Canara Bank has increased the service charge on annual fee, replacement of card, debit card inactivity charge and SMS alert charge. The new service charges will be applicable from February 13. Let’s know the complete details about it.

Public sector Canara Bank has given a big blow to the customers in the new year. Actually, the bank has increased the service charge on all types of debit cards. According to the bank notification, the new service charges will be applicable from February 13, 2023.

In a statement issued by Canara Bank, it was said that the bank has increased the service charge on annual fee, replacement of card, debit card inactivity charge and SMS alert charge. Taxes are not included in the service charge. Applicable taxes will be charged extra. The revised service charges will be effective from February 13, 2023.

Canara Bank Debit Card Annual Fee

Under the changes, Canara Bank has increased the annual fee on the use of Debit Card. The annual fee for Classic or Standard Debit Card has increased from Rs 125 to Rs 200.

The annual charge for the Platinum card has been increased from Rs 250 to Rs 500 and the annual charge for the business card has been increased from Rs 300 to Rs 500. The bank will continue to levy an annual charge of Rs 1000 for select Debit Cards.

Fee up to Rs 150 will have to be paid for replacing the debit card

According to Canara Bank, from February 13, the customer will have to pay Rs 150 for replacing the classic or standard category debit card. Earlier no fee was applicable on this. The bank has increased the debit card replacement fee from Rs 50 to Rs 150 for Platinum, Business and Select categories.

Card Inactive Fee and Fee on Message Alert

Charges will also have to be paid for deactivating the Debit Card of Canara Bank. The bank has implemented this charge of Rs 300 which will be applicable only on Business Debit cards. There will be no charge for deactivating the remaining category of cards. The bank has kept a fee of Rs 15 on SMS alert.

Canara Bank Debit Card Inactivity Fee and Fee on Message Alert

For Business Debit Card users, the bank will now levy a card inactivity fee of Rs 300 only annually. No charge will be levied on any other type of card. Apart from this, Canara Bank will now levy SMS alert charges on actual basis.

Canara Bank has also made the loan costlier

Recently, Canara Bank has increased the Marginal Cost Based Lending Rate (MCLR) by 15 to 25 basis points. Increase in MCLR will make home, auto and personal loans costlier. The increased interest rates have come into effect from January 7, 2023.

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