for the services but customer awareness of charges is still very poor and often banks are loading on cards and services which are unsolicited. Under the guise of services have to paid for banks are loading a number of services customers which are not requested.
For State Bank of India (SBI), the basic cards like the classic debit card and the global debit cards are free, while it annual charges on its gold debit card is Rs 100, platinum debit card Rs 300, and Pride or premium business card Rs 350.
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