All banks defy RBI circular on disclosing all service charges on their websites
Sucheta Dalal 05 Jul 2013

The master circular of the Reserve Bank of India dated 2 July 2012 states that it is imperative that the customers are made aware of the service charges upfront. But according to our analysis at least 20 banks do not disclose


Khalid Memon

During an ongoing research on bank charges, we discovered that banks are merrily flouting a directive by the Reserve Bank of India to disclose all charges on their websites. Not a single bank out of a sample of 20 (foreign, national and private banks), disclosed the complete list of basic banking service charges that a consumer would be charged during his day-to-day banking activities. Some of the charges found missing were charges for issue of a duplicate pass book, account closure, ECS return, cheque book reorder, annual fee for debit card, DD charges, NEFT, SMS alerts. Even minimum balance requirement and charges for non-maintenance of average monthly balance, which are basic charges applicable to savings bank accounts, were not available on a number of bank websites, including India’s biggest, State Bank of India and among the oldest foreign bank, Citibank.


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