There's no such thing as a free lunch. Banks today offer a slew of services to the customer, which only seem to increase the amount that they charge you by the day.

Let’s take stock of what you pay to avail of services for a typical savings bank account.

1. Non-maintenance of Minimum Balance

You must maintain a stipulated minimum balance in your account (Rs 1,000 for a nationalised bank, Rs 5000 for a private bank).

If you fail to maintain this average quarterly minimum balance, you attract a bank charge of Rs 750-1500 respectively. You could also face fines for cash transactions at branches and ATMs.

Also Read: Rs.15 for ATM Use

2. Chequebook Charges

Most nationalised banks provide chequebooks free as per your requirement. Many private ones, on the other hand, charge you Rs 50-200 per chequebook, if you use up more than 2-3 per quarter.

3. Account Closure Charges

Some banks charge Rs 50-200 if the account is closed before six months elapse.

4. Charges for Certificates

Unlike most nationalised banks, private banks charge Rs 50-250 for documents like balance certificate, interest certificate, address confirmation, signature attestation, photo attestation etc.

Also Read: Are Banks Eating Your Interest?

5. Cheque Return Charges

Nationalised banks fine you Rs 50-200 in case of cheque return (due to insufficient funds, signature mismatch etc), but private ones charge you Rs 100-Rs 500.