Next time you visit your bank branch for a teller transaction, don’t be surprised if you are charged for the same. From pass-book updating to depositing cash in your current account or doing more than five transactions during a month, banks now charge for such transactions.
Such charges become more evident if one person banks at a non-home branch (the home branch is where the customer has opened his or her account) of the same bank. For instance, SBI charges Rs 10 for updating passbook if one goes to a non-home branch. “We would like customers to maintain close relationship with their parent branch. Lot of our branches across the country have non-home transactions and this is more evident in those areas where there is a huge migrant workforce. We want to correct this anomaly, ” say senior SBI officials.
Some banks also charge current account customers who deposit cash whether in home or non-home branches of the bank. Bankers say this is necessary because current account is a business account and such deposits entail a holding cost for the bank as cash involves counting and storage. “We charge a nominal sum for those current account holders who deposit in excess of Rs one lakh in the non-home branch because KYC (know your customer) issues come into play,” says TM Bhasin, CMD, Indian Bank.
From July 1, HDFC Bank will allow SB account holders only five transactions within the branch in a month. The sixth and subsequent ones would be charged Rs 100 per transaction. Besides, the bank has also set a limit of only 100 transactions at the branch level in a year. “Salary account holders occupy our time. If they still wish to transact without levies let them switch over to holding a current account,” a HDFC Bank employee said. With such charges coming into play, the purpose of anytime, anywhere banking and banking for all surely stands defeated. Bankers don’t subscribe to the view.