Hi friends! How are you all? I hope you all are in the best of your health. So as many people don’t have much knowledge about the consolidated charges that are levied by the bank , In this post we are going to tell everything about consolidated charges and try to answer every question that comes to your mind such as What are consolidated charges? What charges are included in Consolidated Charges? On What services is Consolidated charge levied? Are consolidated charges refundable?
What are Consolidated Charges?
The consolidated charges are total of all the charges that have been charged to the customer’s account as per the bank’s schedule of charges for the particular variant of your variant. Consolidated charges are primarily charges for non maintenance of average balance in accounts. This can include transaction fees like withdrawals over a particular limit, outstation cheque collection fee, cash deposit fees, non bank atm transaction fees, cheque return charges, addition cheque book charges, stop payment of financial instruments, demat account annual charges, etc. The Consolidated Charges are levied generally in the last of the month for the various services, requests or account maintenance or non-maintenance fee charged to your account. Read also Best Government Jobs after 12th in 2019 – Latest Jobs Govt in India
What charges are included in Consolidated charges?
- Cheque Bounce Charges : When any cheque is returned due to insufficiency of funds. It varies from Rs.350 to Rs. 750 per instance.
- Cash Deposit Charges : Cash deposited in account after the free limit is over.
- Duplicated Account Statement Request : Duplicate Statement Request submitted to branch, netbanking, atm , or any other customer service. It varies from Rs.50 to Rs. 100 per request.
- Debit Card Fees : Annual fee of the Debit Card Variant you hold. It varies from Rs. 50 to Rs. 1500.
- Net Banking or Debit Card Password Regeneration Fee : If you have lost password and request for a new password, the bank charges an amount of fee for the request. It is generally charged Rs.50 per request.
- New Cheque book Request : If requested for issuance of cheque book or leaves above the free limit, the bank charges an amount of fee for the request. It is generally Rs. 3 per cheque leaf.
- Any Certificate Issuance : Requested for Issuance of any certificate related to account operation, address confirmation, etc. It varies from Rs. 50 to Rs. 200 per request.
- Mobile Alerts Fee : Charges for transaction Alerts on your Mobile. It varies from Rs.15 to Rs. 25 per month.
- Account Non-Maintenance Fee : If minimum average balance in account is not maintained, the bank charges an amount of fee for the reason. It varies Rs. 150 to Rs. 1500.
- Demand Draft Commission : Commission charged by the bank on Issuance of Demand Draft from your account. It varies from Rs. 25 to Rs. 50 per Demand Draft but also increases as per depending on the amount of Demand Draft. Read Also
These are some common charges and there are various other charges which you can find in the schedule of charges for your bank account.
On what services are Consolidated charges levied?
1. Debit Card Charges
For the services rendered for the debit card for your account bank charges the fee . They are of two types:
- Debit Card Annual Issuance fee
- Debit Card Replacement fee
2. Non Maintenance of minimum balance as per limit applicable on your account type
If you have a savings account with your bank than the bank wants you as a customer to maintain a minimum amount decided as per the requirement in your bank account. If you fail to maintain that particular amount than you are charged a fixed amount of charges.
3. Charges beyond stipulated free transaction limits
- ATM Withdrawal
- Cheque book
4. Value Added Services- SMS Alert
For any transactions, safety purposes, and to keep you updated through mobile all the time about your account history and working , Bank charges reasoble amount from the customer.
5. Transaction failure charges
For the services rendered for the transactional failures for your account bank charges the fee . They are of three types:
- Auto Debit Failure
- Cheque Return/Bounce
- Standing Instruction bounce
6. Transaction Charges
For the services rendered for doing transactions for your account bank charges the fee . They are of four types:
- Cash Transaction
- DD Issue Charges/ Revalidation
- Recurring Deposit Standing Instruction
- Stop Cheque
7. Duplicate Passbook/ Statement fees
For getting the statement of your bank account or for getting the duplicate passbook , The bank charges a amount of fee for the service.
8. I-connect / Net Secure device charges
You can transact on behalf of your account through internet , also can keep your account workings secure , The bank charges amount of fee for rendering the services to you.
9. Charges towards additional products you have opted
- Annual Charges towards DEMAT account
- Annual Locker Charges
Are Consolidated charges refundable?
Yes, Consolidated charges can be refundable but depending on the reasons fro which the consolidated charges were levied. But you have to visit the Axis Bank Branch and discuss that what actually has been the reason for charges. Consolidated charges are usually related to the type of account that you have and the volume of transactions done and value/ balances maintained. Charges reversal depend on case to case basis. All erroneously levied charges due to a technical error in a calculation are refunded, however possibility of such charges is very low. If charges were due to banks mistake, such charges can be refunded. Refer to copy of the schedule of charges signed by you during account opening or you can ask for its copy in the bank. Also if you are consistently maintaining the good value and there was an exception due to which balance criteria was not met for a single month, based on your total banking relationship charges waiver may be considered.
For example : You had deposited cheque but due to delay from bank staff, the cheque was credited very late into your account and hence stipukated balances criteria was not met and hence consolidated charges were recovered.