Bank refunded charges recovered in respect of all digital transactions to BSBD customers: SBI BANK NEWS

State Bank of India gave clarification to their customers regarding charges collected from account holders on digital transactions.

 

Bank refunded charges recovered in respect of all digital transactions to BSBD customers: SBI

 

New Delhi: India's largest bank, State Bank of India gave clarification to their customers regarding charges collected from account holders on digital transactions in Basic Savings Bank Deposit (BSBD) accounts beyond 4 free transactions. 

SBI mentioned, “Reserve Bank of India, during August 2012 mandated that Banks are free to levy reasonable charges in BSBD accounts beyond 4 free transactions. The availment of such additional services shall be at the option of the customers. Accordingly, SBI introduced charges for Debit transactions beyond four free transactions in BSBD accounts w.e.f 15.06.2016 with prior intimation to the customers.

It was also mentioned, as per CBDT directives, SBI has refunded the charges recovered in respect of all the digital transactions to the BSBD customers w.e.f. 01.01.2020 to 14.09.2020. SBI has stopped recovering charges in such accounts on all digital transactions w.e.f. 15.09.2020, while retaining charges on cash withdrawals over and above four free withdrawals allowed per month.



Posted Date :  16-04-21

Categories : BANK NEWS

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