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Zero surprises, total clarity: Understanding consolidated charges

06 Dec 2024 by Team FinFIRST
Consolidated charges
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Ananya was scrolling through her bank statement on her phone. Everything seemed normal until she spotted a line item labelled consolidated charges. Huh? Ananya furrowed her brow. What were these charges, and why were they deducted from her hard-earned savings? Unsettled by the lack of clarity, she decides to understand what exactly consolidated charges are. Let’s join her.

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How have digital savings accounts transformed the banking system?
How have digital savings accounts transformed the banking system?

What is the meaning of consolidated charges?
 

Numerous bank transactions attract bank account charges – debit card annual fees, SMS alert charges, ATM withdrawal fees exceeding the free limit, and maybe even a penalty for a bounced cheque. Consolidated charges are all these individual fees bundled together into an amount deducted from your account at the end of the month.

These savings account charges can include –

  1. Minimum balance penalty –

    2. If your account falls below the required minimum balance.

  2. Debit card charges–

    3. Annual fees or usage charges for your debit card.

  3. SMS alert charges–

    4. Fees for receiving text message notifications about transactions.

  4. ATM withdrawal charges–

    5. Fees for exceeding your free monthly ATM withdrawals.

  5. Cheque bounce charges–

    6. Penalty incurred when a cheque you issue is dishonoured.

  6. Account closure charges–

    7. Fees associated with closing your bank account.

The specific consolidated charges can vary depending on your bank and account type. This lack of transparency can be frustrating, making it difficult to predict your banking costs.

Why is transparency key?
 

Wouldn’t you want to know exactly how your hard-earned money is spent on bank charges? This is where transparent fee structures come in. Banks that clearly outline all their charges, including consolidated charges, empower you to make informed decisions about your banking needs.

Even better? Look for banks offering zero-fee banking options! These accounts waive most or all the standard charges associated with traditional accounts. With zero-fee banking, you can enjoy peace of mind knowing exactly how much balance you have available without worrying about surprise deductions.

Exploring IDFC FIRST Bank zero-fee banking 
 

IDFC FIRST Bank offers a compelling example of transparent banking. With zero-fee banking, the savings account eliminates hidden fees that can sneak up on you under consolidated charges. These charges may seem insignificant, but they can add up over time.

Here is a list of bank transactions that are free under the bank’s zero-fee banking initiative –

  1. IMPS charges (outward)
  2. NEFT charges (outward at branches)
  3. RTGS charges (outward at branches)
  4. ATM transaction charges at IDFC FIRST Bank ATMs
  5. ATM transaction charges at other bank ATMs
  6. Debit card issuance charges
  7. Debit card annual charges
  8. Debit card replacement/re-issuance charges
  9. SMS alert charges
  10. Chequebook re-issuance charges
  11. Cash deposit & withdrawal charges at branches (by number)
  12. Cash deposit and withdrawal charges at branches (by value)
  13. Third-party cash deposit and withdrawal charges at branches
  14. Stop payment of cheque charges
  15. Cheque return – deposited
  16. Cheque return – issued
  17. Demand draft/pay order issuance charges at branches
  18. Demand draft/pay order cancellation/revalidation charges
  19. Duplicate statement issuance charges
  20. Duplicate passbook issuance charges
  21. Decline charges for insufficient balance at ATM
  22. Doorstep banking - cheque & document pick-up - ad hoc request
  23. Balance certificate issuance charges
  24. Interest certificate issuance charges
  25. Account closure charges
  26. International ATM/POS transaction charges
  27. Standing instruction setup charges
  28. Standing instruction failure charges
  29. ECS return charges
  30. Photo attestation charges
  31. Signature attestation charges
  32. Charges for retrieval of old transactional records
  33. Charges for any deliverable returned by courier due to negative reasons
  34. Address confirmation charges
  35. I-Pin regeneration charges
  36. Debit card PIN regeneration charges

IDFC FIRST Bank allows the feature of zero-fee banking, subject to the maintenance of a minimum balance in the ₹10,000/₹25,000 Average Monthly Balance (AMB) savings account. The bank also reserves the right to charge fees under certain circumstances.

The takeaway
 

By understanding the meaning of consolidated charges and the benefits of transparent fee structures, you can take control of your banking expenses. IDFC FIRST Bank Savings Account is a prime example of transparent and convenient banking. So, ditch the surprises and embrace clear, zero-fee banking today!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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