SBI and PNB account holders are careful, huge charge in the savings account
Here we come with a new ImP News in our Informative blog knowing steps360. Not good news for account holders of State Bank of India (SBI) and Punjab National Bank (PNB). Both these banks are charging a large number of fees from their account holders. This money is being collected in the name of different things. Apart from these two banks, many banks are charging various types of charges from their account holders.
This amount is being collected on Zero Balance Account and Basic Saving Account. Based on research by IIT Bombay, the news agency PTI said that the account holders of a savings account at State Bank of India have to pay Rs 17.70 for every transaction after the fourth transaction in a month. This fee is also very heavy on the account holders and it cannot be justified from anywhere. The study also pointed out that the imposition of service charges led to the improper collection of over Rs 300 crore from SBI's approximately 12 crore basic savings bank deposit account holders during the period 2015-20. Meanwhile, Punjab National Bank has earned Rs 9.9 crore from 3.9 crore account holders.
Violation of RBI rules System
The report states "Some banks are in violation of RBI rules regarding saving accounts. Especially the state banks where most savings accounts are available. These banks are trading up to Rs. 17.70 for every transaction if there are more than 4 transactions a month Charges. This also includes digital payments. " IIT Bombay professor Ashish Das said that through these service charges, State Bank has earned more than Rs 300 crore from 12 crore savings account users between 2015 and 2020. 72 crore between 2018 and 2019 and Rs 158 crore between 2019 and 2020.
What is the rule of the Reserve Bank?
According to the Reserve Bank of India's guidelines released in 2013, savings account holders are allowed to do more than four transactions in a month. For this, the bank can make its own rules but cannot take the money. Apart from this, the bank can also provide other services to the account holders of their own free will, but no fee will be charged for these. The Reserve Bank views them as a value-added service if there are more than four transactions within a month.
Loss of account holders due to the negligence of the Reserve Bank
The study of IIT Bombay stated that the Reserve Bank did not notice which bank is violating its guidelines. For this reason, IDBI Bank has also started charging 20 rupees for making digital payments. The bank charges 40 rupees even for more than 10 ATM transactions. However, later the government showed strictness on the matter and asked the banks to return the money to the people. Despite this, the Reserve Bank needs to change the rules of charging 17.70 rupees of the State Bank.
Banks filling their pockets through zero balance accounts
Many banks, including the State Bank of India (SBI), are busy filling their pockets with zero balance ie Basic Savings Deposit Accounts (BSBDA). Large recoveries are being made from these account holders in the name of different charges. A study by IIT Bombay has revealed shocking facts in this regard. The study has revealed that SBI is charging Rs 17.70 on every transaction after four debit transactions in a month.
SBI has recovered more than Rs 300 crore between 2015-2020 from such account holders in the name of different services. Punjab National Bank (PNB) has recovered Rs 9.9 crore from such 3.9 crore account holders. IIT Bombay professor Ashish Das said that SBI recovered a sizeable amount of Rs 72 crore in 2018-19 and Rs 158 crore in 2019-20 in the name of service charge. Taking a dig at the RBI guidelines, SBI is charging a large fee of Rs 17.70 from such account holders for digital transactions like merchant payments from NEFT, IMPS, and debit cards after four debit transactions of the month.
*** The study said, on the one hand, efforts are being made to promote digital transactions in the country, on the other hand, banks like SBI are discouraging people by charging fees for digital transactions. The Reserve Bank's negligence in monitoring compliance with its regulations encourages banks to levy such fees. An example of this has emerged recently.
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