Too much Cost for Bank account per year to maintain - More account = more cost

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Deal Subedar
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Hi guys,
i am sure you guys have lot of bank accounts, I have 3+, will close one by one soon.

Last week i checked bank statement and really shocked

Debit card charge – 295 rs
sms charges 17.7 rs x 4 = 70.8 rs
so total = 365.8 rs

Above for Dena bank account, they’re charging 365 rs, and few transaction charges, still have to check my other bank account.

so how much you’re paying for bank of no use, closing bank accounts ?
Any bank account without charges for debit card or trick?

Offtopic:
Govt is making digital india and Looting indian people by service charges, even fund transfer, upi also cost few

Gas cylinder subsidy in bank account is the main reason for people to keep it.

35 Comments  |  
18 Dimers
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Deal Cadet
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I have bank account with oriental Bank (now PNB), I get charged 17.70 quarterly for SMS alerts…. Not issue debit card, hence no charges……

Debit card is for convenience, hence to need to pay the bank some amount for the services provided….. It’s a very big cost to open and maintain ATM’s……

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Deal Cadet
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kotak 811 :- no charges for virtual debit card (same as physical card), no SMS charges.
Paytm payments bank :- no virtual card and sms charges.
I don’t think any bank gives free physical debit card (Im talking about low/zero AMB & non-salary/non -BSBA accounts).

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Deal Cadet
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And Dena Bank debit cards are also not applicable for BoB debit card offers ?. Last time, BoB card offer was denied by grofers for my dena Bank card.

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Deal Cadet
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Idfc giving free physical debit card with no AMC or sms charge given you have to maintain AMB of ₹10k or 25k depending on what type of account you have opened.

I think this type of scheme is available with some other private banks too.

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Deal Cadet
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NSDL Payments bank…..Free Virtual platinum Rupay/Visa debit card

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Deal Captain
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dena bank is now BOB – account integration process is on… they even merged some of the branches

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Deal Cadet
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Got three bank accounts ICICI, HDFC, YES
Havent paid single penny in charges to them till date

ICICI:- Salary – No SMS charge, No Debit card charges, No ATM/3rd party transfers
HDFC Saving Max(Preferred) – Again no charges
YES Premia :- No charges

Trick is you need to have higher variant of accounts
HDFC Saving MAX is one of the best bank account, even ICICI Gold Saving is good

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Deal Lieutenant
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Open SBI account and do not take Debit Card. Simple.

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Deal Subedar
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If you can utilize cards of all banks to avail discounts on shopping, then it’s not a big deal to pay yearly charges.
I had hdfc, axis, icici, sbi cc, stanchart cc earlier. Closed all one by one except hdfc. I don’t mind letting go of a few card discount offers for not having one. Life is much peaceful now.

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Deal Newbie
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Completely agree with this post

At one point I had bank account in 8 banks all for genuine reasons like college campus bank, near to home bank, a/c required for loan, required for ppf as other banks didn’t offer ppf, for investment to IPOs, previous employer for settling fnf, new employer for salary, etc. etc.

Gradually closed them to 5 until last year and to 3 by q1 this year

Feels much better and less headache of managing finances and earned TIME

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Deal Lieutenant
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dhinchakrohit wrote:

NSDL Payments bank…..Free Virtual platinum Rupay/Visa debit card

Virtual dc bro

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Deal Lieutenant
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Is paytm rupay still giving free lounge access on debit cards?

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Deal Cadet
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no

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Deal Subedar
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Vulcan wrote:

Idfc giving free physical debit card with no AMC or sms charge given you have to maintain AMB of ₹10k or 25k depending on what type of account you have opened.

I think this type of scheme is available with some other private banks too.

will check iDFC, but not able to find fees structure link online.

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Deal Cadet
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Still using my student account ( been 15 year off now)

Good part is 0 balance to be maintained and we get free debit card free..

Sbi all debit card were closed or returned

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Deal Cadet
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mrKool_JJ wrote:

Do you have any idea which bank offers lounge access card at cheap price?

I think Rupay platinum is the lowest card variant which offers lounge access. As far as it’s fees is concerned, 177 (150+gst) AMC, I beleive is the cheapest. (Not considering premium accounts/salary accounts where you might get it for free). IOB offers it at @ 177, QAB =500 (without cheque book). You have to specifically ask for that card at IOB, otherwise they send any card as per their wish.

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Deal Lieutenant
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smz wrote:

I think Rupay platinum is the lowest card variant which offers lounge access. As far as it’s fees is concerned, 177 (150+gst) AMC, I beleive is the cheapest. (Not considering premium accounts/salary accounts where you might get it for free). IOB offers it at @ 177, QAB =500 (without cheque book). You have to specifically ask for that card at IOB, otherwise they send any card as per their wish.

Oh so rupay platinum IOB debit card right is the one which offers lounge access right ?
But this card too has some restrictions on usage?
We can still get on from Paytm too right ?

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Deal Cadet
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mrKool_JJ wrote:

Oh so rupay platinum IOB debit card right is the one which offers lounge access right ?

Yes. Must be the cheapest as well.

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Deal Lieutenant
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smz wrote:

Yes. Must be the cheapest as well.

But this card has any restrictions on usage for domestic/international travel?
We can still get on from Paytm too right ?

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Deal Cadet
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mrKool_JJ wrote:

But this card has any restrictions on usage for domestic/international travel?
We can still get on from Paytm too right ?

Read T&C here :- https://www.google.com/url?sa=t&source=web&rct=...

As far as paytm rupay platinum card is concerned, Paytm must have withdrawn itself from the lounge access as the T&C mention “participating banks”. There was also a discussion previously on DD, where it was discussed that many people were using their card only for lounge access, so it might be stopped.

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Deal Newbie
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jazz09 wrote:

Still using my student account ( been 15 year off now)

Good part is 0 balance to be maintained and we get free debit card free..

Sbi all debit card were closed or returned

Great

I had student account (0 bal) but after a couple of years, bank personnel informed me that it is standard account now and AMB has to be maintained pensive

Q. Who said one is student for all his life?
A. Your bank joy

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dhinchakrohit wrote:

NSDL Payments bank…..Free Virtual platinum Rupay/Visa debit card

any minimum balance requirement ??

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Deal Cadet
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Novizio wrote:

any minimum balance requirement ??

Currently zero balance….But site shows min balance req.

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sanklecha.mahaveer563 wrote:

Great

I had student account (0 bal) but after a couple of years, bank personnel informed me that it is standard account now and AMB has to be maintained pensive

Q. Who said one is student for all his life?
A. Your bank joy

I told them I am still studying smile so it’s still on 0 balance and no amount has been deducted for debit card..

They did ask me to concert it to normal account but then I outplayed them wink

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