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One of the most popular Individual accounts is savings bank account. Various bank charges applicable should be considered before choosing a bank to open a savings bank so that you minimize your costs. Following are the charges normally applicable on savings bank account.
Average Quarterly Balance- It refers to the balance to be maintained every quarter and if the minimum balance goes below statutory minimum it attracts penal charges. For example Axis Bank Charges Rs. 5000 for average quarterly balance and if the other bank charges lesser than this amount the person should go for that. If average quarterly balance falls below Rs. 5000 that person will have to pay Rs. 750/ Quarter.
Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a "real time" and on "gross settlement" basis. The RTGS system is the fastest possible interbank money transfer facility available through secure banking channels in India. In case person wants to transfer funds above Rs. 1 lakhs he/she can use RTGS facility. A person avail this facility from Yes Bank free of cost.
Payable at par Cheque usage- If a person on an often uses cheque facility then he/she has to take care whether he draws cheques on and often. In case of Yes Bank 25 Txns per Month free; Rs 2/ Txns thereafter.
National Electronic Funds Transfer- Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account. For this facility Yes bank charges no amount and ICICI and SBI Bank charges a normal fee. So if you happen to transfer funds often using electronic (Online) mode, then consider this element as well.
Outstation Cheque collection and payment- You could end up paying a good amount as charges for your outstation check collection. Yes bank charges Rs 25/ instrument up to an amount of Rs. 5000. Citibank does not charge a fee here if you have a preferred relationship status.
Saving account can make a huge difference to your bank balance if the choice is made wisely. Such small charges on bank account can make a lot of difference to your savings.
Similarly consider the interest you earn on your saving bank account. Typically, most banks give you interest of about 4% p.a. on the balance you maintain with them. You can earn an interest rate of 7% with Yes Bank (6% for Amounts < Rs.100,000) and 6% with Kotak Bank (5% for Amounts <Rs. 100,000).
If you would not like to open another savings account, you can use Auto Sweep facility provided by most banks. You can give a standing instruction to convert surplus balance above your defined cut off, into Fixed Deposit of your specified tenor. Please keep in mind that interest earned from a normal fixed deposit is added to your income and taxed accordingly.
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