NEWS & ADVICE : CREDIT CARDS
Canara Bank to charge annually for ATM debit cards from July 1st
By Ankit Sharma
Jun 3, 2013
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Bangalore based lender, Canara Bank will be charging about Rs 112 annual fees on its ATM debit cards from July 1st, 2013.

The bank currently issues the debit cards free of cost but now a need has been felt by the bank to offer the debit cards at competitive rates in tune with "market trends".

"It has been decided to charge a nominal fee of Rs 100 per card plus applicable service tax on completion of one year from the date of issue/renewal of the card and thereafter to be charged yearly," bank said in a circular.

The current rate of service tax is 12 per cent.

Several other banks, including State Bank of India, also charge an annual fee in the same range.

Canara Bank further said that the annual fee will not apply to debit cards issued to customers with Canara Small Savings Account, Basic Savings Bank Account and Financial Savings Bank Account.

Circular also said that for debit cards issue or renewed up to June 30, 2012, the annual fee would charged on July 1.

The annual charges will be debited from primary account of the card holder by the system on due date.

If there is an insufficient balance, a "hold" will be created and same will be released as and when the balance is available, Canara bank said.


 


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