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Big news! State Bank of India charging money on digital transactions, card swipes from SBI account holders
A new study by IIT-Bombay has revealed that SBI collected over Rs 300 crore by imposition of service charges during the period 2015-20.
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Updated: Apr 12, 2021, 11:54 AM IST
A study by IIT-Bombay has revealed State Bank of India and several other banks in the country have been imposing excessive charges on certain services wbich are provided to those with zero-balance or Basic Savings Bank Deposit Accounts (BSBDA). According to the study, the decision by SBI, which is country s largest public lender, to levy a charge of Rs 17.70 for every debit transaction beyond four by the BSBDA account holders is not reasonable.
SBI collected Rs 300 crore from zero balance accounts in 5 years: IIT-Bombay study indiatoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatoday.in Daily Mail and Mail on Sunday newspapers.
Synopsis
The study observed that the SBI s decision to levy a charge of Rs 17.70 for every debit transaction beyond four by the BSBDA account holders cannot be considered as reasonable .
Agencies
Even ATM cash withdrawals come at an exorbitant fee of Rs 40. Needless to mention that the bank also imposes a debit freeze beyond 10 debits a month by IDBI Bank.
Several banks, including
State Bank of India (SBI), have been imposing excessive charges on certain services provided to poor persons having zero-balance or Basic Savings Bank Deposit Accounts (BSBDA), a study by the IIT-Bombay has revealed.
The study observed that the SBI s decision to levy a charge of Rs 17.70 for every debit transaction beyond four by the BSBDA account holders cannot be considered as reasonable.
SBI collects Rs 300 cr from 12 cr zero balance accounts in 5 years
The study highlighted that the imposition of service charges resulted in undue collections to the tune of over Rs 300 crore from among nearly 12 crore Basic Savings Bank Deposit Account (BSBDA) holders of SBI during the period 2015-20
PTI | April 11, 2021 | Updated 17:55 IST
Levying of charges on BSBDA is guided by September 2013 RBI guidelines
Several banks, including State Bank of India (SBI), have been imposing excessive charges on certain services provided to poor persons having zero-balance or Basic Savings Bank Deposit Accounts (BSBDA), a study by the IIT-Bombay has revealed.
The study observed that the SBI s decision to levy a charge of Rs 17.70 for every debit transaction beyond four by the BSBDA account holders cannot be considered as reasonable.