SBI Collected Rs300 crore from Zero Balance Accounts in 5 Years: IIT Bombay Study
1 A new study by IIT Bombay has revealed that several banks, including State Bank of India (SBI), have been imposing excessive service charges on zero-balance or basic savings bank deposit accounts (BSBDA). In fact, SBI alone collected almost Rs300 crore over the past five years from these zero-balance or basic accounts. The study observed that the SBI’s decision to levy a charge of Rs17.70 for every debit transaction beyond four by the BSBDA account-holders cannot be considered as 'reasonable.' It is usually the poorer people and students who are fleeced and this continues even now ...