RBI forced all the banks to pay the interest rates on day-to-day basis for all the savings bank accounts customers. As we have known, this would cause more spending for the banks because the millions of customers keep the money idle in the savings bank accounts. Till last year, banks paid only less interest money for those savings.
Effective this April 2010, the new rules comes to effective. We can expect all the banks will introduce lot of new fees and charges on our account to compensate those loss. Here I am writing about the new rules announced by HDFC bank which is effective from 1st July, 2010.
- The number of transactions in a Savings Account is restricted to 100 transactions per half year.
- 5 cash transactions at branch will be allowed free per month. Every additional transaction will be charged @ Rs 100 per transaction effective 1st July 2010.
- Cheque return charges will be revised effective 1stApril 2010 as under:
- First cheque return in a quarter – Rs 350/-
- From second cheque return in the same quarter – Rs 750/- per return
- For accounts not maintaining AQB, Rs 400/- for first cheque return in a quarter and Rs 800/- per return from the second cheque return in the same quarter.
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