After petrol, the price hike bug has bitten the banks too, with several of them raising their charges in the recent past. "Banks have increased the service charges as the RBI has imposed several conditions on services, such as the daily interest payment and five free ATM transactions. As a result, the interest outflow of banks has increased and added to the cash flow. This has to be recovered," says K Unnikrishnan, deputy chief executive, Indian Banks' Association.
Banks have also introduced fees for services which were available for free till now. For instance, ICICI Bank had allowed inter-bank mobile payments for free, but will now charge Rs 5 per transaction. Here are some services that will be more costly.