Banking without the fees: India.

A take-home sheet for people at the session. Other countries: United States · United Kingdom · Canada · Australia · New Zealand · Philippines.

Moraph for Good · Fluent

Banking without the fees: India

Handout · moraph.org/commons/sessions/fluent/banking-without-the-fees

This sheet goes with the Banking without the fees session. It is general information, not advice, and it doesn’t recommend any bank, credit union or app.

Choosing an account

Ask for a basic or low-cost account by name.
Ask about monthly fees and how to avoid them, overdraft rules and free cash machines.
Compare banks and credit unions with the same questions.

Avoiding overdraft fees

Ask whether payments can be declined instead of overdrawing.
Turn on low-balance and transaction alerts.
Know the date of every automatic payment, and ask to move bills to after payday.

Checks and payment apps

Depositing checks into an account usually costs less than cashing them at a store.
Move money out of a payment app balance into your account promptly.
Treat a payment sent through an app like cash: it may not come back.

If something goes wrong

Report missing money to your bank straight away, using the number on your card.
Complain to the bank first, in writing, and keep copies.
If that fails, use the free complaint service below.

In India

Basic savings accounts. Any individual can open a Basic Savings Bank Deposit Account, whatever their age or income. It needs no initial deposit and no minimum balance, comes with a free ATM-cum-debit card, and allows unlimited deposits and four free withdrawals a month. You can’t also hold a regular savings account at the same bank.
Insured deposits. The DICGC insures savings, fixed, current and recurring deposits up to ₹5 lakh per depositor at each bank, principal and interest together. Deposits with NBFCs are not covered.
Free complaints service. Complain to your bank, NBFC or payment wallet provider first. If it doesn’t reply within 30 days, or you’re not satisfied, you can complain free to the RBI Ombudsman within 90 days at cms.rbi.org.in. The toll-free contact centre is 14448.
Payment wallets. The RBI Ombudsman scheme also covers non-bank prepaid payment instrument issuers, such as wallet providers, as well as banks and certain NBFCs.

Official places to check:

Reserve Bank of India (RBI Kehta Hai): rbikehtahai.rbi.org.in/bsbd-account.html
Deposit Insurance and Credit Guarantee Corporation: www.dicgc.org.in/guide-to-deposit-insurance
Reserve Bank of India: www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=3407

More free official help in India: moraph.org/commons/help/financial-literacy/in

General information, not advice about your own situation. Checked 20 October 2026. If an official source says something different, it is right. Free to copy and adapt. moraph.org/commons/sessions/fluent/banking-without-the-fees