ICICI Bank to Revise Banking Service Charges From 1st August moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.
State Bank of India (SBI) on Thursday said it refunded the charges it had recovered from Basic Savings Bank Deposit Accounts (BSBDAs) with respect to digital transactions done between January 1 and September 14, 2020, under the directions of the Central Board of Direct Taxes (CBDT).
Last year, the CBDT asked banks to refund the charges collected, if any, on or after January 1, on transactions carried out using the digital mode and not to impose charges on future transactions carried out through such modes.
In a statement, SBI said it had stopped recovering charges in BSBD accounts on all digital transactions with effect from September 15, 2020, while retaining charges on cash withdrawals over and above four free withdrawals allowed per month.
April 15, 2021
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State Bank of India (SBI), on Thursday, clarified that it has stopped recovering charges in Basic Savings Bank Deposit Accounts (BSBDAs) on all digital transactions with effect from September 15, 2020, while retaining charges on cash withdrawals over and above four free withdrawals allowed per month.
Systematic breach
This clarification comes in the wake of Ashish Das, Professor, Department of Mathematics, IIT-Bombay, claiming in a recent report that there had been systematic breach in RBI regulations on BSBDAs by a few banks, most notably SBI, which hosts the maximum number of BSBDAs, by charging ₹17.70 for every debit transaction (even via digital means) beyond four a month.
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.