Click to play videoNew Delhi: Debit cards have become a part of our life, most do not even remember the days of withdrawal slips and long lines to with draw money. But now the comfort of ATMs will come at a cost.
Banks that were giving debit card services for free till now will now charge customers an annual fee of Rs 99 for the card.
Also, the next time you withdraw money from your bank's ATM, remember that only six transactions are free in a month. After that you will be charged a fee of Rs 15 per transaction.
There is also bad news for those who fail to maintain the minimum balance required in their accounts. ICICI bank and UTI bank have already hiked the penalty for not maintaining the minimum balance to Rs 750.
SMS alerts too will be free only for 6 months after registration.
Banks claim these charges will help popularise online banking. They feel that it will also promote the increased use of cards while shopping, as there are no charges for paying through debit cards.
According to RBI guidelines, banks have a right to fix their service charges, but the bank should notify the customer prior to any hike in charges.
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