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State Bank of India (SBI) today issued a clarification saying it has refunded charges deducted on digital transactions from zero-balance or basic savings bank deposit (BSBD) account holders. However, SBI added that it continues to levy charges on cash withdrawals over and above the four free withdrawals which are allowed per month.
In a release, the state-run lender said, “In terms of Central Board of Direct Taxes (CBDT) directives, SBI has refunded the charges recovered in respect of all the digital transactions to the BSBD customers from 1 January 2020 to 14 September 2020. SBI has stopped recovering charges in such accounts on all digital transactions from 15 September 2020, while retaining charges on cash withdrawals over and above four free withdrawals allowed per month. The objective is also to encourage BSBD account holders including Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders to adopt digital payment through the prescribed modes vis-à-vis the cash tran