Different Charges for Debit Cards

#LittleSavings

I almost have debit cards for all the bank accounts(Which I use). Of course, everyone does. But how many do you really use?

I am very thankful for the unlimited ATM withdrawals for the Standard Chartered Bank, which make the other cards seldom use.

And when I gone through the different charges/fees for the maintenance of Debit Card, I was really shocked. 

Let's see a glance of charges incur for the Debit Cards.

Different Charges for Debit Card

• Annual Fee
• Card Replacement/Renewal
• ATM PIN Generation
• Insufficient Funds
• Post Free ATM Withdrawals
• International Withdrawals.

I have collected for a few of the top banks and at the same time, unable to find the charges for some of the high tier banks.

Quick Video:

First and foremost, 

Joining Fee for the First Year:

This is the first charge/fee we pay for using the debit card. Usually this ranges from 150 rupees to 750 rupees per year. And these charges for the first year only.

Annual Fee:

From the second year, these charges are less than the initial year and it ranges from the 125-500 rupees per year.

Replacement/Renewal of Card in case of Expired or Lost or Stolen:

These are common and almost same for the different banks. It ranges from 200-300 rupees per year. 

Don't think that you can save these charges by blocking the card from online. The banks will immediately send another card, which incur another 200 rupees(I am trying to find, how to submit the cards to bank without renewal/re-issuing of another card).

ATM PIN Generation:

I am surprised that for the ATM PIN generation, we need to spend an amount between 25 and 50 rupees. I hope, this should be atleast free and even some banks do.

Decline Charges for Insufficient Funds:

I remember, while doing shopping at outlets, some people try to check the different cards to pay the bills, but it is clearly written in "Banks - Services and Charges", that it will attract 25 rupees, if the transaction is declined due to the insufficient funds. Beware and don't use the debit card with no funds in it.

Free Withdrawals & Post Withdrawal Charges:

We all know that there 3-5 free withdrawals at Other ATM's. Post that we need to pay 20 rupees for the Cash Withdrawals and 8 rupees for checking balance(This is insane).

Balance Enquiry and Withdrawals at International ATM's:

At some point, we may trip to Outside of India, and we are in a situation to withdraw money at nearby ATM's(Other Banks) in airports/Lounges.

Stop!!! we will be charged 100- 140 rupees for it.

So, don't try to check the ATM withdrawals at International ATM's. If you withdraw a cash of 150 rupees, you will be charged for the same amount.

So, on total, we are attracted to these different charges for using the Debit Cards. I just took a sum of all the charges of different banks and it some where rounded to above 1,000 rupees(excluding International charges & 18% GST on each fees). 

Although, we have different options to block the debit cards from online, we may not permanently block the card unless, you surrender the card in bank without re-issuing from bank.