Banks in the future could charge maintenance and transaction fee
The banks in the future could charge very low maintenance and transaction cost.
The AMC would be low as one paise per day, amounting to Rs. 3.65 per customer per annum.
The transaction cost could be,
Below 10,00,000 and above 10000 Rs, 1
10,00,001 to 10,00,00,000 rs. 10 per transaction
10,00,00,001 to 10,00,00,00,000 rs. 100
And so on.
The possibility of compound interest might go off for loans and it could be a formula that is either simple interest or a variation of compound interest formula that makes loans affordable.
The banks could recover their cost of operation from AMC and transaction charges.
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