1. Advisorkhoj
  2. Post Your Queries
  3. Mutual Fund
  4. How to get rid of bank charges on SIP auto debit

How to get rid of bank charges on SIP auto debit

Doing SIP thru Banks on daily, weekly, fortnightly, monthly basis may now be a costly affair due to transaction charges being imposed on by banks unscrupulously.Kindly let us know the alternate or option to get rid of this gift of Govt.Thank you in anticipation?

Apr 8, 2017 by Vinay Vashisht, Chandigarh  |   Mutual Fund

As far as we know, some banks charges a one-time fee for setting up the SIP and also levy a bank charge in case the SIP ECS is bounced due to non availability of funds.

However, banks do not charge any fee on your regular auto debit (irrespective of the frequency - weekly, daily, fortnightly or monthly) of SIP from your bank account.

We also understand, that though few banks charge a one-time fee for setting up the SIP for the first time. most of the banks do not levy this charge. Therefore, you need to check with your banker and understand if and why they are levying this charge as mentioned by you?

Thanks for writing to us.

comments powered by Disqus
Search
You haven't found the answer for your queries? Do post your queries to us.
POST A QUERY

© 2016 Advisorkhoj - A Gamechanger Business Services (I) Pvt. Ltd. Brand - All Rights Reserved

Feedback