Savings Account Charges: The private bank revised savings account charges in December. Fees will be applicable for non-maintenance of minimum balance in select accounts. NEFT and RTGS fees have also been revised.
Savings Account Charges: Private sector Bandhan Bank made a major change to its savings account rules in early December, impacting many customers. The new rules have now come into effect. Account holders, including those with SB Elite, SB Premium, and SBI Advantage accounts, will now be charged for failing to maintain a monthly average balance (MAB). Previously, there were no charges for these deductions.
Now, if SB Elite account holders maintain less than ₹1,000 per month, they may have to pay a shortfall fee of up to 6%. Those with SB Premium accounts who maintain more than ₹750 will also be charged a 6% shortfall fee. Furthermore, if they fail to maintain a balance of ₹500 in SB Advantage accounts, they will be charged a 6% shortfall fee.
These accounts will also now be charged.
Bandhan Bank’s new rule applies to SB Standard, SB Digi Regular, SB Digi, SB NRE Standard, SB NRO Standard, SB Avani, SB Classic, SB NRE Premium, and NRO Premium. Maintaining a minimum balance of ₹150 in all these accounts is mandatory. Failure to do so will result in a 6% fee on the shortfall amount. Previously, the bank did not charge any fees on these accounts.
Fees for these services have also changed.
Effective December 1st, transactions have become more expensive and cheaper. NEFT or RTGS payments (outward) will incur higher fees. Individuals making transactions between ₹2 lakh and ₹5 lakh through either platform will incur a fee of ₹17 per transaction, up from ₹14 previously. At the same time, if a person makes NEFT payment (outward) up to Rs 10,000 through Seed Elite Current Account, he will have to pay a charge of Rs 2.50, which was earlier Rs 3.
