Banks will charge for sending SMS for transactions in account. This is the new move to forfeit the money of the account holder. We often subscribe for SMS banking in which a SMS comes whenever we deposit or withdraw money from the account. But it used to be always free with all the banks.
Now I get the SMS from AXIS BANK saying " You A/C ---- is subscribed for SMS banking service. From 15 June 2013 this service will be charged Rs. 5 per month. To unsubscribe visit nearest branch.
Most of the people having saving account maintaining the minimum balance and remains silent for many months. This is the move to withdraw the money from their account and fine the non-maintenance charges to that account.
However Rs. 5 per month is not a big amount at all, but money is money. All the banks will follow to AXIS BANK and will charge definitely.
In India people give importance to saving vs. investment and this is the reason for less growth. If we deposit the saving in account, it called investment. The deposited money will play investment role as it fetch income. But saving in home is not create any income.
In one way, RBI issuing license to new banks and other way old banks fooling customers by charging unnecessary. Banks always want to forfeit the money by issuing credit cards, debit cards and giving cool offers which become hot while repaying.
RBI should look into the matter and stop these bad charges. It should be more concern about safety of ATMs and fake currency.
Tags-banks sms charges,sms charges of banks,bank charge for sms,sms banking charges,mobile banking charges.