The bank has given clarification regarding the extra charge being collected on behalf of SBI on zero balance account. Also told that the fee recovered under the instructions of CBDT has been returned.
SB I
In the Basic Savings Bank Deposit (BSBD) account of the country’s largest bank State Bank of India (SBI), customers get the facility to open Zero Balance Account. There are discounts on many things including transactions. But questions were raised about the transaction charges levied on this account by the bank. Therefore, the bank gave a clarification that after the RBI order, it was decided to charge per transaction after four free transactions.
However, in the midst of the corona epidemic, on August 2020, the Central Board of Director Taxes i.e. CBDT had directed all banks to refund the customers if any bank has charged any kind of charges for digital transactions after 1 January 2020. Also, all banks keep digital transactions completely free of charge. SBI has stopped charging fees on all digital transactions since the CBDT directive.
SBI also stated that following instructions, the charges for all digital transactions recovered between 01.01.2020 to 14.09.2020 have been refunded to Zero Balance Saving Account customers.
How many times the transaction will be free
SBI Zero balance account allows maximum 4 cash withdrawals in a month. In which money can be withdrawn from your and other bank’s ATMs. There is no requirement of minimum balance at the time of opening the account. In this, free ATM-cum-debit card is provided to the customer. Deposit and withdrawal services are also free in this. If the account is not maintained, then there is no charge for activating it.
How much interest is received
SBI offers the same rate of interest on zero balance account. The bank is paying interest at the rate of 2.70% per annum on the deposit amount.
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