SBI charging money for deposits

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CA50

CA50

Forerunner
Hi guys i have a bank account in SBI. When someone deposits money in my account either from other back or other SBI branch then Rs. 25/- is deducted from my account. Why is this. when i check my pass book, it is written
"inter bank transfer" or something.

Now fee deducted while depositing from other banks is acceptable but why do they deduct money when it is deposited from a different branch, even from the same city.:@
 
Re: SBI dispute

Rs. 25 is not a not a big money. HDFC charge Rs. 100. As per terms and condition only account holder (in your case you) can deposit or operate his/her account without charges.
 
Re: SBI dispute

It's due to the transaction being processed at a non-home branch.

HDFC charges 125/- and Corporation charges 45/- for the same!!

That's why, I ask people to avoid Cash deposit and if they are very keen, I ask them to add 45/- to the total amount and then make the deposit. ;)
 
Re: SBI dispute

Yup, it's standard bank procedure! Earlier as part of CBS no charges were levied but now Rs. 25 is charged.
 
Re: SBI dispute

This is not a dispute, this is a RULE, even if you yourself deposit from other branch, they will charge some fees. Though they shouldn't as it's Core Banking now, but still I've no idea why is this RULE there, even they takes 1 week for processing cheque even of same bank.
 
Re: SBI dispute

I am ok with it, but money deduction within the same bank :huh:

anyway is money deducted in case of neft?
 
Re: SBI dispute

CA50 said:
I am ok with it, but money deduction within the same bank :huh:

anyway is money deducted in case of neft?
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AFAIK money deposited within same bank in the same home city is free. For other branches of the same bank its charged.
 
Re: SBI dispute

nehaladsul said:
It's due to the transaction being processed at a non-home branch.
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It's still a crap reason.

nehaladsul said:
HDFC charges 125/- and Corporation charges 45/- for the same!!
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So what balance does one have to maintain to see these spurious charged dissapear ?

nehaladsul said:
That's why, I ask people to avoid Cash deposit and if they are very keen, I ask them to add 45/- to the total amount and then make the deposit. ;)
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I did not get this bit, surely you mean to say avoid a check deposit and instead make a cash deposit. There can't be a transaciton charge to process cash !!
 
Re: SBI dispute

Seems the A/c to A/c NEFT Transfer is also not Free anymore and Person transferring money has to pay charges and service tax.

I have transferred 4k from my Citibank account to Kotak account and Citibank charged me Rs 5 + Service Tax :@
 
Re: SBI dispute

blr_p said:
It's still a crap reason.

So what balance does one have to maintain to see these spurious charged dissapear ?

I did not get this bit, surely you mean to say avoid a check deposit and instead make a cash deposit. There can't be a transaciton charge to process cash !!
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well, there are going to be charges to process cash :p most banks charge it. SBI doesnt have any way you can wavier the charges even in the premier banking services.

Many banks are moving towards charging customers for NEFT too. ICICI has it since long, but most salary accounts are exempt from this.
 
Re: SBI dispute

Roxtin said:
I have transferred 4k from my Citibank account to Kotak account and Citibank charged me Rs 5 + Service Tax :@
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Thats right, SBI asks 5/- when i send NEFT from my branch to other. I think thats OK
 
Re: SBI dispute

ayanavish said:
Yes for NEFT it is Rs. 5 in SBI!! Crappy rule but it's there
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:D most banks have it. If you have a salary account with them, then they waiver it or if you are part of there premier banking service maintaining quite a hefty AQB
 
Re: SBI dispute

Just read the RBI link seems for all banks it is Rs 5 + charges upto Rs 1 Lakh not that bad.

So anyone willing to transfer the funds in my a/c i'll reimburse the service charges :P
 
Re: SBI dispute

bitsandpieces said:
:D most banks have it. If you have a salary account with them, then they waiver it or if you are part of there premier banking service maintaining quite a hefty AQB
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I know, I have a salary a/c in Citibank, and there's been no charge for NEFT so far for me
 
Re: SBI dispute

ICICI is not charging anything for NEFT!! :D But charges Rs 165 for non-home branch cash deposits!! :@
 
Re: SBI dispute

blr_p said:
It's still a crap reason.

So what balance does one have to maintain to see these spurious charged dissapear ?

I did not get this bit, surely you mean to say avoid a check deposit and instead make a cash deposit. There can't be a transaciton charge to process cash !!
Click to expand...

All banks charge for cash deposit. I dont think there is a charge for check deposit. I have had two cheque deposits in my account in the last week and i havent seen any deduction(HDFC bank)
varkey said:
ICICI is not charging anything for NEFT!! :D But charges Rs 165 for non-home branch cash deposits!! :@
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I have an ING salary account, wasnt charged for my last NEFT Transaction either. But 165 for cash depost is steep! :O And i thought HDFC at 60 bucks was high

Oh and I was never charged any cash depost fee from Canara bank, even when someone from another City deposited the money :S
 
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