Canara Bank Customer bad news here: Bank increased annual fees on debit, credit cards

Canara Bank Customer: Our banks, having lured consumers with ‘free’ services, have now started charging for them or hiking already existing fees to fatten their bottom lines. So far this year, many banks have started charging for SMS alerts on transactions and hiked the annual fees on debit/credit cards. Canara Bank Customer bad news here: Bank increased annual fees on debit, credit cards.

Public sector lender Canara Bank has increased its debit card service charges on various card types. As per the official notification of the bank, the new service charges will be effective from 13.02.2023. The bank has hiked the service charges on annual fee, replacement of card, debit card deactivation fee and SMS alert charges. Canara Bank said in a statement, ‘The service charges mentioned above are in addition to taxes.

Applicable taxes will be collected extra. There will be no charges for other card types. Canara Bank will now levy SMS alert charges on actual basis which was earlier Rs 15 per quarter. Explain that for Canara Bank Debit Card – Standard/Classic, the daily cash withdrawal limit from ATMs is Rs 40,000, while the daily cash withdrawal limit for transactions is Rs 1 lakh.

Whereas for Canara Bank Debit Card Platinum/Select the daily cash withdrawal limit is Rs 50,000 and the daily purchase transaction limit is Rs 2 lakh. The revised service charges will be effective from 13.02.2023. So as it is written, the new rates have come into force on the last day. Annual fee for Classic or Standard Debit card increased from Rs 125 to Rs 200.

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For Platinum and Business cards, it has increased from Rs 250 to Rs 500 and Rs 300 to Rs 500, respectively. Canara Bank will continue to charge an annual fee of Rs 1000 for select debit cards. For Classic or Standard debit cards, Canara Bank has increased the debit card replacement fee from nil to Rs 150. Canara Bank has increased the fee from Rs 50 to Rs 150 for Platinum, Business and select cards. For users of business debit cards, the bank will now levy a card deactivation fee of only Rs 300 annually.