11. Charges on ECS returns

ECS (Electronic Clearance Service) payments are equivalent to making payments through cheques. Currently the banks have started levy hefty charges if the ECS debit payments bounce owing to lack of funds in the bank account. These charges are almost equivalent to cheque bouncing charges. Bouncing of ECS has become common owing to investing into Mutual Funds via SIP (systematic investment planning) whereby a monthly investment into Mutual Fund is made via ECS. You must always ensure that your bank balance is sufficient to prevent your ECS payments being bounced.

12. Late payment fees

Often many people end up paying huge amount of interest as they fail to pay their credit card debt within the due date. It is always advisable to pay the outstanding amount on your credit card before the due date to avoid late fine fees.

Along with the late fine fees, you will also be charged for interest on the billed amount and proportionate service tax. These charges can be easily avoided if you are regular in paying the outstanding amount of your credit card.

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