From January 20, 2018, the Banking Services will become costly for an average Bank customer. From January 20, we will have to pay for 100 such Banking services which at present are provided free of cost. This includes depositing money, making a withdrawal, filing KYC etc. According to some reports, the charges will apply to non-your-Bank or non-branch transactions.
In addition, instead of charging you the time you’re provided a paid Bank service, the bank will auto deduct the charges from your Bank Account amount.
Whatever may be the magnitude of the paid banking services, only time will tell. But the changes apply for both Public Sector and Private Banks. It also seems that sooner than later the charges will apply to all banks, including the one you have your account in OR; your bank branch.
Some time ago, we talked about why we must be ready to pay more for the smallest of Banking, Financial and other services which we get for free at present. The step is just one of the many which we will see in future months. We must not be surprised if one year down the lane, we end up paying more than the interest incurred by your Bank savings and investments.