Digital transaction charges row: No charges on digital transactions for basic savings bank deposit accounts, says SBI

ANI
24 Nov 2021, 11:48 GMT+10

Mumbai (Maharashtra) [India], November 24 (ANI): Responding to the recent digital transaction row in the State Bank of India, the bank on Tuesday said in a statement that it does not charge any transaction fee from its Basic Savings Bank Deposit (BSBD) customers for digital transactions, including transactions using Unified Payments Interface (UPI) and RuPay debit cards.

According to a media report, in an IIT study, it was revealed that India's largest lending institution SBI had deducted Rs 164 crore from Jan Dhan account holders between 2017 and September 2020. Of the 164 crore, the bank had returned only Rs 90 crore to these account holders for transactions through UPI and Rupay cards. The bank had collected Rs 17.70 from each account holder during this period.

Responding to this report, the SBI said, "We reiterate that BSBD customers do not pay any charges for digital transactions including transactions using Unified Payments Interface (UPI) and RuPay debit cards."The bank on unpaid refunds for digital transactions, said, "Bank introduced charges beyond the first 4 withdrawals in BSBD (Basic Savings Bank Deposit) accounts in the BC (Business Correspondent) channel w.e.f. June 15, 2016, in line with RBI guidelines with prior intimation to customers. A BSBD customer normally would not need to make more than four withdrawals in a month, and even if required, the same could be done from the branch without any cost."The bank further said that the Central Board of Direct Taxes (CBDT) advised banks to refund charges collected on or after January 1, 2020, and accordingly Rs 90 crore was refunded to the account holders.

The statement read, "CBDT on 30.08.2020 advised Banks to refund charges collected, if any, on or after 01.01.2020 on digital transactions and not to impose charges on such future transactions. Accordingly, the Bank refunded charges of Rs. 90.20 crores to the customers recovered from 01.01.2020 to 14.09.2020. Bank is only charging beyond four free cash withdrawals in the BC channel, while there are no charges if digital channels are used. The objective is to promote digital transactions towards a 'less cash' economy." (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Vancouver Star.

More Information

null in null

International

Section

Air India crash: Engines shut down seconds after takeoff, killing 260

NEW DELHI, India: A preliminary investigation into the Air India crash on June 12 in Ahmedabad has revealed that a shift in the fuel...

Sources: Meta won’t alter data model, faces fresh EU charges

BRUSSELS, Belgium: Meta is holding firm on its controversial pay-or-consent model, a move that could lead to fresh antitrust charges...

Trump’s tariff push could push US rates above 20%, ICC says

LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according...

U.S. Urged to Investigate After Israeli Settlers Beat Palestinian-American to Death

The family of Sayfollah Saif Musallet, a 20-year-old American citizen who was beaten to death by Israeli settlers in the occupied West...

New Hampshire federal court ruling defies Trump’s citizenship move

CONCORD, New Hampshire: A federal judge in New Hampshire issued a crucial ruling on July 10 against President Donald Trump's executive...

Houthis attack cargo ship in Red Sea, raising maritime safety fears

DUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...

Business

Section