According to Canara Bank's statement, the bank has raised the service fees on the annual fee, card replacement, debit card inactivity fee, and SMS alert price. The service fee does not include taxes. Instead, taxes that apply will be added on. Starting on February 13, 2023, the updated service fees will be in effect.
Canara Bank Debit Card Annual Fee
Canara Bank has changed the annual charge for using debit cards. The annual cost for Classic or Standard debit cards has risen from Rs 125 to Rs 200. The yearly fee for the Business Card has gone up from Rs. 300 to Rs. 500, and the annual fee for the Platinum Card has gone up from Rs. 250 to Rs. 500. For certain debit cards, the bank would continue to charge Rs. 1000 annual fee.
Rs 150 will have to be paid.
To get a new debit card, Canara Bank reports that beginning on February 13, customers would be required to spend Rs 150 to replace their standard or classic category debit cards. Before, there was no charge for this. However, the bank has increased the replacement charge for Platinum, Business, and Select debit cards from Rs 50 to Rs 150.
Card Inactive Fee and Message Alert Charges.
Deactivating the Canara Bank debit card will also need to be paid. This Rs 300 fee has been set by the bank and is only applicable to business debit cards. The remaining category of cards can be deactivated without incurring any fees. In addition, the bank has a 15 rupee fee set up for SMS alerts.
Canara Bank Debit Card Inactivity Fee and Message Alert Charges.
The bank will now only charge a card inactivity fee of Rs 300 per year to users of Business Debit Cards. On any other kind of card, there will be no fee. In addition, Canara Bank will now charge for SMS alerts based on an actual basis.
Canara Bank has also made loans more expensive.
The Marginal Cost Based Lending Rate (MCLR), which Canara Bank recently raised by 15 to 25 basis points. Home, auto, and personal loans will cost more if MCLR rises. On January 7, 2023, the new interest rates were enacted.