In 5 years, SBI charges 300 crores from zero balance accounts, violation of RBI rules: IIT Bombay

STATE BANK OF INDIA

Many banks, including the country’s largest bank SBI, charge higher charges on some services related to zero bankless or basic savings bank deposit accounts (BSBDA) and this is in violation of RBI regulations. This is revealed by a study by IIT Bombay.

According to the study, if the transactions are done more than the prescribed four times from these accounts, then SBI charges a charge of Rs 17.70 on every transaction, it can not be called resizable.

Talking about Punjab National Bank, the second largest government bank in the country, it collected Rs 9.9 crore from this type of 3.9 crore accounts in five years.

Many banks, including SBI, charge higher charges on some services related to zero balance or basic savings bank deposit accounts (BSBDA) and this is in violation of RBI regulations.

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