A Study on Customer Awareness of Compendium Charges Levied by Banks in Amravati City

ABSTRACT: Banking is an important part of the economy, and understanding bank charges is very important for customers. This study was conducted to find out how much bank customers know about different types of charges, like account maintenance fees, transaction charges, loan processing fees, and other service charges. A survey was conducted with 50 respondents using a structured questionnaire. The study also looked at factors that affect awareness, such as education, age, occupation, and use of digital banking like mobile apps and internet banking. The results showed that only a small number of customers are fully aware of all charges, while most know only a few or are not aware at all. Digital banking helps some customers learn about charges, but many still have limited knowledge. Customers have mixed opinions about whether bank charges are fair and whether banks provide clear information. The findings suggest that banks need to communicate charges more clearly through SMS alerts, emails, mobile apps, and workshops. Customers should also check their statements regularly to avoid surprises. Overall, improving awareness about bank charges can help customers make better financial decisions and use banking services more effectively. KEYWORDS: Bank charges, Customer awareness, Digital banking, Banking services, Financial literacy