Rs 295 Debited From Your SBI Account? Know Why State Bank Deducted Money From Your Saving Account


SBI Saving Account Holders ALERT! The State Bank of India (SBI) is the largest public sector bank in the country and it caters to consumers through thousands of its branches. The SBI is often called a banker to almost every Indian. With its vast branch networks, the bank successfully caters to the rural and middle-class population of the country. SBI is their prime banking partner not only because of its reach but also due to the trust that the bank enjoys among a large section of the Indian population. So, since the SBI caters to crores of Indians, it has changed with time to meet the requirements of its consumers. 

Now, many SBI consumers have raised a query on various platforms that the bank deducted Rs 295 from their savings accounts and the same was not credited back. You may have noticed the same in your passbook or bank statement as well. SBI account holders worry that why the bank deducted the money without them doing any such transaction. If you have also faced such an issue, then we have an answer for you. 

Also Read: Rs 147.5 debited from your SBI account? Know why State Bank deducted money from your saving account

Actually, the money got deducted from your account due to NACH obligations. To understand this, you first need to understand what is NACH. National Automated Clearing House (NACH) is created by the National Payments Corporation of India or NPCI to make periodic payments easier. To make it easy for you, NACH is used for the automatic payment of EMIs from your account. So, whenever you buy something on EMI or take a loan, the amount gets deducted from your saving account on a fixed date and you are required to keep a sufficient balance in your account from a day in advance of the due date. So, suppose if the EMI is to be deducted on the 5th of every month, the amount needs to be in your account from the 4th. 

If you fail to maintain sufficient balance, the bank levies a penalty of Rs 250. This penalty also attracts a GST of 18%. So, 18% of Rs 250= Rs 45. The total amount is Rs 250 + Rs 45 = Rs 295. Therefore, the bank deducts Rs 295 from your account as a penalty for the insufficient balance due to which the NACH EMI mandate got bounced. 

So, if you want to stop the loss of your money from your saving account, do maintain a sufficient balance in your account for the EMIs.


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