Banks are considered as secured places where one could keep their wealth with relief and can get loans at some interest rate for a period.But now banks are totally evolved them into business gathering money from every citizens by imposing various charges.Banks in India impose various charges that many consumers view as exploitative, often leading to billions in revenue while sparking widespread complaints about lack of transparency.
Key Problematic Charges
These fees frequently catch customers off-guard, deducted without clear prior notice.
● Minimum balance penalties: Banks collected over Rs 35,000 crore since 2018 for shortfalls, despite RBI caps on proportionality.
● ATM withdrawals beyond free limits: Rs 20-25 per transaction after 5 free ones; recent hikes to Rs 23 allowed by RBI.
● Hidden online transaction fees: 63% of users report undisclosed charges in digital banking.
● Other fees: Inactivity (Rs 100-200/year), SMS alerts (Rs 20-25/quarter), statements (Rs 50-100), loan processing (1-3%).
In the evening of 8th November 2016,with the ban of old 500 and 1000 Indian rupees currency,a new age of digitization began.The digital platform benefit people with ease in exchange of money.But for utilizing benefit,one should have a bank account forcing many people to open their bank account.Many banks benefits low earning class with their first zero balance bank account therefore no need to maintain minimum account balance.But now a specific minimum account balance is imposed and deducting penalties if not maintaining the minimum balance.The low earning class are facing various problems in earning each penny for their family and at last they do not have access to utilize their full wealth.Having bank account benefits in situation like unavailability of currency,ban of currency,global pandemic like COVID-19 and many other problems but imposing charges for name of service is a loot.