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SBI told why money is deducted from your account

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New Delhi. In the name of many facilities offered by banks, there have often been complaints of money being withdrawn from the account. In this connection, State Bank of India (SBI) issued a clarification on Thursday. SBI pointed to reports that State Bank, along with many others, imposed ‘exorbitant fees’ on some services provided with zero-balance accounts (zero-balance accounts) or basic savings deposit accounts (BSBDA). Used to be.

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Explain that a study by Indian Institute of Technology (IIT-Bombay) has revealed that excessive charges have been levied on customers by SBI and many other banks in the country.

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As per the RBI decision of August 2012, banks are free to charge above four free transactions in BSBD accounts. Stating this as one of the reasons, SBI said, “Customers will have the option to take advantage of such additional services. In this sequence, SBI has given prior notice to customers from June 15, 2016, with four free transactions in BSBD accounts. The fee applied for the debit transaction above. “

In August last year, the Central Board of Direct Taxes (CBDT) advised banks to refund the charges levied on or after 01 January 2020 on transactions made using digital mode and future transactions. But was asked not to charge.

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Following the instructions of CBDT, SBI refunded the fees charged in respect of all digital transactions from 01 January 2020 to 14 September 2020 to BSBD customers.

SBI has stopped charging fees in such accounts from 15 September 2020 on all digital transactions, while retaining charging for cash withdrawals after more than four free withdrawals valid per month.

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According to SBI, the objective is to encourage PMJDY account holders, including BSBD account holders, to adopt digital payments through the prescribed mode rather than cash transactions.

The public sector bank has stated that its goal has always been to focus on the customer and is working towards providing a convenient banking experience to all its different customers.

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The bank said in a statement, “In order to promote financial inclusion in the country, the bank also levied monthly charges on SMS services from all its savings bank account holders and maintenance of monthly average balance (monthly average balance). Is forgiven. “

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