AMC stands for Annual Maintenance Charge, which is a yearly fee charged by banks on debit cards as an ATM service fee. The fee is fixed by the bank and varies from bank to bank and depends on the type of ATM card you use. The AMC charges can be for anything like debit card maintenance, debit card replacement, some pending charges, or more. Banks usually charge a sum of money for services like reissuing the debit cards to annual maintenance charges. The AMC fee is auto-deducted from the cardholders account on the concerned banks behalf.

The AMC charges levied for the ATM cards are available on the respective banks website itself. Therefore, the individual applying for a new ATM or savings account can refer to the banks website for more information. If you want to avoid additional AMC charges on the ATM card, you must choose the card knowing your demands. If you do not require it, do not provide the card or utilize its features, such as mobile banking. This will enable you to avoid pointless banking fees.

Different banks have different AMC charges for debit cards. For example, ICICI Bank doesnt have AMC for its usual debit cards, except the Coral Debit Card, which comes with an annual fee of Rs. 499. Other than that, ICICI Bank charges a fee of Rs. 25 to regenerate the debit card PIN. HDFC Bank issues ATM cards to customers free of charge. According to the banks official website, each time you redeem or reissue your debit card, the bank levies AMC that could range from Rs. 200 to Rs. 750, depending on the card variant.