Banks levy annual fees on ATM/Debit cards, varying based on card category and bank policy. Learn about charges and how to avoid them.
ATM Charges: While you might assume ATM or debit cards are free, most banks charge an annual fee. This article details ATM card charges, which vary by bank and card type.
ATM/Debit Card Charges: Understanding Annual Fees
Banks charge an Annual Maintenance Fee (AMF) based on card category (Classic, Platinum, Rupay, Visa, MasterCard) and their policy. Each bank has its own fee, varying in amount.
ATM/Debit Card Charges by Banks
SBI (State Bank of India):
- Classic/Rupay Debit Card: ₹125 + GST per year
- Global/Platinum Debit Card: ₹175-₹300 + GST per year
- HDFC Bank:
- Regular Debit Card: ₹150 + GST
- EasyShop Platinum: ₹750 + GST
ICICI Bank:
- Regular Debit Card: ₹99-₹199 + GST
- Coral/Platinum: ₹499-₹999 + GST
Axis Bank:
- Regular Card: ₹200 + GST
- Premium Cards: ₹500-₹1,000 + GST
PNB (Punjab National Bank):
- Classic Debit Card: ₹125 + GST
- Other variants: Up to ₹250+
Other Applicable Charges
Banks also levy several other charges on ATM/debit cards, including:
- PIN Reset Fee: A fee may apply if you forget your PIN.
- Charges for exceeding the permitted number of ATM withdrawals: Each bank sets a limit for free ATM withdrawals; exceeding this incurs charges.
- Card Replacement Charge: A fee is charged for replacing a lost or damaged card.
Are these charges applicable to all accounts?
No, these charges don't apply to all accounts. For example:
- These fees may be waived for Jan Dhan accounts and Basic Savings Bank Deposit Accounts (BSBDA).
- Senior citizen accounts often have these fees waived.
- However, regular accounts are typically charged.
Can you avoid card charges?
If you primarily use digital payments and rarely withdraw cash from ATMs, you can consider closing your ATM/debit card and relying on digital payment options like UPI. However, remember debit cards are essential for online transactions and many services, so this decision requires careful consideration.
Ways to Avoid Card Charges
1. Opt for online transactions: If you don't need ATM cash, maximize the use of digital payments.
2. Choose a basic account: Consider opening a Jan Dhan or Basic Savings Account to avoid card charges.
