State Bank of India Issues Clarification On Four Free Transactions
Mumbai, April 15, 2021: “Reserve Bank of India, during Aug’12 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, the State Bank of India (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.
CBDT during August 2020, advised Banks to refund the charges collected, if any, on or after 01.01.2020 on transactions carried out using the digital mode and not to impose charges on future transactions carried out through such modes.
In terms of 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. The objective is also to encourage BSBD account holders including PMJDY account holders to adopt digital payment through the prescribed modes vis-à-vis the cash transactions.
Customer Centricity has always been the Bank’s focus. SBI has been determinedly working towards offering a convenient banking experience to all its diverse range of customers. Bank has also waived fees levied on SMS services and on maintenance of monthly average balance to all its Savings Bank account holders while promoting financial inclusion in the country in a big way.”
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