https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9192862
all digital banks debiting sms charges..airtel, kotak..
TRUE Digital saving bank account with zero balance
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Which bank offers TRUE digital saving bank account with zero balance ?
the account which can be opened and operated totally digitally/ no need to visit to branch for anything.
and no MAB charges, no hidden charges.
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https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9192906
desibuddy wrote:no way to stop these charges?all digital banks debiting sms charges..airtel, kotak..
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9192913
Bob
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9193042
Au kaisa hai?
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9193047
AU and Kotak 811 are two digital savings accounts that charge an annual fee of Rs. 84.60 only for SMS alerts. However, if you choose to opt for a physical debit card, then you will need to pay Rs. 178 for AU and Rs. 295 for Kotak.
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9193052
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siddudeagarwal wrote:84.60/Year - If banks do not charge these fees, then how can they allow you to use their services? After all, they are in the business of making a profit.
no way to stop these charges?
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9193119
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Think! These sms charges have been started in the last few years. The banks were profitable even when these sms charges were not there. 😄
shraaj wrote:" ...how can they allow ..."
84.60/Year - If banks do not charge these fees, then how can they allow you to use their services? After all, they are in the business of making a profit.
Think! These sms charges have been started in the last few years. The banks were profitable even when these sms charges were not there. 😄
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9193278
Jupiter, Paytm bank, etc..
But don’t use these as your primary bank account.
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9193292
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rn09 wrote:Back then, numerous fees were imposed by banks, including the Average Monthly Balance, and there were no zero-balance accounts available. Additionally, customers had to pay high charges for account modifications, such as changes in address or mobile number. Banks do not offer services for free, hence they charge these fees.
" ...how can they allow ..."
Think! These sms charges have been started in the last few years. The banks were profitable even when these sms charges were not there. 😄
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9193333
jupiter.. fi money
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9193609
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9193743
Kotak 811, You will get virtual debit card for free. physical debit card is chargeable.
No MAB and no hidden charges.
simply no charges whatsoever.
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9194292
Snapz wrote:You are right. I hv my primary a/c in nationalised bank. looking for secondary account purposes for small digital transactions upto 5k/10k.Jupiter, Paytm bank, etc..
But don’t use these as your primary bank account.
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9194303
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They lend money on higher interest rates, they give low interest rate on deposits.
shraaj wrote:Banks primarily make profit by difference in interest rates.
84.60/Year - If banks do not charge these fees, then how can they allow you to use their services? After all, they are in the business of making a profit.
They lend money on higher interest rates, they give low interest rate on deposits.
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9194745
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Now,they make money by any other option as well.
If you are so sure about it,show me the bank who is offering an Account where there are ZERO CHARGES as of 04th April 2023. No SINGLE MONEY (like zero initial deposit,zero physical debit card,etc)
thatsview wrote:Those days are gone ,that bank was only earning via difference of interest rates.
Banks primarily make profit by difference in interest rates.
They lend money on higher interest rates, they give low interest rate on deposits.
Now,they make money by any other option as well.
If you are so sure about it,show me the bank who is offering an Account where there are ZERO CHARGES as of 04th April 2023. No SINGLE MONEY (like zero initial deposit,zero physical debit card,etc)
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9195021
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Their primary source is still the interest rate difference.
They also have various other ways for earning.
Also, I have not said anywhere that there exists a bank/bank account with ZERO charges !
I have mentioned in my query no MAB charges, no HIDDEN charges.
shraaj wrote:I have used the word "primarily", not used the word "only".
Those days are gone ,that bank was only earning via difference of interest rates.
Now,they make money by any other option as well.
If you are so sure about it,show me the bank who is offering an Account where there are ZERO CHARGES as of 04th April 2023. No SINGLE MONEY (like zero initial deposit,zero physical debit card,etc)
Their primary source is still the interest rate difference.
They also have various other ways for earning.
Also, I have not said anywhere that there exists a bank/bank account with ZERO charges !
I have mentioned in my query no MAB charges, no HIDDEN charges.
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9195216
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siddudeagarwal wrote:WHAT WAS THIS? Then!
no way to stop these charges?
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9196235
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Other banks then copied this.
rn09 wrote:SMS charges were originally started by those banks who had huge NPA due to funding the like of Nirav Modi.
" ...how can they allow ..."
Think! These sms charges have been started in the last few years. The banks were profitable even when these sms charges were not there. 😄
Other banks then copied this.
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9196328
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And you really believe that these bank started sms charges to offset the NPAs (atleast partly if not entirely)?
Let's take an example - SBI.
As on Mar22, SBI had ~ 47 cr customers. Let's assume they charge Rs 60 annually (15 per quarter) to all these customers for sms charges - this leads to ~ INR 2800 cr revenue annually.
SBI's gross NPA as on Mar22 is over INR 1 lakh cr.
sms charge revenue will be just 2.8% of the Gross NPA !!! How will the offset happen??😄
panchabhut wrote:Bro, do you even know which bank started the sms charges? can you let me know also please? 😄
SMS charges were originally started by those banks who had huge NPA due to funding the like of Nirav Modi.
Other banks then copied this.
And you really believe that these bank started sms charges to offset the NPAs (atleast partly if not entirely)?
Let's take an example - SBI.
As on Mar22, SBI had ~ 47 cr customers. Let's assume they charge Rs 60 annually (15 per quarter) to all these customers for sms charges - this leads to ~ INR 2800 cr revenue annually.
SBI's gross NPA as on Mar22 is over INR 1 lakh cr.
sms charge revenue will be just 2.8% of the Gross NPA !!! How will the offset happen??😄
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9196332
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rn09 wrote:@panchabhut Read this article & you will get some insights - https://www.moneylife.in/article/banks-start-ch....
Bro, do you even know which bank started the sms charges? can you let me know also please? 😄
And you really believe that these bank started sms charges to offset the NPAs (atleast partly if not entirely)?
Let's take an example - SBI.
As on Mar22, SBI had ~ 47 cr customers. Let's assume they charge Rs 60 annually (15 per quarter) to all these customers for sms charges - this leads to ~ INR 2800 cr revenue annually.
SBI's gross NPA as on Mar22 is over INR 1 lakh cr.
sms charge revenue will be just 2.8% of the Gross NPA !!! How will the offset happen??😄
https://www.desidime.com/discussions/true-digital-saving-bank-account-with-zero-balance?page=1#post_9196832
@rn09 PNB started this during Q3/2012-13. Axis copied it in a few months. The others followed. Some like ICICI adopted selective approach, first adopting and then giving waiver as a "benefit" for certain class of customers.
10 years back, the Banks did not have as much as NPA as they now have. There has been a quantum jump in NPA in last 10 years
PS: I maintain my personal accounts in Tally and have complete data since 2007.
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Think! These sms charges have been started in the last few years. The banks were profitable even when these sms charges were not there. 😄