The 21st century is the age of plastic money and people have been habituated of using debit cards in day-to-day life. The easy availability of debit cards by almost all private and public sector banks have forced people to forget the old days of withdrawal slips and long lines in the banks.

Earlier, there was no any charge on the use of debit cards but now the comfort of ATMs will cause u to pay some charge to the bank. According to the report, the banks would not allow customers to use the debit cards free of cost. Now, Banks have planned to charge customers an annual fee of Rs 99 for the use of debit card.

In addition, the banks have decided to make six free withdrawals a month from the ATM. More than six withdrawals would charge you a fee of Rs 15 per transaction. The customers will have to maintain a minimum balance required in their accounts.

ICICI bank and UTI bank have already increased the charge in case of minimum balance less than Rs 750 in the bank account. There would be some charges for more than 6 SMS alerts if registered.

RBI guidelines says that the banks have a right to impose their service charges but they should inform the customer before any kind of increase in charges in banking services and facilities.

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