Sbi charging 59 for deposit

[ashwinikumar900]

Hi Team

Sbi is charging 59 if we deposit money more than 3 times a month

This is a real loot and I was not aware of this

@BVC any way we can get refund
@Vasuki @SSV

In India, banks are under extreme pressure because of operational costs. That’s why major banks are ditching the installations of ATMs. Instead, they are making the use of other bank ATMs free (private banks). Only in India do you get the savings interest at this rate, even from major league banks. Otherwise, interest rates on savings accounts are almost zero in major banks outside (developed nations) India. So they are compensating for that by levying some extra charges.

Now, why is there a fee on cash deposit?
1. Well, banks and the government want to channel all the money through the digital route for better transaction monitoring.
2. Less cash means less black money—at least according to the usual concept; ground reality may be different, but it still becomes difficult for people to do black money transactions digitally.

 

[Das.N]

@desiviru So cash deposit through CDM in the same account using debit card is still free and unlimited right?

Every month 3 cash deposit is free through CDM.

 

[desiviru]

@desiviru So cash deposit through CDM in the same account using debit card is still free and unlimited right?

Bro, where is written the cash deposit through CDM is unlimited? It says in pdf that depositing via CDM has no charges in SBI which is right. But cash deposit per month limit applies to account not what medium you use to deposit.

Cash deposit is cash deposit whether you deposit at counter or CDM. It is account based. If my account has limit of free cash deposit upto 1.5L per month then even if I deposit while 1.5L at CDM, it is exhausted. After that I will be charged.

If your account variant allows unlimited deposit to account then it wont matter whether you deposit via CDM or counter like my HDFC preferred banking program has 5L per month limit with number of txns limit.

Normal savings account has cash deposit limit which is revised time to time by banks.

To know latest charges based on account always check website.

@6ix9ine YONO cash option is actually for withdrwal. For deposit it is categorized as Cardless deposit in almost every bank with option in App. You are right it is 49990.

 

[navdeep22]

@desiviru So cash deposit through CDM in the same account using debit card is still free and unlimited right?

I use once in a while, it's free for me

 

[Dr.AMAN]

As far as I remember, YONO cash allows both withdrawals and deposits without any physical DC.

Withdrawals are free, and deposit limit is ₹49900, not sure about charges on deposit.

CC: @Aniket charges rehta hai kya bhai?

Yono cash deposit is different from UPI-ICD based cash deposit. In yono u have to feed the details of the account in which u r depositing in the app and then u will get a pin code which will be valid for a few hours. U then have to click on "yono cash deposit" tab on the ATM screen and then fill that pin code to deposit machine. There is no UPI QR code used here. On the other hand UPI -ICD technology based machines have a simple QR code scanning and depositing system. Slice has started this UPI-ICD based ATM machine. Currently it is only for Slice customers but they r soon going to allow deposit in other bank accounts too. And it is free unlike Yono cash deposit which charges Rs 22+gst per transaction.

 

[6ix9ine]

Yono cash deposit is different from UPI-ICD based cash deposit. In yono u have to feed the details of the amount which u r depositing in the app and then u will get a pin code which will be valid for a few hours. U then have to click on "yono cash deposit" tab on the ATM screen and then fill that pin code to deposit machine. There is no UPI QR code used here. On the other hand UPI -ICD technology based machines have a simple QR code scanning and depositing system. Slice has started this UPI-ICD based ATM machine. Currently it is only for Slice customers but they r soon going to allow deposit in other bank accounts too. And it is free unlike Yono cash deposit which charges Rs 22+gst per transaction.

Yeah, I get that upi adding thing, useless for me. Good for others.

 

[desiviru]

In India, banks are under extreme pressure because of operational costs. That’s why major banks are ditching the installations of ATMs. Instead, they are making the use of other bank ATMs free (private banks). Only in India do you get the savings interest at this rate, even from major league banks. Otherwise, interest rates on savings accounts are almost zero in major banks outside (developed nations) India. So they are compensating for that by levying some extra charges.

Now, why is there a fee on cash deposit?
1. Well, banks and the government want to channel all the money through the digital route for better transaction monitoring.
2. Less cash means less black money—at least according to the usual concept; ground reality may be different, but it still becomes difficult for people to do black money transactions digitally.

Another reason is handling cash and its transportation takes lot of amount to be spend on transferring vehicles from petrol to driver slary to security personal vehicle that runs with cash carrying vans. From rural and town branches daily, cash needs to be transported to currency chest.

It's not all about monitoring on digital channels. It's more to save time, money and provide better facilities. As I said my father retired from SBI and we know why things are being done so delivery channels are made better. India's huge population can't be served by few thousand of bank employees. For better pupolation inclusion things like these is must.

Also it's not easy to observe or monitor crores of txn and crores of account even with help of computers. But people have mnade mindset that Govt wants everything digital so they can monitor.

Ask yourself. Are people in India honest enough? Why they always want to trade in cash without limits. Just to hide their illicit income. Genuine people dont have problem actually. For betterment of a country, citizens have duties too but in India you will always find people crying over anything and everything. There is something called coperation which Indian society lacks to core.

On one side they don't want to fulfill their duties towards country and then you will always find them asking for top class facilities. Irony?

 

[Dr.AMAN]

Another reason is handling cash and its transportation takes lot of amount to be spend on transferring vehicles from petrol to driver slary to security personal vehicle that runs with cash carrying vans. From rural and town branches daily, cash needs to be transported to currency chest.

It's not all about monitoring on digital channels. It's more to save time, money and provide better facilities. As I said my father retired from SBI and we know why things are being done so delivery channels are made better. India's huge population can't be served by few thousand of bank employees. For better pupolation inclusion things like these is must.

Also it's not easy to observe or monitor crores of txn and crores of account even with help of computers. But people have mnade mindset that Govt wants everything digital so they can monitor.

Ask yourself. Are people in India honest enough? Why they always want to trade in cash without limits. Just to hide their illicit income. Genuine people dont have problem actually. For betterment of a country, citizens have duties too but in India you will always find people crying over anything and everything. There is something called coperation which Indian society lacks to core.

On one side they don't want to fulfill their duties towards country and then you will always find them asking for top class facilities. Irony?

What u said makes sense. But these banks already have a monthly limit to free cash deposits at the ATM. On top of that they want to charge Rs.47 for cardless transaction, just because the customer came after bank hours to deposit money doesnt make sense (atleast to me). It should be free atleast once per day until the monthly 3 deposit limit is reached. RBI has already asked banks to install UPI-ICD machines in their ATMs last year in GFF 2024. This will increase convenience to the customers and will increase white money circulation in the economy. But still banks have not upgraded their ATMs. My father also retired from Indian bank after working there for 40years and I know how much pressure these PSU bankers face and still get hate for mundane things. But banks have to keep pace with the new technology. There is no other option. Otherwise new age tech-driven banks will overtake the legacy banks soon. Look at banks like IDFC First which is hardly 7-8 years old but has already surpassed the market cap of some of the 100 years old banks due to its superb tech based systems.

 

[desiviru]

What u said makes sense. But these banks already have a monthly limit to free cash deposits at the ATM. On top of that they want to charge Rs.47 for cardless transaction, just because the customer came after bank hours to deposit money doesnt make sense (atleast to me). It should be free atleast once per day until the monthly 3 deposit limit is reached. RBI has already asked banks to install UPI-ICD machines in their ATMs last year in GFF 2024. This will increase convenience to the customers and will increase white money circulation in the economy. But still banks have not upgraded their ATMs. My father also retired from Indian bank and I know how much pressure these PSU bankers face and still get hate for mundane things. But banks have to keep pace with the new technology. There is no other option. Otherwise new age tech-driven banks will overtake the legacy banks soon. Look at banks like IDFC First which is hardly 7-8 years old but has already surpassed the market cap of some of the 100 years old banks due to its superb tech based systems.

Isn't cardless deposit serving the same purpose? Carrying mobile phone everytime isn't hassle but carrying card is? What if your mobile network having a downtime when you need to deposit cash just like UPI goes down at time of payment and then you have to run to ATM. Think if you dont have card and relying on that mobile only, what will you do in such situation? Mobile networks generally goes down during rains or have interminent issues while VSAT antennas on roof of ATM don't egenrally stops working or uptime is high.

Who has stopped customer to deposit in working hours? As I said, people want convinience but don't want to pay.

You want banks to keep running machines after working hours and bear the cost and don't want to spend Rs.47 for your 24x7 convinience. It doesn't make sense to me either.

Banks have to keep things running in non-profitable areas also where they make losses everyday but just for sake of financial inclusion and power in hand of people with lowest income, they are bearing the burnt.

 

[Aniket]

Yono cash deposit is different from UPI-ICD based cash deposit. In yono u have to feed the details of the amount which u r depositing in the app and then u will get a pin code which will be valid for a few hours. U then have to click on "yono cash deposit" tab on the ATM screen and then fill that pin code to deposit machine. There is no UPI QR code used here. On the other hand UPI -ICD technology based machines have a simple QR code scanning and depositing system. Slice has started this UPI-ICD based ATM machine. Currently it is only for Slice customers but they r soon going to allow deposit in other bank accounts too. And it is free unlike Yono cash deposit which charges Rs 22+gst per transaction.

Wait a min, YONO cash deposit ask for amount to be prefilled while placing a request? 😂

No, it doesn't ask for.

 

[Dr.AMAN]

Isn't cardless deposit serving the same purpose? Carrying mobile phone everytime isn't hassle but carrying card is? What if your mobile network having a downtime when you need to deposit cash just like UPI goes down at time of payment and then you have to run to ATM. Think if you dont have card and relying on that mobile only, what will you do in such situation? Mobile networks generally goes down during rains or have interminent issues while VSAT antennas on roof of ATM don't egenrally stops working or uptime is high.

Who has stopped customer to deposit in working hours? As I said, people want convinience but don't want to pay.

You want banks to keep running machines after working hours and bear the cost and don't want to spend Rs.47 for your 24x7 convinience. It doesn't make sense to me either.

Banks have to keep things running in non-profitable areas also where they make losses everyday but just for sake of financial inclusion and power in hand of people with lowest income, they are bearing the burnt.

Genuine customer deposit money hardly once or twice in the CDM per month. What are the odds of ur mobile network not working on those 2 or 3 days per month? SBI bank made Rs.18,000 crore profit last quarter alone. That means a daily profit of around 200 crore. I m sure they r nowhere near loss making😄. If they waive off those Rs.47 fees for 3 times a month then also they r not going to loss much. When non profitable fintech banks like Slice can provide free upi based cash deposit I m sure giants like SBI can also provide it.

 

[Dr.AMAN]

Wait a min, YONO cash deposit ask for amount to be prefilled while placing a request? 😂

No, it doesn't ask for.

MY bad. I meant Account number where u want to deposit the amount. Corrected it. U can register ur family members A/C no. And deposit money into that too.

 

[ashwinikumar900]

Another reason is handling cash and its transportation takes lot of amount to be spend on transferring vehicles from petrol to driver slary to security personal vehicle that runs with cash carrying vans. From rural and town branches daily, cash needs to be transported to currency chest.

It's not all about monitoring on digital channels. It's more to save time, money and provide better facilities. As I said my father retired from SBI and we know why things are being done so delivery channels are made better. India's huge population can't be served by few thousand of bank employees. For better pupolation inclusion things like these is must.

Also it's not easy to observe or monitor crores of txn and crores of account even with help of computers. But people have mnade mindset that Govt wants everything digital so they can monitor.

Ask yourself. Are people in India honest enough? Why they always want to trade in cash without limits. Just to hide their illicit income. Genuine people dont have problem actually. For betterment of a country, citizens have duties too but in India you will always find people crying over anything and everything. There is something called coperation which Indian society lacks to core.

On one side they don't want to fulfill their duties towards country and then you will always find them asking for top class facilities. Irony?

Cooperation, that’s a really good statement you raised, totally agree. A country's development entirely dependent on cooperation from its public. But unfortunately, in India, we don’t cooperate; instead, we play the BLAME game.

 

[desiviru]

Genuine customer deposit money hardly once or twice in the CDM per month. What are the odds of ur mobile network not working on those 2 or 3 days per month? SBI bank made Rs.18,000 crore profit last quarter alone. That means a daily profit of around 200 crore. I m sure they r nowhere near loss making😄. If they waive off those Rs.47 fees for 3 times a month then also they r not going to loss much. When non profitable fintech banks like Slice can provide free upi based cash deposit I m sure giants like SBI can also provide it.

Who has asked genuine customer not to deposit in working hours if it is for 2-3 deposits only? What kind of magic is there that need to deposit will only arise in non working hours.

Banks won't turn off machine and turn it on when genuine customer approaches them. Do other customers who deposit 20-30 times by paying charges are non-genuine? Rather these customers are good for banks than freeloaders.

 

[Strange]

Bro, where is written the cash deposit through CDM is unlimited? It says in pdf that depositing via CDM has no charges in SBI which is right. But cash deposit per month limit applies to account not what medium you use to deposit.

Cash deposit is cash deposit whether you deposit at counter or CDM. It is account based. If my account has limit of free cash deposit upto 1.5L per month then even if I deposit while 1.5L at CDM, it is exhausted. After that I will be charged.

If your account variant allows unlimited deposit to account then it wont matter whether you deposit via CDM or counter like my HDFC preferred banking program has 5L per month limit with number of txns limit.

Normal savings account has cash deposit limit which is revised time to time by banks.

To know latest charges based on account always check website.

@6ix9ine YONO cash option is actually for withdrwal. For deposit it is categorized as Cardless deposit in almost every bank with option in App. You are right it is 49990.

CDM is an alternate channel right?

 

[hender]

Few services charges we get to know once we avail services of banks...

Few years back(Dec 2017) Mom gave me some 13500 to deposit in her Saving A/C in PNB. On the way to bank got call from a friend to join him for some work.
We left, he got engaged meeting with client, I got bored and started walking nearby - saw the PNB CDM outside at a branch, deposited the CASH. DONE ✅.
After few days when passbook got printed, got to know The Charges - Cash Depsosit...

So as per TnC it was not home branch, secondly just above the limit of 12k , I have to bear the charges...29.50 INR.

Lesson Learnt - Do simple branch banking or read TnC first for Fancy Banking.

 

[Aniket]

MY bad. I meant Account number where u want to deposit the amount. Corrected it.

Ok

U can register ur family members A/C no. And deposit money into that too.

I knew it.

 

[Dr.AMAN]

Who has asked genuine customer not to deposit in working hours if it is for 2-3 deposits only? What kind of magic is there that need to deposit will only arise in non working hours.

Banks won't turn off machine and turn it on when genuine customer approaches them. Do other customers who deposit 20-30 times by paying charges are non-genuine? Rather these customers are good for banks than freeloaders.

By "Genuine customers" I meant those normal savings account customers. Some small scale shop/business owners who dont want to open a current account use their SA to deposit money after the day's business. The 3 free limits per month is to discourage such people. Most of us salaried people dont have the luxury to leave our jobs during morning hours and run to an sbi atm before 4.30pm just to deposit a few thousand rupees. Even most msme shop owners get free after evening only. It is convenient to deposit money on while we are on our way back home. After 4.30pm the ATM machine is same, the CCTVs r same and the security guard is same(if at all the ATM has one). Still we need to pay Rs.47 just because it is 1min. past 4.30pm. Thats the whole point of discussion here. Nobody is a freeloader here. It is just about customer's convenience. I like SBI bank as much as u do. My family has account and deposits in this bank for over 2 decades. It just feels bad to see them lagging behind in this tech race. Even after so many years of YONO app we still cannot press the back button in the app. They have the money and manpower. They just need the will to improve more.

 

[Das.N]

Bro most of us salaried people dont have the luxury to leave our jobs during morning hours and run to an sbi atm before 4.30pm just to deposit a few thousand rupees. Even most msme shop owners get free after evening only. It is convenient to deposit money on while we are on their way back home. After 4.30pm the ATM machine is same, the CCTVs r same and the security guard is same(if at all the ATM has one). Still we need to pay Rs.47 just because it is 1min. past 4.30pm. Thats the whole point of discussion here. Nobody is a freeloader here. It is just about customer's convenience. I like SBI bank as much as u do. My family has account and deposits in this bank for over 2 decades. It just feels bad to see them lagging behind in this tech race. Even after so many years of YONO app we still cannot press the back button in the app. They have the money and manpower. They just need the will to improve more.

One more thing: Yono should introduce Fingerprint/Face Id login like other banks as soon as possible.

 

[desiviru]

View attachment 102458
CDM is an alternate channel right?

No its under main channel like counter deposit. 🙂 Alternate channel includes offsite kiosk or deposit at POS terminals. Some shopkeeps have SBI POS and you can withdraw or deposit cash with them by paying conv. fee. That are alternate channels.