SBI refunds charges deducted from basic savings bank deposit accounts

State Bank of India (SBI) on Thursday said it refunded the charges it had recovered from Basic Savings Bank Deposit Accounts (BSBDAs) with respect to digital transactions done between January 1 and September 14, 2020, under the directions of the Central Board of Direct Taxes (CBDT).

 

Last year, the CBDT asked banks to refund the charges collected, if any, on or after January 1, on transactions carried out using the digital mode and not to impose charges on future transactions carried out through such modes.

 

In a statement, SBI said it had stopped recovering charges in BSBD accounts on all digital transactions with effect from September 15, 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, it said.