Digital India ?

Well, Every time I see the word digital I feel happy. Yes, We definitely should move towards digital India & move towards cashless India..

Then I look at the cost of going digital. Some say the cost is reduced but then I had a look at 1 of my bank statements and realized, Digital is costing me money more that I expect it to cost.

I have a account in Corporation Bank, Which I rarely use as you can see from the picture below. Has Internet banking and a vanilla debit card. I don't have a cheque book issued because I never needed one for this account.

So Technically I have gone digital with this account. I use Debit card, don't use cheque book, don't visit the branch, do banking online. So look at the charges which I have shown.

1. They charge 150 Rs per year for having the Debit Card. (Should not this be part of banking now a days? Is it still a privilege?)
2. They charge me 100 Rs per year for getting SMS alerts. (Yeah, Right how much does bulk SMS's are charged these days)
3. Then Government wants me to pay 45 Rs of Tax. (The actual Irony)

Total 295 Rs per year for a account which I am just holding. 

Now if I do a NEFT transfer they will charge me minimum of 2.5 Rs/ 5 Rs / 25 Rs + Tax. (Link)

So digital essentially does not save any money for the me (common man), It just helps the banks and Governments make more money.

You may say convenience, yes it is convenient not carrying cash everywhere. But some places just charge you extra 1.5 to 2 % for using card. Those times I am sure you would be more happy paying cash than paying by card. Reason? 50K transaction at 2% will cost you 51K (1K extra for those weak in maths).

Unless these charges come down, The Digital India is not going anywhere. Though it's pushed down our throats. The term has become a tool for Corporations and companies to make more money from the consumers.

There is no reward for going digital but there is a penalty. I seriously hope the scenario changes.


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